We study how firms' ownership structure affects the cost of debt using evidence from Chinese corporate bond market. Our result shows state, institutional, and foreign ownership all help to reduce firms' cost of debt. The effect of state ownership is more pronounced if the issuer is headquartered...

A Special Purpose Acquisition Company (SPAC) is a public entity set up by a founder for the specific purpose of acquiring another firm, typically a private firm. The acquired firm is publicly traded after the acquisition, and the acquisition in effect represents a non-standard approach for the...