Chen, Shenglan; Lin, Bingxuan; Lu, Rui; Zhang, Ting - In: Journal of International Financial Markets, … 34 (2015) C, pp. 147-160
Using the split share structure reform in China as a natural experiment, we study how changes in controlling shareholder incentive affect the pay-for-performance sensitivity. The reform converts the shares owned by controlling shareholders from non-tradable to tradable shares. The removal of...