The banking sector is considerably large in China, making scholars and practitioners intuitively believe that China has a bank-based financial system. However, some scholars find that China has a market-based financial system. This study tries to resolve this puzzle. Following the definitions of...

This paper examines whether labor unions affect the bank performance during recently financial crisis. The empirical evidence from 228 largest banks around the globe indicate that the buy-and-hold returns of unionized banks are higher and the default probabilities are lower during the crisis...