The Split Share Structure Reform in China enables state shareholders of listed firms to trade their restricted shares. This renders the wealth of state shareholders more related to share price movements. We predict this reform will create remuneration arrangements that increase the relationship...

Since the 1990s there has been a surge in the mutual fund industry across the world. Mutual funds offer individual investors both the diversification of investment risk and the expertise to monitor corporate decisions. We find the effect of mutual fund ownership in reducing corporate fraud...

This paper examines the market reaction to and earnings management choices around changes in the regulations requiring a higher minimum dividend payout in China. We exploit the unique Chinese setting that facilitates identification of the agency cost effect to shed new light on the determinants...