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This paper examines the factors which affect the illiquidity from bond characteristics and market variables through four popular illiquidity measures. The paper also study how the illiquidity, equity volatility and stamp tax affect corporate bonds' yield spreads. Findings suggest that...
Persistent link: https://www.econbiz.de/10013091565
China has maintained a financial system with favorable treatments toward state-owned enterprises. Albeit having been … denied access to formal financing such as bank loans, China's non-state firms have grown rather fast. China's experience has …
Persistent link: https://www.econbiz.de/10013155248
sample of corporate China, we find that the costs of financing for SOEs are significantly lower than for other companies …
Persistent link: https://www.econbiz.de/10013159321
A Chinese subsidiary of a foreign bank issued yuan-denominated bonds on China's domestic interbank bond market for the … first time on 20 May 2010. China's corporate bond market, although split between an exchange and an OTC market, has been … growing since 2008, but total corporate bonds outstanding only amounted to 9.2% of China's GDP at end-2009, lower than that in …
Persistent link: https://www.econbiz.de/10013136398
This paper provides an empirical examination of the regional banking structures in China and their effects on …
Persistent link: https://www.econbiz.de/10011252626
We use data from the World Bank Global Findex database for 2011 to analyze financial inclusion in China, including … comparisons with the other BRICS countries. We find a high level of financial inclusion in China manifested by greater use of … voluntary. The use of formal credit is however less frequent in China than in the other BRICS. Borrowing through family or …
Persistent link: https://www.econbiz.de/10010796471
This paper provides the first comparative analysis of different types of publicly owned banks operating in China … between 1997 and 2008. Using principal component analysis and Granger-causality tests, this study shows that China’s state … commercial banks did promote domestic growth. China’s experience presents a more nuanced picture of state banking that goes …
Persistent link: https://www.econbiz.de/10010734804
We use data from the World Bank Global Findex database for 2011 to analyze financial inclusion in China, including … comparisons with the other BRICS countries. We find a high level of financial inclusion in China manifested by greater use of … voluntary. The use of formal credit is however less frequent in China than in the other BRICS. Borrowing through family or …
Persistent link: https://www.econbiz.de/10010818552
Despite an erosion of consensus on its benefits, capital account convertibility remains a long-term goal of China. This … paper identifies three major preconditions for convertibility in China: a strong domestic banking system, relatively …, in significant respects, China does not yet meet any of the conditions necessary for convertibility. They then evaluate …
Persistent link: https://www.econbiz.de/10008838907
focused on the development of bank efficiency and profitability over time. The equally important question - which of China …China’s banking sector is dominated by four distinct organizational forms: policy banks (PBs), state-owned commercial …
Persistent link: https://www.econbiz.de/10010945073