It has been widely believed that bond spreads are positively correlated with related market risks. However, some studies in China's urban investment bond (UIB) market indicate that an increase in real estate market risks usually narrows UIB spreads. This article focused on such puzzle and...

Based on Chinese industrial firms' data, this study found that state capital injection weakened the technological progress and management efficiency of private firms, which led to a reduction in enterprises' total factor productivity. State capital injection also increased the labor cost and...