This paper indicates that there is an inverse relationship between collateralised shares and firm performance. We further show that this inverse relationship exists only in conglomerate firms. These findings imply that agency problems resulting from shares used as collateral by boards of...

Most Chinese listed companies have been transformed from state-owned enterprises; the resulting institutional transformation is characterized by the emergence of highly concentrated ownership and state-owned shares, which may exert an influence on corporate finance. We examine the relationship...

This study tries to answer the question: Do changes in pricing and allocation mechanisms significantly affect the Chinese initial public offering (IPO) market? Four separate pricing and allocation mechanisms for the Chinese IPO market, operating from 1995 to 2007, are examined. We find that as...