Has the value of firms' political connections declined during the course of China's market transition? Some argue that China has experienced a tipping point after which the importance of political connections in conducting business has diminished, whereas others expect the value of political...

We demonstrate that firm leaders’ personal traits formed from their early life experiences affect employees’ behavior and performance at work. In the context of securities companies in China, we show that chairpersons’ adolescent experience as “sent-down youths”(SDYs) during the...