This paper analyzes why an entry regulation that generated large rents was abruptly abolished. We argue that the rents supporting the regulation dissipated because a new technology encouraged illegal entry by raising the cost of enforcement. In 1998 China introduced a licensing system for the...

We briefly review the relevant economic theories and legal treatment of vertical restraints, and especially focus on the 1977 landmark case of Sylvania and its possible influence on China's antitrust enforcement on vertical restraints. China's competition policy, and particularly its...

Despite widespread mis-characterization and misconception about its policy objective and content, China's social credit system project at this point consists primarily of a set of new approaches to enforcing conduct norms that already exist in the country's multi-layered legal and extralegal...

China's securities regulator enforces insider trading prohibitions pursuant to non-legal and non-regulatory internal “guidance”. Reported agency decisions indicate that enforcement against insider trading is often possible only pursuant to this guidance, as the behavior identified is far...

This study examines the public enforcement (PE) of securities law in China. We exploit the external positive shock to enforcement intensity due to the reform decentralizing the authority to impose administrative sanctions (AS) and show that shares in the pilot project experience statistically...

This paper conducts the first comprehensive and systematic empirical analysis of all relevant insider trading cases in China since the birth of Chinese securities markets in the early 1990s and till middle 2017, shedding important light on the way in which China's insider trading law has been...

This paper examines the effectiveness of public enforcement by studying the effects of regulatory intervention to curb tunneling through intercorporate loans in China. Specifically, we explore whether public enforcement efforts in 2006 (blacklisting and sanctions) resulted in less tunneling, and...

This is a book chapter in Stephen M. Bainbridge (ed), 'Research Handbook on Insider Trading' (Edward Elgar Publishing Ltd, 2013). It provides an up-to-date discussion of Chinese insider trading regulation, covering the recently issued 2012 judicial interpretation on the handling of criminal...