We use administrative registration records with information on the owners of all Chinese firms to document the importance of "connected" investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a hierarchy...

Why has the rapid privatization of firms in Eastern Europe and the former Soviet Union not brought dramatically higher performance as expected? If private ownership were so clearly dominant, why has state control of enterprises been such a common phenomenon historically, even in many Western...

Although China's state-owned enterprises have beenproven inefficient, China has been slow to move its state-owned ventures towardprivatization.Considering this slow process, this research examines howstate-owned enterprises are impacted during the organizational changesassociated with...

We use administrative registration records with information on the owners of all Chinese firms to document their connections through equity investments. We show that the largest private owners have direct equity ties with state owners, the next largest private owners have equity ties with...