We study how firms' ownership structure affects the cost of debt using evidence from Chinese corporate bond market. Our result shows state, institutional, and foreign ownership all help to reduce firms' cost of debt. The effect of state ownership is more pronounced if the issuer is headquartered...

China's politician selection process has been obscure and rarely discussed. This paper uses machine learning approaches to bring economic performance, political patronage and career path into one picture in understanding the provincial level politicians' selection decision of China. Through...

China's shadow banking has been rising rapidly in the last decade, mainly driven by regulations for banks, the Fiscal Stimulus Plan in 2008, and credit constraints in restrictive industries. This sector has continued growing although the regulators repeatedly attempted to impose new regulations...

In this paper we use evidence from China's interbank market to examine the unanticipated consequences of regulation on the financial system. We find that banks tend to use newly introduced and lightly regulated financial instruments in the interbank market to get around regulation in the search...

We provide a review of China's financial system and consider the challenges it faces and future reforms. The formal sectors of the financial system, which include a fast-growing stock market and are dominated by a banking sector with large state-owned banks, have played a critical role in...