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We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of public equity, we find that a one standard deviation increase in private firm disclosure transparency – proxied by the number...
Persistent link: https://www.econbiz.de/10013222302
We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of public equity, we find that a one standard deviation increase in private firm disclosure transparency – proxied by the number...
Persistent link: https://www.econbiz.de/10013230835
This study examines a public policy issue: whether government officials engage in earnings management to collude with private investors in the privatization of state-owned enterprises (SOEs). We find that the managers of listed Chinese SOEs, who are de facto bureaucrats, employ income-decreasing...
Persistent link: https://www.econbiz.de/10013121129
I study how improved access to public firm disclosures affects private firm financing through IPOs. Theory indicates that although improved access to public firm disclosures can reduce IPO investors’ valuation uncertainty, it can also lead to increased adverse selection. This tension leaves...
Persistent link: https://www.econbiz.de/10013312215
We show that public firm profit rates fell by half since 1980. Inferred as the residual from the rise of US corporate profit rates in aggregate data, private firm profit rates doubled since 1980. Public firm financial returns matched their fall in profit rates, while public firm...
Persistent link: https://www.econbiz.de/10013306917
We examine the impact of mutual fund ownership on stock price informativeness in China. Existing evidence shows that … stock price informativeness is low in China, and attributes this to firms' lack of disclosure incentives under the weak … mutual funds in China can also be moderated by state ownership of listed firms, which reduces firms' dependence on outside …
Persistent link: https://www.econbiz.de/10013096932
Structure Reform in China. This reform abolishes the trading restriction of shares held mainly by state shareholders, which in …
Persistent link: https://www.econbiz.de/10013108803
Using the pay restriction imposed on CEOs of centrally administered state-owned enterprises (CSOEs) in China in 2009 …
Persistent link: https://www.econbiz.de/10012853325
In many ways, China is the new frontier for entrepreneurship; perceived to be: a logical primary source of economical … manufacturing, raw materials, component parts, and as a major end market. China may also represent the most likely future … The People's Republic of China (“PRC”) demands that U.S. entrepreneurs understand the basic foundation for doing business …
Persistent link: https://www.econbiz.de/10013111625
We examine the impact of mutual fund ownership on stock price informativeness in China. Existing evidence shows that … stock price informativeness is low in China, and attributes this to firms’ lack of disclosure incentives under the weak … mutual funds in China can also be moderated by state ownership of listed firms, which reduces firms’ dependence on outside …
Persistent link: https://www.econbiz.de/10010664199