Bai, Chong-En; Liu, Qiao; Lu, Joe; Song, Frank; Zhang, Junxi - William Davidson Institute, University of Michigan - 2003
in China empirically. We construct measures for corporate governance mechanisms and measures of market valuation for all … publicly listed firms on the two stock markets in China by using data from the firm’s annual reports. We then investigate how … effect on market valuation. The analysis indicates that investors pay a significant premium for well-governed firms in China …