This paper examines the role of firms' government connections, defined by government intervention in the appointments of Chief Executive Officers and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. In line with the previous literature,...

Despite the literature on rural land property rights, studies on urban land property rights are rare. This paper studies the impact of an urban land titling program on firm investment. It finds that the program leads to increased investment rate for titling firms, and the positive effect holds...

This paper examines the role of firms' government connections, defined by government intervention in the appointments of Chief Executive Officers and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. In line with the previous literature,...

We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially...

Despite the substantial literature on rural land property rights, studies on urban land property rights are rare. Here, we study the impact of an urban land titling program on firm investment. We find that this program leads to an increased investment rate for titling firms, but that this...

Johnson, McMillan and Woodruff (2002) examine the relative importance of property rights and external finance in several Eastern European countries, and find property rights to be overwhelmingly important, while external finance explains very little of firm reinvestment. McMillan and Woodruff...