It is important to determine whether firms realize assets within a short period to settle liabilities when the debts are due. Most common indicators used to measure liquidity are the current and quick ratios. However, the cash conversion cycle period (CCC) may be a better approach. This study...

Using data from a recent national survey on the ownership reform of state-owned enterprises in China, we study the effects of reducing politician control and agency problems on a number of reform outcomes. Taking into account the endogenous nature of the reform, we find that these outcome...

Since the late 1970s China has undergone a fundamental transformation from a centrally planned economy based on public ownership to a market-oriented, increasingly private economy. Three factual aspects of this process of change are noteworthy. It began in the immediate aftermath of what is...