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This study examines how the Chinese state-owned banks allocate loans to private firms. We find that the banks extend loans to financially healthier and better-governed firms, which implies that the banks use commercial judgments in this segment of the market. We also find that having the state as a minority owner helps firms obtain bank loans and this(More)
Extensive artificial hybridisation among members of some 86 genera of vandaceous orchids within the subtribe Sarcanthinae in Singapore over the past five decades has created many thousands of exotic hybrids. A small number of these are selected for commercial cut-flower production, while others are cultivated as pot-plants. Two classes of intergeneric(More)
This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms' commission income derived from each mutual fund client as well as the share holdings of these mutual funds, we find that an analyst's recommendation on a stock(More)
Using China's stock market as the testing venue, this study examines how corporate transparency helps explain the sensitivity of stock prices to general investor sentiment. We find that firms with low corporate transparency, measured by a battery of proxies including state ownership, the prevalence of related party transactions, accrual-based earnings(More)
Outside directors and audit committees are widely considered to be central elements of good corporate governance. Yet evidence supporting this conventional wisdom is limited. A core problem is that board structure is endogenous to other firm characteristics. Good identification strategies are rarely available. Korea provides a unique laboratory for(More)
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