reform in China. It also conducts empirical studies of the change in ownership and board composition in over 30 SOEs which … have recently completed their MOR experiments, as well as, several case studies including China Unicom's MOR. We observe … argue that the MOR programme is driven by three current beliefs of the Chinese Party-state on the future of SOEs in China …

We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 2000 to …

We examine whether political corruption impedes mergers and acquisitions (M&As) decisions. Using a comprehensive sample … of Chinese firms, we find that corruption has a substantial, negative relation with the firm acquisitiveness. Further … attenuated by the Anti-corruption Campaign in 2012. Our results exist after a series of robustness tests. Additional tests show …

We examine the impact of China's anti-corruption campaign on firm-level financial reporting quality (FRQ). As an … important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government …

Using the recent anti-corruption cases in China as a natural experiment, this study documents that connections with the … removed in an anti-corruption case. However, after the event, their M&A activities decrease significantly, post …

This paper examines how political corruption affects M&A activities. By exploiting the public enforcement of the anti-corruption … campaign across different regions in China, we find in a difference-in-difference (DID) setting that the reduction in … corruption increases cross-region takeover activities by 40% and deal volume more than doubles. Further analysis reveals that the …