Using the context of the financial reform and the development of the non-state sector in China in the past decade, we examine the roles that the quality of information disclosure and property rights play in the allocation of different types of bank credit. We find that foreign banks and policy...

A growing stream of research in accounting and finance tests the extent to which the tone of financial disclosure narrative affects security prices, over and above the disclosed financial performance. These studies measure tone by counting the relative frequency of positive versus negative words...