The phenomenon of “sticky boilerplate” causing inefficient contract terms to persist exists across a variety of commercial contract types. One explanation for this failure to revise suboptimal terms is that the key agents on these transactions, including attorneys and investment bankers, are...

During the 1990s, China's stock market was subordinated to industrial policy and as a result it did not facilitate the privatisation of listed firms. The majority of listed companies' shares were non-tradable and held by state organs. However, since 1997 an off-exchange market in these...