This study investigates the effect of banks' dual holding on bank lending and firms' investment decisions using a sample of listed firms in China. We find that dual holding leads to easier access to bank loans, a result that is more pronounced for non-state-owned enterprises (non-SOEs) than...

This paper aims to identify and critically evaluate the theoretical explanations of mergers happening in clusters. We identified two streams of theories: neoclassical and behavioural explanations of merger waves. Neoclassical theories include q theory and industry shock hypothesis. Behavioural...

This paper aims to identify and critically evaluate the theoretical explanations of mergers happening in clusters. We identified two streams of theories: neoclassical and behavioural explanations of merger waves. Neoclassical theories include q theory and industry shock hypothesis. Behavioural...

We investigate how language similarity between acquirers and targets affects post-M&A performance using a large sample of M&A transactions in China. We hypothesize and find that acquirers achieve higher post-M&A operating performance when they acquire targets that share the same native...

We study the interplay between a "one person-one vote" political system and a "one share-one vote" corporate governance regime. The political system sets Pigouvian subsidies, while corporate governance determines firm-specific public good investments. Our analysis highlights a two-way feedback...

Over the last century, the passenger airline industry has undergone a series of transformations, with Lufthansa being a key player not only in Europe, but also worldwide. This case study traces Lufthansa's development, from its origins up until its current status, and outlines its expansion by...