Using data from a recent survey of bank and enterprise managers and government officials in southern China, we present a new explanation for the rise and fall of collectively-owned township and village enterprises (TVEs) based on the willingness of banks to finance collective enterprise...

Decentralization can complement market liberalization by strengthening incentives of agents to exploit local information in response to market signals. In China, however, banks centralized lending authority following financial reforms in the mid-1990s. We offer a new theory of financial...

Despite the resultant disutility, some people, in particular, the poor, are engaged in behaviors that carry social stigma. Empirical studies on stigmatized behavior are rare, largely due to the formidable challenges of collecting data on stigmatized goods and services. In this paper, we add to...

This study finds a positive association between voluntary corporate social responsibility (CSR) reporting and audit fees in China. In contrast to prior research from the US, CSR reporting in China is associated with greater earnings management. Results suggest that Chinese firms use CSR...

Despite the resultant disutility, some people, in particular, the poor, are engaged in behaviors that carry social stigma. Empirical studies on stigmatized behavior are rare, largely due to the formidable challenges of collecting data on stigmatized goods and services. In this paper, we add to...

Despite the resultant disutility, some people, in particular, the poor, are engaged in behaviors that carry social stigma. Empirical studies on stigmatized behavior are rare, largely due to the formidable challenges of collecting data on stigmatized goods and services. In this paper, we add to...

Penang has always been a focal point, absorbing knowledge (and popular culture) from civilizations to the East and West. In modern Penang the pattern of cultural contacts has changed over time. Research institutes and universities in Penang cooperate with foreign partners to produce research...

Using a comprehensive firm-level dataset spanning the period 1998-2005, this paper provides a thorough investigation of the relationship between firm size, total factor productivity growth and financial structure in China, controlling for the endogeneity of the latter. Generally, it finds...

Using a comprehensive firm-level dataset spanning the period 1998-2005, this paper provides a thorough investigation of the relationship between firm size, total factor productivity growth and financial structure in China, controlling for the endogeneity of the latter. Generally, it finds...

Why are we rich and others poor? What is preventing the less-developed countries from catching up with the more developed? How did we become rich? Underlying these questions are more fundamental ones: What is the nature of economic progress? What are its causes? I seek the answers to these...