This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "political-pecking order" in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not;...

We investigate whether previous findings of only limited effects of investing abroad on the performance of parent firms can be explained by the aggregation of heterogeneous effects depending on the motive for foreign direct investment (FDI), sector, and location. Our results suggest, in line...