Energy is always the important material for economic growth and social development. A new index of energy efficiency called total factor energy efficiency (TFEE) consists of energy, capital, labor and other input that produce GDP as output. TFEE index is accounted by DEA through multiple...

Who gains from inter-corporate credit? To answer this question we measure the impact of the announcements of inter-corporate loans in China on the stock prices of the firms involved. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative,...

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that in-formal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We...

​Who gains from inter-corporate credit? To answer this question we investigate the reactions of the stock prices of both the issuing and receiving firms to the announcements of 719 inter-corporate loans that took place between 2005 and 2012 in China. We find that the average abnormal return...

​This paper examines the governance role of banks in replacement of underperforming CEOs in firms listed on Chinese stock exchanges. Under most circumstances, the findings suggest that the presence of outstanding loans does not increase the probability that a poorly performing CEO will be...

We examine China's June 2013 liquidity crunch as a negative shock to banks and analyze the wealth effects on exchange-listed firms. Our findings suggest that liquidity shocks to financial institutions negatively impact borrower performance, particularly borrowers reporting outstanding loans at...

Photovoltaic farms in Malaysia are being developed tremendously as a form of supporting fossil fuel setbacks in Malaysia power generation. An important parameter of the PV installation is the power (Watts) accumulated over sunlight retrieval. Considerable losses may arise from the conversion,...