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A fundamental question in finance is whether and how removing market frictions is associated with efficiency gains. We study this question using share issue privatization in China that took place through the split share structure reform. Prior to the reform, domestic A-shares were divided into...
Persistent link: https://www.econbiz.de/10013132931
A fundamental question in finance is whether and how removing market frictions is associated with efficiency gains. We study this question using share issue privatization in China that took place through the split share structure reform. Prior to the reform, domestic A-shares were divided into...
Persistent link: https://www.econbiz.de/10013116308
We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the...
Persistent link: https://www.econbiz.de/10013107995
Studies of the incentives behind the expropriation of minority shareholders of publicly listed firms by their controlling shareholders focus on the publicly listed firm's performance or characteristics and treat the controlling shareholder as a black box. In this paper, we examine when and why...
Persistent link: https://www.econbiz.de/10013001277
The relations among ownership concentration in family firms, firm performance, and dividend policy in Hong Kong are explored. Three questions are investigated: (1) Is firm operating performance and value affected by concentrated family ownership? (2) Is dividend policy affected by concentrated...
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We examine how the market values operating assets in the presence of time-varying ex ante risk that these assets may be tunneled away. We analyze pairs of Chinese publicly listed firms and their non-listed parents and examine the market valuation of current assets (cash balances, trade...
Persistent link: https://www.econbiz.de/10013234137