While the enterprise reform in China has provided incentives to its state-owned enterprises (SOEs), their poor … performance relative to other forms of enterprises remains puzzling. This paper provides an answer to this puzzle by studying …

ownership-legal form categories of firms. By using a large panel of quarterly observations, we eliminate biases introduced by …

Reform of 2005. This reform allowed a reduction of government ownership by making government shares tradable. We find that … the impact of government ownership on leverage is dependent on whether the government is the largest shareholder in a firm … and whether the government ownership is through a parent state-owned enterprise. In addition, we document that the largest …

quantification of the gains from optimal ownership within multinational firms, by exploiting a major liberalization of China's policy …Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it … remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first …

health services. China's recent health reforms call for non-discrimination against private providers and emphasize … Shandong Province, China. The case study draws on three primary sources of data: administrative records; a household survey of …