This study examines the relationship between interest rates and utility equity risk premiums. We found that an inverse relationship exists, with an equity risk premium changing by 37 basis points for each 100 basis-point change in the 30-year Treasury bond yield. The inverse relationship is...

This paper examines the motivation and impact of corporate diversification in Chinese listed firms. We find that in local government owned-firms there is a non-linear relationship between the level of firm diversification and state ownership. As state ownership increases from zero, the level of...