Reveals the 28 Unique Milestones in China's Financial Industry"Pants with close crotch," "polyandry," and "a tiger in a cage" -- these enigmatic terms are frequently used by Chinese economists and policy-makers to figuratively describe certain significant financial events in the history of New...

We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult...