Motivated by the recent rise of state capitalism, this paper investigates the effects of government ownership on market valuations across a sample of publicly listed corporations from East Asia. We find strong, robust evidence that government-owned firms exhibit higher market valuation than...

There is no consensus in the literature regarding the financial consequences of megamergers in part due to the difficulty in establishing a good counterfactual. By comparing the performance of these deals to the performance of synthetic mergers constructed using a novel matching procedure, we...

Recent studies argue that institutional common ownership in rival firms may reduce competition in product markets. Yet, empirical evidences are mixed. I re-examine this hypothesis, documenting that competition for flows on the ground of relative performance reduces institutional investors'...