Law, Finance, and Economic Growth in China

Allen, Franklin; Qian, Jun; Qian, Meijun

doi:10.2139/ssrn.419481

Cited by 190 publications

(299 citation statements)

References 34 publications

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“…This assertion is shared at country-level (King & Levine, 1993;Levine & Zervos, 1998;Allen et al, 2005), as well as at industry-and firm-levels (Jayaratne & Strahan, 1996;Rajan & Zingales, 1998). Thus we find evidence of the link among law, finance and economic growth at firm, industry and country levels (Demirguc-Kunt & Maksimovic, 1998;Beck & Levine, 2002).…”

Section: The Scope Of the Law-finance Nexusmentioning

confidence: 85%

Law, Finance and Investment: Does Legal Origin Matter in Africa?

Asongu

2014

The Review of Black Political Economy

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractThis paper assesses if legal origin explains domestic, foreign, private and public investments through financial intermediary channels of depth, efficiency, activity and size. The findings show that legal origin matters in the finance-investment nexus, though its ability to explain aggregate investment dynamics only through financial intermediary channels is limited in the cases of private and public investments.

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Section: The Scope Of the Law-finance Nexusmentioning

confidence: 85%

Law, Finance and Investment: Does Legal Origin Matter in Africa?

Asongu

2014

The Review of Black Political Economy

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“…How important is the stock market to private sector firm growth as well as the country's economic growth? As Allen et al (2005) argue, China is an important counter-example to the findings in the law, finance, and growth literature. We believe the richness of the Chinese economy potentially offers the opportunity to not only duplicate the findings in Western accounting and finance studies but also to build new theories (e.g.…”

Section: Discussionmentioning

confidence: 99%

Structural Changes in the Chinese Stock Market: A Review of Empirical Research

2014

China Account Financ Rev

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China’s stock market has gone through major structural changes since its inception in the early 1990s. In this survey article, we review the empirical literature published in 15 leading accounting and finance journals from 1998 to 2013 that documents these important structural changes. In analysing this literature, we focus on the ‘distinctiveness’ of the Chinese stock market compared with developed stock markets (e.g. US) and the research opportunities generated by the China setting. Key themes include China’s share issue privatisation (SIP) reforms, the political connections in privately owned companies, the characteristics of Chinese listed companies and their governance, the regulatory environment reforms in China, and the evolving role played by auditors and other information intermediaries.

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“…Finally, we contribute to the growing body of work on corporate governance in China (Sun and Tong (2003), Cull and Xu (2005), Allen, Qian and Qian (2005), Wei, Xie and Zhang (2005), Fan, Wong and Zhang (2005)-especially the group of studies that have abandoned the "official" ownership scheme, which classifies owners of non-tradable shares primarily into two categories-State Shares and Legal-Person Shares-in favor of classifications based upon the identity of the ultimate owner (Firth, Fung and Rui (2006), Fu (2007, 2009) , Chen, Firth and Xu (2009)). …”

Section: Introductionmentioning

confidence: 99%

Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China

Berkman¹,

Cole²,

Fu³

2010

J. Financ. Quant. Anal.

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Abstract:We examine the wealth effects of three regulatory changes designed to improve minority-shareholder protection in the Chinese stock markets. Using the value of a firm's related-party transactions as an inverse proxy for the quality of corporate governance, we find that firms with weaker governance experienced significantly larger abnormal returns around announcements of the new regulations than did firms with stronger governance. This evidence indicates that securities-market regulation can be effective in protecting minority shareholders from expropriation in a country with weak judicial enforcement. We also find that firms with strong ties to the government did not benefit from the new regulations, suggesting that minority shareholders did not expect regulators to enforce the new rules on firms where block holders have strong political connections.JEL classifications: G32, G34, G38

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Law, Finance, and Economic Growth in China

Cited by 190 publications

References 34 publications

Law, Finance and Investment: Does Legal Origin Matter in Africa?

Law, Finance and Investment: Does Legal Origin Matter in Africa?

Structural Changes in the Chinese Stock Market: A Review of Empirical Research

Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China

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