We investigate whether social trust improves corporate innovation. Based on a comprehensive firm- level panel dataset of patents filed by companies from 45 countries over 1995–2015, we find that compared with firms in low-trust countries, firms in high-trust countries have higher innovation...

Roughly 60% of all publically announced advisors to China's "Going Out" M&A transactions from 2000 to 2014 were from international financial centres (representing over 70% of deal value). Why did advisors, located so far away from both acquirer and target, manage to dominate the M&A advisory...

Using the pay restriction imposed on CEOs of centrally administered state-owned enterprises (CSOEs) in China in 2009, we study the effects of limiting CEO pay. Compared with CEOs of firms not subject to the restriction, the CEOs of CSOEs experienced a significant pay cut. In response to the pay...

This paper examines how the difference in institutional environment across various provinces in China can explain IPO underpricing in the Chinese equity market. Using Chinese IPO data from 1999 to 2007, we find strong evidence that firms located in regions with better institutional environment...