that of corporate investment efficiency. China's stock market appears to be aggregating diffuse information and generating … cost of equity capital, constraining the investment of China's smaller, more profitable enterprises. Further reforms that …China is the world's largest investor and greatest contributor to global economic growth by wide margins. The …

. Price informativeness is significantly correlated with corporate investment efficiency. For international investors, China …This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals …

last two decades is highly correlated with that of corporate investment efficiency. China's stock market appears to be … access it. Yet this high alpha amounts to an inflated cost of equity capital, constraining the investment of China's smaller … informativeness will be important to increase China's investment efficiency and fuel its continued economic growth. Finally, we …

We study externality costs of capital investment under limited commitment. We solve for the constrained efficient … allocation with a limited commitment environment and find positive externality costs of capital investment provided that full …-risk-sharing is not feasible. In a decentralized version of limited commitment environment, a one unit increase of capital investment …