Showing 1 - 10 of 673
This paper addresses the challenges facing China in accelerating the pace of rural-urban migration as part of its on-going economic development programme. It explains the push and pull influences on migration and in particular explains why a continuing focus on urbanisation is justified by the...
Persistent link: https://www.econbiz.de/10009368600
Authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the U.S. Small Business Administration (SBA) has issued $900 billion in loans through the Paycheck Protection Program (PPP). Empirical studies show that small businesses with black owners faced more discrimination...
Persistent link: https://www.econbiz.de/10014349859
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...
Persistent link: https://www.econbiz.de/10011624469
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...
Persistent link: https://www.econbiz.de/10011646329
Large uninsured risk, severe borrowing constraints, and rapid income growth can create excessively high household saving rates and large current account surpluses for emerging economies. Therefore, the massive foreign-reserve buildups by China are not necessarily the intended outcome of any...
Persistent link: https://www.econbiz.de/10013130666
The current global-imbalance literature (which explains why capital flows from poor to rich countries) is unable to explain China's foreign asset positions because capital cannot flow out of China under capital controls. Hence, this literature has not succeeded in explaining China's large and...
Persistent link: https://www.econbiz.de/10013121003
This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals. Since the reforms of the early 2000s, stock prices are as informative about future profits as they are in the US. Although the market is segmented from international equity...
Persistent link: https://www.econbiz.de/10012929566
The paper analyses the evolution of China Mobile – one of China's pioneer ‘national champions', and one of the world's largest telecom companies – through the lens of Global Financial Networks, an extension of the Global Production Networks approach, focusing on the role of advanced...
Persistent link: https://www.econbiz.de/10013078714
This paper explores reasons for the excess sensitivity of (under- or over-) investment to free cash flow. Using accounting information from Chinese listed firms, we find robust support for the fact that higher sensitivities of abnormal investment to free cash flow can be caused by financial...
Persistent link: https://www.econbiz.de/10013114083
In China, regional disparities are important. We examine the difference in the sensitivity of investment to cash flow between firms in inland regions and those in coastal regions. By using the financial data of Chinese listed firms, we found that firms in inland regions rely more on their...
Persistent link: https://www.econbiz.de/10013160363