We provide firm-level evidence that a private firm may lower its financing costs by introducing a small (kitty) share of state ownership. However, if the state acquires the lion's share of the private firm, the firm may become inefficient. Therefore, the results show a non-linear relationship...

Monetary policy uncertainty (MPU) not only imposes a great impact on the systematic financial risks of a country but also generates a significant spillover effect on countries having close economic exchanges with the former under the background of global economic integration. With the daily...

This study examines the impact of lending facilities on commercial banks’ lending and its underlying mechanism by employing the difference-in-difference method utilizing Chinese banking data. It is found that lending facilities significantly increase the scale of lending by commercial banks...