Is Chinese commercial law simply a copy of German and other Western commercial laws, a “mystery” that Westerns cannot understand, or an “irrelevance” given the role of culture and politics in China? This article critically discusses these three modes of understanding. It is found that,...

China's rapid growth in the absence of autonomous legal institutions of the kind found in the west appears to pose a problem for theories which stress the importance of law for economic development. In this article we draw on interviews with lawyers, entrepreneurs and financial market actors to...

China has recently carried out significant reforms on its securities market and law, strengthening the self-regulatory role of its two stock exchanges in Shanghai and Shenzhen. As a reputational sanction, public criticism by the stock exchange is considered one of the most severe self-regulatory...

This case study explores which variables—macroeconomic, institutional, and capital controls—are most important in explaining cross-country differences in bond market development. It uses the ratio of amount of local currency bonds outstanding over GDP as a measure of bond market development...

This case study explores which variables - macroeconomic, institutional, and capital controls - are most important in explaining cross-country differences in bond market development. It uses the ratio of amount of local currency bonds outstanding over GDP as a measure of bond market development...

China could not have achieved its economic growth in a vacuum of legal development. But its legal system is facing unprecedented challenges brought about by vast social changes and the country's increasingly deep integration with the rest of the world. One such challenge is the sudden...

This paper employs a natural experiment research design to analyze the differences in the effects of the 2002 notice concerning private securities litigation issued by the Supreme People's Court on stock price performance in A/B-share markets. Using a sample of 162 twin A/B-shares issued by 81...

We examine the spillover effect of fraud allegations against Chinese companies that became public through reverse mergers (CRMs) instead of IPOs. Both short sellers and regulators took active interests in the frauds allegedly perpetrated by CRMs. Once the public became alarmed by the frequency...

Competing theories of default rules and menus in contract law and corporate law provide different accounts of their effects. However, empirical studies are scant, and all focus on American law. Given that corporate ownership outside of the U.S. is usually concentrated, and institutional settings...

The document contains the Introduction chapter to "Private Law in China and Taiwan: Economic and Legal Anaylses", Cambridge University Press, 2016. Editors: Yun-chien Chang, Wei Shen, Wen-yeu Wang. The book covers contract, torts, property, and business organization laws in China and Taiwan. The...