Taking the case of high-pressure political reforms including the ongoing anti-corruption campaign in China, we investigate the impact of such reforms on the performance of Chinese state-owned enterprises (SOEs) relative to non-SOEs from the agency problem perspective. We report that before the...

We attempt to resolve the empirical puzzle in the Fisher effect that nominal stock returns are negatively related to expected inflation. We postulate that this negative relation is caused by simultaneous changes in expected inflation, ex ante real interest rates on bonds and ex ante real returns...