We investigate the impact of stock-based compensation on managerial ownership. We find that equity compensation succeeds in increasing incentives of lowerownership managers, but higher-ownership managers negate much of its impact by selling previously owned shares. When executives exercise options to acquire stock, nearly all of the shares are sold. Our results illuminate dynamic aspects of man...

This paper studies the effects of government ownership on bank lending behavior. Using information on individual loan contracts, I compare the interest rate charged to two sets of companies with identical characteristics borrowing respectively from stateowned and privately owned banks. State-owned banks charge lower interest rates than do privately owned banks to similar or identical firms, eve...

In many countries infrastructure liberalization proceeded faster than the privatization of former state monopolies. Regulatory agencies, established to oversee the transition and safeguard the preconditions for competition, therefore monitor state-owned firms in addition to privately owned firms. Prior accounts of similar arrangements have generated contradictory claims. The paper studies two p...

Income tax is one of the most important costs of companies and it is usually considered as a cost that should not be paid. One of the most noticeable and influential factors in tax avoidance is corporate ownership structure. With an emphasis on institutional ownership and its types in this paper, it is attempted to measure the effect of this ownership and its types on corporate tax avoidance. F...

How to raise productivity level has become the core issue of ensuring China’s sustained Economic Growth in Future. The mixed-ownership both financing advantage SOEs and competitive ability Private firms, which can improve governance firms. This paper builds a model based on financial frictions literature, studies process reform. main results include: 1. On average, reform enhances performance f...

This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995-2000, but disappears afterward during 2001-2003. The finding that state ownership raised bid-ask spread in the early period is consistent with recent studi...