We study the distributional effects of preferential tax policies for FDI using China’s corporate income tax unification reform as a natural experiment. We first present a simple model to motivate our empirical analysis. Using a differential exposure approach, we then show that eliminating...

This paper identifies a novel channel of information transfer in a common shareholder (CS) relationship, in which a shareholder of a fund management company (FMC) also has a substantial stake in a listed company held by the FMC. We find that the holdings of common shareholder–connected FMCs...

This study investigates whether measures of internal audit function (IAF) quality and the IAF's contribution to the financial statement audit affect audit delay. We conduct empirical tests using 292 observations from 216 firms that responded to the Institute of Internal Auditor's Global Auditing...

This paper identifies information transfer in a common shareholder relationship, in which a shareholder of a fund management company (FMC) also has a large stake in the listed company held by the FMC. We find that mutual funds prefer stocks with common shareholder links. Moreover, the holdings...

We evaluate the treatment effect of inflation targeting in thirteen developing countries that have adopted this policy by the end of 2004. Using a variety of propensity score matching methods, we show that, on average, inflation targeting has large and significant effects on lowering both...

How does labor risk affect corporate’s bond financing? Using the unique institutional feature of government regulations in China, we provide robust evidence that firms with a larger employment size have significantly better access to bond credit. This effect is more pronounced in times of...

We empirically investigate the impact of product quality information asymmetry on firm exports and the sectoral composition of multinational corporation activities. Using Chinese customs data, we find robust evidence that foreign firms perform better than domestic firms in information intensive...