Studies of the incentives behind the expropriation of minority shareholders of publicly listed firms by their controlling shareholders focus on the publicly listed firm's performance or characteristics and treat the controlling shareholder as a black box. In this paper, we examine when and why...

The relations among ownership concentration in family firms, firm performance, and dividend policy in Hong Kong are explored. Three questions are investigated: (1) Is firm operating performance and value affected by concentrated family ownership? (2) Is dividend policy affected by concentrated...

We examine how the market values operating assets in the presence of time-varying ex ante risk that these assets may be tunneled away. We analyze pairs of Chinese publicly listed firms and their non-listed parents and examine the market valuation of current assets (cash balances, trade...