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weak for regulated non-financial bidders. The results provide additional evidence that regulation results in managerial …
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We examine whether and how the exercising of rights by the regulatory minority shareholder impacts firms' cost of equity. Using a hand-collected sample from the CSISC, a novel regulatory investor protection institution controlled by the China Securities Regulatory Commission, we find that the...
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We investigate a 2012 pay-or-explain regulation implemented by China's Shanghai Stock Exchange. The regulation mandates …-in-differences estimates suggest that firms subject to the regulation decreased their tunneling, irrespective of whether they comply by paying …. Collectively, these findings provide novel policy evidence on how a flexible pay-or-explain form of regulation can reduce agency …
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of lobbying on the efficacy and objectivity of regulation and enforcement in the financial services industry …
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