China

Working Paper

02 November 2017

The Externalities of Corruption: Evidence from Entrepreneurial Firms in China

Exploiting China’s anti-corruption campaign, we show that following a decrease in corruption, firm performance improves. Small and young firms benefit more. We identify the channels through which corruption hampers firm...

Mariassunta Giannetti | Guanmin Liao | Jiaxing You | Xiaoyun Yu
08 June 2018

China as a "National Strategic Buyer": Towards a Multilateral Regime for Cross-Border M&A

Unlike the case of cross-border trade, there is no explicit international governance regime for cross-border M&A; rather, there is a shared understanding that publicly traded companies are generally for purchase by any bidder...

Jeffrey Gordon | Curtis J. Milhaupt
02 September 2019

Value of Politically Connected Independent Directors: Evidence from the Anti-Corruption Campaign in China

A new regulation issued in the end of 2013 as part of the anti-corruption campaign in China leads to a wave of resignation of politically connected independent directors (PCID). I find while firms with PCIDs have...Read more

Chang Zhang
30 November 2019

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to...

Hao Liang | Rong Wang | Haikun Zhu
19 February 2020

Party Building or Noisy Signaling? The Contours of Political Conformity in Chinese Corporate Governance

We examine responses by Chinese firms to a “party-building” policy launched by the Chinese Communist Party (CCP) in 2015, part of program to reform China’s state-owned enterprises (SOEs). The policy requires SOEs to follow a...

Lauren Yu-Hsin Lin | Curtis J. Milhaupt
01 March 2020

The Law and Practice of Shareholder Inspection Rights: A Comparative Analysis of China and the U.S.

Shareholder inspection rights allow a shareholder to access the relevant documents of the company in which they hold an interest, so as to address the problem of information asymmetry and reduce the agency costs inherent in the...

Robin Hui Huang | Randall Thomas

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