The recent split share structure reform in China involves the non-tradable shareholders proposing a compensation package to the tradable shareholders in exchange for the listing rights of their shares. We find that state ownership (the major owners of non-tradable shares) has a positive effect...

This study examines the relations between leverage and investment in China's listed firms, where corporate debt is principally provided by state-owned banks. We obtain three major findings. First, there is a negative relation between leverage and investment. Second, the negative relation between...

Allen, Qian and Qian (2005, Journal of Financial Economics) explores the role of alternative financing channels (e.g., trade credits and private credit agencies) and governance mechanisms, such as those based on reputation and relationship, in explaining the growth of the private sector in...

This paper tries to quantify the financing needs in the Belt and Road countries and industries by using firm-level data from 2009 to 2014. By examining financial constraints of firms in the Belt and Road countries, this study constructs a Financing Needs Index for Belt and Road countries and...

We assemble new data on the British and French concessions in Shanghai between 1845 and 1936 to assess the legal origins view of financial development. During this period, two regime changes altered the degree to which the British common and French civil law traditions held jurisdiction over the...