The case of China seems to present a counterexample to the literature on economic institutions as its private enterprises have achieved spectacular growth despite poor protection of private properties and difficulties in accessing external finance. In this study, we address this apparent puzzle...

Although China's state-owned enterprises have beenproven inefficient, China has been slow to move its state-owned ventures towardprivatization.Considering this slow process, this research examines howstate-owned enterprises are impacted during the organizational changesassociated with...

Property rights protection has been found to promote economic growth at the macro level, and affect the incentive for investment at the micro level. What is not clear is whether and how property rights protection affects a firm's allocation of investment across industries for a given size of...

We use administrative registration records with information on the owners of all Chinese firms to document the importance of "connected" investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a hierarchy...

We use administrative registration records with information on the owners of all Chinese firms to document the importance of “connected” investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a...