Roughly 60% of all publically announced advisors to China’s “Going Out” M&A transactions from 2000 to 2014 were from international financial centres (representing over 70% of deal value). Why did advisors, located so far away from both acquirer and target, manage to dominate the M&A...

This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid centralplanning economy to a dynamic market economy following its unique path. We empirically examine the relationship between financial...

China's accession to the World Trade Organisation in 2001 was hailed as the natural conclusion of a long march that started with the reforms of Deng Xiaoping in the 1970s. However, China's participation in the WTO has been anything but smooth. Its self-proclaimed socialist market economy system...

This paper surveys China's legal system in the economic reform era. We analyze the role of law in the economy, assessing whether China's formal legal system contributed to those expectations of stable and predictable rights of property and contract that are prerequisites for growth. The paper...

The US government has announced an initiative to promote the "rule of law" in the People’s Republic of China. However, though China has also endorsed building the "rule of law" as a goal, the American and Chinese views of what "rule of law" entails differ substantially. In the US government,...

Roughly 60% of all publically announced advisors to China's "Going Out" M&A transactions from 2000 to 2014 were from international financial centres (representing over 70% of deal value). Why did advisors, located so far away from both acquirer and target, manage to dominate the M&A advisory...

This paper shows that courts are not only a crucial part of the rule of law in the conventional sense but that they can also serve an important function in revealing information regarding the performance of lower level governments to the central government, and thereby improve their performance....

This essay examines an old question - why it is often so difficult for transplanted legal norms and institutions to take - with the hope of shedding a bit of new light on it through a specific focus on institutions for corporate governance in China. Foreign norms and institutions are borrowed...

An important school of thought in institutional economics (the quot;Rights Hypothesisquot;) holds that economic growth requires a legal order offering stable and predictable rights of property and contract because the absence of such rights discourages investment and specialization. Without the...

Roughly 60% of all publically announced advisors to China's "Going Out" M&A transactions from 2000 to 2014 were from international financial centres (representing over 70% of deal value). Why did advisors, located so far away from both acquirer and target, manage to dominate the M&A advisory...