China's markets gained 3.86% around December 4, 2012, when the Party announced anti-corruption reforms. State-owned enterprises (SOEs) with higher past entertainment and travel costs (ETC) gained more. NonSOEs gained in more liberalized provinces, especially those with high past ETC,...

China is now the world's largest destination of foreign direct investment (FDI), despite assessments highlighting its institutional deficiencies. But this FDI inflow corresponds closely to predicted FDI flows into China from a model that predicts FDI inflow based on government quality indicators...

Control of corporate assets by wealthy families in economies lacking institutional integrity is common. It has negative implications on corporate governance and adverse macroeconomic effects when it extends across a sufficiently large part of the country's corporate sector. The authors consider...

Digital transformation remains a passion. Globally, science and technology are transforming businesses to make them more competitive and conducive to sustainable development. However, rapid advancements in financial technology have enabled financial institutions to steal customers from...

The pipeline is a convenient and safe way to transport natural gas liquids (NGLs). However, the NGL is easy to boil due to the variations of pressures and temperatures along the pipeline. The bubble lift-off diameter is an essential parameter to calculate the mass and heat transfer rates between...

Heavy tailedness and interconnectedness widely exist in stock returns and large insurance claims, which contributes to huge losses for financial institutions. Diversification ratio (DR) measures the degree of diversification using the Value-at-Risk, which is known to capture extreme risks better...

In this article, we examine the possible effects of acquisition through a Purchase and assumption agreement (P&A) as a resolution approach by the central bank of Ghana on the performance of the acquiring bank post-acquisition. By assessing the execution of the first P&A agreement, we contribute...

We explore the impact of financial friction on resource misallocation and total factor productivity (TFP) of China. First, the mathematical models are derived to clarify the mechanism and consequence of resource misallocation, showing that financial friction leads to resource mismatch, and thus...

Coal dependence and inefficient decentralized heating have significantly increased China's energy consumption for winter heating, increasing air pollution and exacerbating the greenhouse effect. In 2017, China implemented the Pilot Policy on Clean Winter Heating in Northern China, aiming to...