This paper examines the premiums paid by U.S.-listed Chinese companies in going-private transactions over the period from 2010 to 2012 and tests several incentive hypotheses for taking public companies private. Apart from the factors representing perceived difficulties and potential litigation...

This paper examines the relation between firm ownership structure, bilateral political relations and firm performance using a sample of 219 cross-border mergers conducted by Chinese listed companies from 2000 to 2013. First, we find that government-affiliated bidder abnormal returns do not...

We investigate the stock price performance of companies that become a block trade target in China where unique institutional characteristics exist. As with US evidence, stock prices of target companies positively react to the announcement of block trades. The positive effect of block trades...

This paper investigates how institutional environment like property rights protection influences the size and composition of corporate boards, and further, how board structure impacts firm performance in China. Using a World Bank survey of 2,400 public and private firms across 18 Chinese cities,...

Western economists have argued that the legal environment for the protection of minority shareholders and mechanisms for restricting the expropriation of minority shareholders will be important in determining the size and extent of a country's capital markets. In China, the protection of...

We provide the first comprehensive and robust evidence on the relationship between board independence and firm performance in China. We find that independent directors have an overall positive effect on firm operating performance in China. Our findings are robust to a battery of tests, including...