Ownership type, legal system evolution and their interaction significantly affect the incentives and behaviors of independent directors. We use the 2019 Securities Law revision as an exogenous shock to examine how state-owned enterprises (SOEs) versus non-SOEs and their independent directors...

The reforms of China's financial system have significantly changed the country’s financial sector. One noteworthy phenomenon is that many nonfinancial firms have obtained equity stakes in financial institutions. This study investigates the motivations behind and economic consequences of this...

This paper investigates whether ownership in media affects a corporate media coverage. Using a sample of publicly listed firms in China, we find that firms with media affiliations do receive favorable slant coverage from the financial media. Two possible explanations are explored, one is firm...