We examine the effects of bank's political connection on bank performance and risk in China. We use hand-collected information on CEOs' professional background to identify their political affiliations, and find that banks whose CEOs have former government experiences have higher return on...

We examine the impact on firm performance of independent directors as a minority group. We find that, when there are only one or two independent directors, firm performance suffers, while with three or more independent directors it improves. We use the changes in independent director composition...

In China, firms within a business group may be able to access funds provided by a parent-owned finance company within the business group. We provide direct evidence of ‘tunneling': where the parent of the business group requires member firms to increase their cash holdings through deposits in...