The past reforms of state-owned enterprises in China delegated many effective control rights to managers while maintaining ultimate control rights for the Party and government. The result is that either the agency costs are high because managers lack accountability or the political costs are...

After three decades of market development, the problem in China is no longer how to achieve growth but how to manage its consequences and how to sustain it. One of the most important consequences is the growing inequality - between skilled and unskilled workers, between the genders, between...

Poor protection of private property has limited the access to bank loans by private enterprises in developing and transition economies. Under those circumstances, private entrepreneurs have resorted to various ways of enhancing the "de facto" protection of private property. Using a dataset of...