This research explored the effects of the coronavirus disease (COVID-19) outbreak on stock price movements of China's tourism industry by using an event study method. The results showed that the crisis negatively impacted tourism sector stocks. Further quantile regression analyses supported the...

The purpose of this paper is to investigate the relation between competition, profitability, and risk. The investigation uses bank-level panel data from 171 Chinese banks during 1993 to 2007. Throughout the whole sample, the empirical results divulge that increased bank concentration in China...

This paper constructs a two-stage sequential game model to investigate the spillover effect of inward FDI on the efficiency improvement of domestic firms across different ownership types in host countries. Our model shows that given the optimal spillover policy made by foreign firms, the impact...

This paper considers the non-monotonic effect of the partial privatization campaign on the capital allocation distortion of large SOEs in China by using the Chinese firm-level panel data. We construct a theoretical model to show that the rise in the degree of partial privatization has the...

This paper proposes a new theory so called bilateral rent-seeking to explain the dramatic growth of foreign direct investment (FDI) inflow in China in the past several decades. We construct a Nash bargaining model to illustrate the relevance of how the reciprocal relationship between the local...

This research expands the cash-cash flow sensitivity model and examines the effect and mechanism of SCF on alleviating the financial constraints of 740 firms listed in the SME Boards and Growth Enterprise Market (GEM) of Shanghai and Shenzhen Stock Exchanges from 2010 to 2017. The results show...