November 1997, Revised March 1998 (forthcoming, Quarterly Journal of Economics) <p> Why are many of China's successful rural enterprises publically owned by local communities? Using a set of provincial data, we find that the share of community public firms (Township-Village Enterprises, or TVEs)...</p>

Forthcoming, Quarterly Journal of Economics, May 1998 <p> We develop a theory of the ownership of firms in an environment without secure property rights against state encroachment. "Private ownership" leads to excessive revenue hiding and "state ownership" (i.e., national government ownership)...</p>