| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22001 |
| 来源ID | Working Paper 22001 |
| What do we learn from stock price reactions to China\u2019s first announcement of anti-corruption reforms? | |
| Chen Lin; Randall Morck; Bernard Yeung; Xiaofeng Zhao | |
| 发表日期 | 2016-02-22 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | China’s markets gained 3.86% around December 4, 2012, when the Party announced anti-corruption reforms. State-owned enterprises (SOEs) with higher past entertainment and travel costs (ETC) gained more. NonSOEs gained in more liberalized provinces, especially those with high past ETC, productivity, growth opportunities, and external financing. NonSOEs lost in the least liberalized provinces, especially those with high past ETC. These findings support investors’ expect reduced official corruption to create value overall, reduce SOE waste, lower bureaucratic barriers to efficient resource allocation where markets function, and impede business in unliberalized provinces, where “getting things done” still requires investment in greasing bureaucratic gears. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Financial Economics ; Corporate Finance ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w22001 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579675 |
| 推荐引用方式 GB/T 7714 | Chen Lin,Randall Morck,Bernard Yeung,et al. What do we learn from stock price reactions to China\u2019s first announcement of anti-corruption reforms?. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22001.pdf（1061KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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