This paper analyses of how risk is allocated in China's markets for debt issued by non-financial enterprises. Compared to other major corporate bond markets China's is unusual in that unlisted, state-owned enterprises account for a large fraction of the debt issued and that the foundations of...

Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the state and the continuing presence of state-owned enterprise, both centrally and at local levels. This model has been criticised as being...

The corporate tax reform in China that was implemented nationwide in 2009 was first introduced as a pilot program in 2004 in three northeastern provinces. The program consisted of two experiments – selected heavy industries received a VAT exemption and a bonus deprecation allowance while the...

This paper examines the evolvement, categories, legal basis, operating characteristics, and key concerns of credit guarantee schemes (CGSs) in China. It aims at providing background note on China's CGS as well as useful references for the sustainable development of China's CGS

The paper reviewed the evolution and current situation of the fixed-income securities market in China including both government securities markets and non-government bond markets. Then, the paper analyzes the development issues of fixed-income securities in China and offers recommendations for...

Eight years ago, The European Journal of Finance (EJF) published the first special issue on the Chinese Capital Markets. This was at a time when Chinese topics were not widely accepted by internationally excellent finance journals. Since then, The European Journal of Finance had published four...

How do developments at lending institutions that alter the way they grant and monitor loans influence their borrowers' financial reporting quality (FRQ)? We examine this question by investigating the influence that privatizations of Chinese state banks (CSBs) had on the quality of their...

Taking advantage of the institutional difference in capture between local and non-local media in China, we examine the association between media capture and post-earnings announcement drift (PEAD). Using both portfolio and regression analyses, we find that, for the same firms, non-local media...

We investigate the causal effects of anti-corruption on the credit risk of local financing vehicles (LFVs) and the pricing of Chengtou bonds (CBs) in China. Difference-in-differences estimates show that anti-corruption decreases LFVs' earnings, thereby increasing LFVs' credit risk. This...

This paper examines how CSR disclosure impacts innovation using a sample of Chinese firms. We find that an increase in CSR disclosure leads firms to invest more in R&D investments and generate more patents. Additionally, our findings reveal that firms with high CSR disclosure nurture innovation...