A unique governance structure for mutual funds is a unitary board - one board overseeing all funds in the entire fund family. In this paper, we examine the role played by unitary board in mutual fund governance, along with other governance mechanisms such as board independence and director...

We study a structural model that allows us to examine how credit spreads are affected by the interaction of macroeconomic conditions and firm characteristics. Unlike most other structural models, our model explicitly incorporates equilibrium macroeconomic dynamics and models a firm's cash flow...

Despite the literature on rural land property rights, studies on urban land property rights are rare. This paper studies the impact of an urban land titling program on firm investment. It finds that the program leads to increased investment rate for titling firms, and the positive effect holds...