Liang, Shangkun; Wang, Sichao; Gao, Kaijuan - In: China journal of accounting research : CJAR 18 (2025) 2, pp. 1-19
Using a sample of listed Chinese firms from 2007 to 2020, we investigate the governance implications of cross-ownership in corporate bond markets. We find that cross-ownership significantly reduces bond issuance spreads, suggesting that synergistic governance effects outweigh potential collusion...