Chinese state capitalism has been treated as essentially synonymous with state-owned enterprises (“SOEs”). But drawing a stark distinction between SOEs and privately owned enterprises (“POEs”) misperceives the reality of China's institutional environment and its impact on the formation...

This paper examines the determinants of privatization in Chinese rural industry by using data that we collected from Southern China in 1998. By employing several econometric specifications, we find that the probability of a firm being privatized increases with the degree of product market...

This is an empirical study that examines the underpricing and aftermarket long-term performance of IPOs in China and IPO underpricing. Corporate governance aspects that may play a role in IPOs, such as ownership structure and external directors, are studied.The study show that firms with higher...

Since 1978, the effects of China's state-owned enterprise reform have received extensive attention, but the causal relationship between reform measures and profitability has rarely been verified. This study investigates the impact of China's ongoing mixed-ownership reform on state-owned...

State-owned enterprises (SOEs) from emerging economies and resource-rich countries have been increasingly active investors in global markets in the last decade, challenging policymakers in Canada and other OECD countries to confront the logic of “state capitalism”. This article develops a...

Fear of the abusive exercise of eminent domain power and of potentially high costs resulting from serious holdout could cause slowdown and even suspension of land assembly for urban redevelopment, which is particularly devastating for the developing world. Invited takings, as recently emerged in...

China has accelerated and deepened bank reform since it joined the WTO in 2001. Employing a stochastic distance function, this paper investigates the technical efficiency of banks and examines the static, selection and dynamic effects of governance changes on bank efficiency in China for the...

While China’s overall debt-to-GDP ratio is not particularly high, its non-financial corporate debt relative to GDP is higher than in other major economies. State-owned enterprises account for over three quarters of that debt with a size exceeding GDP. This paper provides insights into the size...