China’s rural reforms expose farm households to the risk of administrative land reallocation and adjustment. The possibility of land reallocation gives rise to the problem of tenure insecurity which reduces farm households' incentives to invest in the land and to use the labor forces...

China’s economic reforms make the farmers face the risk of land reallocation and adjustment, raising the questions about the impact of land reallocation on farm productivity and efficiency. Deep understanding what determines land reallocation, whether and to what extent farm productivity and...

In this paper, I investigate the determinants of price differences in the shares of cross-listed firms in domestic and foreign markets. Diverging from the literature in this field, I introduce a methodology that is independent of any specific form of utility function. My theoretical analysis...

We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85% of all foreign RMs). As a group, RMs are small, early-stage companies that typically trade over-the-counter. Chinese...

This paper demonstrates how to convert a path-dependent optimal stopping time problem into a path-independent problem using a transformation analysis method. We test this method to deal with several problems, especially those in stochastic volatility environments. We introduce stochastic state...