Using new case-level data we document a set of stylized facts on bankruptcy in China and study how the staggered introduction of specialized courts across Chinese cities affected insolvency resolution and the local economy. For identification, we compare cases handled by specialized versus...

The evolution of the Chinese takeover market and its integration with the international takeover market are analysed in three ways. First, the paper charts the legal and institutional changes in China in the last two decades to develop a decentralised “Anglo-Saxon” takeover market. Second,...

This paper presents the results of a comprehensive empirical study on China's derivative suits as introduced in the 2005 Company Law reform that provides insight into the way Chinese courts have interpreted and applied this remedy. It is found that the statutory regime appears to have had a...

Die vorliegende Studie wurde im Arbeitsbereich Branchenforschung erstellt und im Juli 2008 abgeschlossen. Auftraggeber war der Bundesverband der Deutschen Gießerei-Industrie (BDG). Koordiniert wurde die Zusammenarbeit von Heiko Lickfett, Chefvolkswirt des Verbandes. Das ifo Institut für...

This paper investigates the causal effect of corruption on entrepreneurship. We use staggered anti-corruption investigations in China as exogenous shocks to conduct difference-in-differences estimation, and find that the country's anti-corruption campaign has a sizeable positive effect on...

We study a major reform of business entry regulations in China and its impact on business creation. To stimulate entrepreneurship, an amendment of China’s Company Law in 2013 eliminated minimum “registered capital” requirements, allowing firms to form without significant equity investment....

Although the history of China's venture capital (VC) market is relatively short, it has already become the second largest VC market in the world and produced the second largest number of "unicorns" (startups with a valuation over $1 billion) after the US. Despite the remarkable growth of both...

FinTech innovation has thrived in China in the past decade. As one leading sector of FinTech innovation, the P2P lending market has experienced an unparalleled growth in China with the Chinese market acceding to be the largest market in the world. This rapid development, while it satisfies the...

As financial institutions and policymakers worldwide are considering how to integrate sustainability considerations throughout financial systems, a critical question is whether banks can effectively assess and monitor borrowers' environmental credit risk. China's green credit reforms, part of...