Large shareholders may affect managerial decisions through the threat of selling their holdings and thereby negatively influencing price. The split-share structure of Chinese corporate ownership imposes restrictions on ownership and shares trading. Using these institutional features, we test the...

The Chinese government has implemented the Qualified Foreign Institutional Investor (QFII) system in order to promote stock market liquidity by participation of foreign institutional investors. This paper is the first to explicitly identify the channels through which foreign institutional...

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...

The Chinese government implemented the Qualified Foreign Institutional Investor (QFII) system in order to advance the quality of local capital markets by participation of foreign institutional investors. This paper identifies the channels through which foreign institutional investors influence...

In behavioral experiments, individuals are less likely to cheat at a task when the saliency of dishonesty is increased [Mazar, Amir, and Ariely (2008), Gino, Ayal, and Ariely (2009)]. We test a similar hypothesis in a real world setting by treating news about high-profile political scandals as...

There are few studies on whether female directors can restrain the tunneling behavior of major shareholders in the Chinese stock market. Based on the analysis of the proportion and independence of female directors, this paper uses the fixed-effect model to analyze the impact of female directors...