Using textual analyses of 1.8 million articles, this paper examines whether the authoritarian government in China, despite its direct ownership and control of the press, manages to increase the diversity of corporate news through commercialization and conglomeration reforms. Through the creation...

In emerging markets, the concentration of corporate ownership has created agency conflicts between controlling owners and minority shareholders, which are difficult to mitigate through conventional corporate control mechanisms such as boards of directors and takeovers. This study examines...

In emerging markets, the concentration of corporate ownership has created agency conflicts between controlling owners and minority shareholders. Conventional corporate control mechanisms such as boards of directors and takeovers are typically weak in containing the agency problem. This study...

This paper hypothesizes that the threat of expropriation by controlling owners in East Asian corporations lowers the credibility of accounting earnings and hence the stock price informativeness of those earnings. The complicated share ownership structure of East Asian corporations, characterized...

This paper examines the pyramidal organizational structure of newly listed local-government-controlled firms in China. These controlling owners are constrained by the Chinese laws prohibiting free transfer of state ownership. Pyramiding allows them to credibly decentralize decision rights to...

Investor protection is associated with greater investment-sensitivity to q and lower investment-sensitivity to cash flow. Finance plays a role in causing these effects; in countries with strong investor protection external finance increases more strongly with q, and declines more strongly with...