We develop a factor-augmented vector autoregression model to estimate the effects of changes in U.S. monetary policy and economic policy uncertainty have on the Chinese housing, equity and loan markets. We find that the decline in the U.S. policy rate since the Great Recession has led to a...

Bearing the legacy from central-planned system, the tax system in local China still lacks transparency and, in many cases, the liabilities of firms, especially those with extensive influences, are subject to negotiation despite the new tax-reform 1994. Applying Hirschman's Exit-Voice theory, we...

Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform...