Using a large survey sample of manufacturing firms between 2003 and 2006, the majority of them not listed on either stock exchange, we studied financing behavior in China and tested a series of hypotheses about the determinants of firm leverage as derived from the pecking-order theory. Overall...

We measured the business-cycle correlations of the real gross domestic product (GDP) growth rates of two cities to capture the degree of segmentation across China's provincial and regional borders. This type of segmentation can be caused by local protectionism as well as other economic and...

During the 1980s and 1990s, interprovincial migration in China surged concurrently with three major developments in the economy: deregulation of migration, rapid growth, and substantial increases in foreign and domestic investments. To what extent did these developments influence the changes in...