We show that corruption affects negatively the performance of small entrepreneurial firms, which compete with corrupted industry peers. We exploit the Chinese anti-corruption campaign to establish causality and...Read more
A corporate bond market is thought to play an important role as a supplement to bankoriented financial systems in emerging markets ? functioning in effect as a ?spare tire.? Yet bond markets typically rely upon a formal institutional foundation...Read more
Chinese state capitalism has been treated as essentially synonymous with state-owned enterprises (?SOEs?). But drawing a stark distinction between SOEs and privately owned enterprises (?POEs?) misperceives the reality of China?s institutional...Read more
China?s monetary stimulation boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land auction and house prices in major cities soared. We argue that...Read more
China?s record-breaking economic growth is evoking increasing concern about
unaddressed environmental problems. We show that, while city government spending
on environmental infrastructure has a demonstrably positive environmental...Read more
Prof. Curtis Milhaupt (Columbia Law School) presents his paper on "Bonded to the State: A Network Perspective on China’s Corporate Debt Market" at the 2016 GCGC Conference in Stockholm. Discussion of the paper is then presented by Prof. Li Jin (Guanghua School of Management Peking University).
A corporate bond market is thought to play an important role as a supplement to bank- oriented financial systems in emerging markets – functioning in effect as a “spare tire.” Yet bond markets typically rely upon a formal institutional foundation that is often lacking in developing economies. China’s corporate bond market is huge, yet scholarly analysis of it is relatively scarce and some of its elements remain poorly understood.