We address questions about Chapter 11 stocks regarding their trading environment, fundamental value, and performance. First, there exists active trading for Chapter 11 stocks throughout the bankruptcy process. Second, equity value after filing is positively related to asset value, asset...

Diversification benefits of three “hot” asset classes—Commodity, Real Estate Investment Trusts (REITs), and Treasury Inflation-Protected Securities (TIPS)—are well-studied on an individual basis and in a static setting. Using data from 1970 to 2010, this paper documents both that the...

Credit default swaps (CDS) are similar to out-of-the-money put options in that both offer a low cost and effective protection against downside risk. This study investigates whether put option-implied volatility is an important determinant of CDS spreads. Using a large sample of firms with both...

This paper explores the causes of industrial agglomeration in China using the provincial panel data during 1987-2001, focusing on the effects of economic opening. The determinants of industrial agglomeration are tested by controlling three types of factors, those of economic policies, economic...

Purpose – This paper aims to answer the following questions concerning rural-to-urban labor migration in China: What is the impact of discrimination against non-Hukou in urban public service provision? Will such discrimination disappear in the future within the current policy-making framework?...

This paper examines recent trends in the location of manufacturing activities in China using a model that combines forces relating to Heckscher–Ohlin (H-O) and New Economic Geography (NEG). It is found that there are large intercity shifts in industrial employment since 1998 in China, with the...

Chicken litter or chicken litter-based organic fertilizers are usually recycled into the soil to improve the structure and fertility of agricultural land. As an important source of nutrients for crop production, chicken litter may also contain a variety of human pathogens that can threaten...

Though Mandarin is China's common language, each region/city has its own dialect. Using a unique self-collected dataset, this paper estimates returns to dialect familiarity in China's largest and most developed city, Shanghai. We evaluate migrant workers' comprehension and fluency of the...

The authors identify three major factors in the growth of the Chinese economy: economic decentralization and political centralization; the urban–rural divide; and relational society. These are explored in depth via analyses of factors including urban and rural economic development and their...