The reforms of China's financial system have significantly changed the country’s financial sector. One noteworthy phenomenon is that many nonfinancial firms have obtained equity stakes in financial institutions. This study investigates the motivations behind and economic consequences of this...

This paper empirically investigates the relation between uncertainty and investment among China's listed companies, and analyzes the influence of government control on the investment-uncertainty relation. We find that there is a negative relation between total firm uncertainty and investment in...

This paper explores the influence of the State Capital Investing and Operating Company (SCIOC) pilot reform on SOE bailout using a staggered difference-in-differences model. Based on a sample of listed SOEs during 2011-2018, we find that when the real controllers of listed SOEs enter the list of...

This study investigates the peer effect in the initial recognition of goodwill. We find that firms imitate their peers in the initial recognition of goodwill. The higher the tendency for imitation, the higher the proportion of goodwill recognized. Imitation behavior in the initial recognition of...

The random inspection of the China Securities Regulatory Commission (CSRC) is an important policy for practicing "standardizing regulatory behavior and innovating management modes". This study investigates how CSRC's random affect capital market information efficiency from the perspective of...