Using a large sample of the Chinese public firms, this study documents that the government intervention via state ownership can mitigate the stock crash risk. The mitigation effect of state ownership is more pronounced in the crisis periods and in the sample of firms with shares held by central...

Using a large sample of Chinese public firms, this study documents that the government intervention via state ownership can mitigate the stock crash risk. The mitigation effect of state ownership is more pronounced in the crisis periods and in the sample of firms with shares held by central...

Theory suggests that traders will be more reluctant to trade on negative private information about an ongoing merger if their trading will cause the merger to be canceled. This paper provides evidence on the existence of such endogenous limits to arbitrage and it's consequence on the...

This paper examines whether a government can play an important role in determining a firm’s related party transactions associated with tunnelling. Through the lens of political turnover in 31 Chinese provinces for 2000-2018, we show that political turnover is negatively associated with...

This paper shows that a standard deviation increase in carbon emissions by listed firms in China increases the odds of M&A (a green asset acquisition) by over 33% (over 81%) to achieve a green transition. However, firms decrease their R&D investment which tends to be fraught with technical and...