We document public-sector window dressing behavior in China’s Compulsory Education Promotion Program during the 1990s. Window-dressing behavior has been well-documented in various organizations when an agent faces high-stakes incentives.
The prevalent implicit guarantees provided by financial intermediaries have been a central feature of shadow banking products in China. Our theoretical investigation shows that providing implicit guarantees can be the second-best arrangement and mitigate capital misallocation.
In 2005, the Chinese government launched the landmark “36 Clauses” reform, marking a critical step toward forging a more favorable market environment.
Mutual funds have become an important type of private institutional investor in Chinese security markets, with assets under management exceeding $3 trillion.
Our recent study provides evidence that Chinese mainland insiders tend to evade see-through surveillance by round-tripping via the Stock Connect program.