Using hand-collected data from China’s split share structure reform (SSSR) programme, we theorise and show that the certification of foreign institutional investors mitigates domestic minority shareholders’ mistrust of controlling shareholders’ reform plans and facilitates the SSSR....

This working paper is written by Jerry Cao (Hang Seng University of Hong Kong), Wenlian Lin (Chinese University of Hong Kong, Shenzhen) and Yong Li (University of International Business and Economics).Market liquidity evaporation is often accompanied by investors’ attention to risks. We...

Chapter 1: The Entrenchment of Traditional Industries and the Winner-Takes-All Phenomenon -- Chapter 2: The Dark Horse of New Tracks and the Life-Death Cycle -- Chapter 3: Don’t Put All Your Eggs in One Basket vs. Going All-In on a Single Venture -- Chapter 4: Top-Down Management vs. Bottom-Up...