We investigate the relationship among multinational operation, ownership and capital structure using data from China's A-share listed companies. We find that, in general, multinational enterprises (MNEs) have lower leverages than domestic enterprises (DEs). More importantly, we document a...

We revisit China's overinvestment problem by examining capital return from two perspectives. First, we re-estimate capital returns. The two existing estimation methods generate different results. After adjusting for statistical coverage and assumptions, the two methods achieve largely consistent...

We analyze China's sovereign debt by constructing balance sheets for China's government and public sector. We find that China's government debt-to-GDP ratio is lower than that of most large developed economies.We also find the debt-to-asset ratio of China's government and public sector...

The underlying asset pool of collateral debt obligations (CDOs) simultaneously encompasses credit risk and market risk. However, the standard CDO pricing model not only underestimates the risk to the asset pool due to a poor description of the correlation structure among obligors but is also...

The importance of infrastructure in economic development has been increasingly recognized by governments, development institutions, and the research community. Despite a sizable literature on its efficiency and growth effects, the distributive impacts of infrastructure have been largely...