Using the policy of establishing specialized intellectual property courts (IPC), this paper explores how judicial protection of intellectual property rights (IPR) affects business performance. We find that establishing IPCs has led to a 14.4% improvement in the business performance of local...

Do international sanctions effectively impose economic costs on targeted entities? We consider various U.S. sanctions imposed on the Xinjiang Production and Construction Corps (XPCC) from July 2020 onward. We find that exactly when sanctions are imposed, stock market returns of XPCC-connected...

This paper analyzes the relationship of ownership concentration and firm performance in the context of different institutional environments in 28 Central and Eastern European transition economies. Using the BEEPS data for the period from 2002 to 2009 we find an inverted u-shaped relation of...

We provide the first test of the Hoff and Stiglitz (2004) model predicting whether and under what conditions mass privatizations are accompanied by asset stripping. In addition to directly testing the theory, we also tackle an important policy-oriented issue of why a large number of efficient...