A separate monitoring organ and disclosure of firm-specific information

References

• Ang, A., R. Hodrick, Y. Xing, and X. Zhang 2006a. ““The Cross-section of Volatility and Expected Returns.”.” Journal of Finance 61, 259–299. doi: 10.1111/j.1540-6261.2006.00836.x
   Web of Science ®Google Scholar
• Ang, A., R. Hodrick, Y. Xing, and X. Zhang 2006b. High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence, NewYork, NY: NBER Working Paper, Columbia University.
   Google Scholar
• Bai, C., Q. Liu, J. Lu, F. Song, and J. Zhang 2004. ““Corporate Governance and Market Valuation in China.”.” Journal of Comparative Economics 32, 599–616. doi: 10.1016/j.jce.2004.07.002
   Web of Science ®Google Scholar
• Barnes, L.M., and S. Ma 2001. Market Efficiency or Not? The Behavior of China's Stock Prices in Response to the Announcement of Bonus Issues. Centre for International Economic Studies Discussion Paper No. 0120, the University of Adelaide, Adelaide, SA, Australia.
   Google Scholar
• Burkart, M., F. Panunzi, and A. Shleifer 2003. ““Family Firms.”.” Journal of Finance 58, 2167–2201. doi: 10.1111/1540-6261.00601
   Web of Science ®Google Scholar
• Castro, R., G.L. Clementi, and G. MacDonald 2004. ““Investor Protection, Optimal Incentives, and Economic Growth.”.” Quarterly Journal of Economics 119, 1131–1175. doi: 10.1162/0033553041502171
   Web of Science ®Google Scholar
• Chen, G., M. Firth, D. Gao, and O. Rui 2006. ““Ownership Structure, Corporate Governance, and Fraud: Evidence from China.”.” Journal of Corporate Finance 12, 424–448. doi: 10.1016/j.jcorpfin.2005.09.002
   Web of Science ®Google Scholar
• Chen, S., and A. Keown 1981. ““Risk Decomposition and Portfolio Diversification When Beta is Nonstationary: A Note.”.” Journal of Finance 36, 941–947. doi: 10.1111/j.1540-6261.1981.tb04895.x
   Web of Science ®Google Scholar
• Chen, Z., and P. Xiong 2002. Discounts on Illiquid Stocks: Evidence from China. Yale ICF Working Paper No. 00–56, New Haven, CT
   Google Scholar
• Cremers, M.K.J., and V. Nair 2005. ““Governance Mechanisms and Equity Prices.”.” Journal of Finance 60, 2859–2894. doi: 10.1111/j.1540-6261.2005.00819.x
   Web of Science ®Google Scholar
• Cui, W. 2007. ““Essays in Financial Economics.” Unpublished dissertation.” Santa Barbara: University of California.
   Google Scholar
• Cull, R., and L.C. Xu 2005. ““Institutions, Ownership, and Finance: The Determinants of Profit Reinvestment among Chinese Firms.”.” Journal of Financial Economics 77, 117–146. doi: 10.1016/j.jfineco.2004.05.010
   Web of Science ®Google Scholar
• Cumming, D.J., A. Guariglia, W. Hou, and E. Lee 2012. ““The Experiences and Challenges in the Development of the Chinese Capital Market.”.” European Journal of Finance, iFirst, doi: 10.1080/1351847X.2012.672001.
   Web of Science ®Google Scholar
• Cumming, D.J., and W. Hou 2012. ““Valuation of Restricted Shares by Conflicting Shareholders in the Split Share Structure Reform.”.” European Journal of Finance, iFirst, doi: 10.1080/1351847X.2012.671782.
   Web of Science ®Google Scholar
• Dahya, J., Y. Karbhari, J. Xiao, and M. Yang 2003. ““The Usefulness of the Supervisory Board Report in China.”.” Corporate Governance: An International Review 11, 308–321. doi: 10.1111/1467-8683.00329
   Web of Science ®Google Scholar
• Ding, S., C. Jia, Y. Li, and Z. Wu 2010a. ““Executive Compensation, Supervisory Boards, and China's Governance Reform: A Legal Approach Perspective.”.” Review of Quantitative Finance and Accounting 35, 445–471. doi: 10.1007/s11156-010-0168-1
   Google Scholar
• Ding, S., C. Jia, Y. Li, and Z. Wu 2010b. ““Reactivity and Passivity after Enforcement Actions: Better Late than Never.”.” Journal of Business Ethics 95 (Suppl. 2): 337–359.
   Web of Science ®Google Scholar
• Ding, S., C. Jia, Y. Li, and Z. Wu 2013. ““Institutional Shareholders and Executive Compensation: An Ethical View.”.” In Entrepreneurship, Finance, Governance and Ethics, edited by Cumming Douglas, Robert Cressy and Mallin Chris, 363–387. Dordrecht: Springer Science + Business Media B.V.
   Google Scholar
• Durnev, A., K. Li, R. Morck, and B. Yeung 2004a. ““Capital Markets and Capital Allocation: Implications for Economies in Transition.”.” Economics of Transition 12, 593–634. doi: 10.1111/j.0967-0750.2004.00196.x
   Web of Science ®Google Scholar
• Durnev, A., R. Morck, and B. Yeung 2004b. ““Value Enhancing Capital Budgeting and Firm-specific Stock Returns Variation.”.” Journal of Finance 59, 65–105. doi: 10.1111/j.1540-6261.2004.00627.x
   Web of Science ®Google Scholar
• Durnev, A., R. Morck, B. Yeung, and P. Zarowin 2003. ““Does Greater Firm-specific Return Variation Mean More or Less Informed Stock Pricing?”.” Journal of Accounting Research 41, 797–836. doi: 10.1046/j.1475-679X.2003.00124.x
   Web of Science ®Google Scholar
• Fama, EugeneF., and KennethR. French 1993. ““Common Risk Factors in the Returns on Stocks and Bonds.”.” Journal of Financial Economics 33 (1): 3–56. doi: 10.1016/0304-405X(93)90023-5
   Web of Science ®Google Scholar
• Feenstra, R.C., and G.H. Hanson 2005. ““Ownership and Control in Outsourcing to China: Estimating the Property-rights Theory of the Firm.”.” The Quarterly Journal of Economics 120, 729–761.
   Web of Science ®Google Scholar
• Ferreira, M.A., and P.A. Laux 2007. ““Corporate Governance, Idiosyncratic Risk, and Information Flow.”.” The Journal of Finance 62, 951–989. doi: 10.1111/j.1540-6261.2007.01228.x
   Web of Science ®Google Scholar
• Firth, M., P. Fung, and O. Rui 2006. ““Corporate Performance and CEO Compensation in China.”.” Journal of Corporate Finance 12, 693–714. doi: 10.1016/j.jcorpfin.2005.03.002
   Web of Science ®Google Scholar
• Firth, M., P. Fung, and O. Rui 2007. ““Ownership, Two-tier Board Structure, and the Informativeness of Earnings: Evidence from China.”.” Journal of Accounting and Public Policy 26, 463–496. doi: 10.1016/j.jaccpubpol.2007.05.004
   Google Scholar
• French, K., and R. Roll 1986. ““Stock Return Variances: The Arrival of Information and the Reaction of Traders.”.” Journal of Financial Economics 17, 5–26. doi: 10.1016/0304-405X(86)90004-8
   Web of Science ®Google Scholar
• Glosten, L., and P. Milgrom 1985. ““Bid, Ask and Transaction Prices in Specialist Market with Heterogeneously Informed Traders.”.” Journal of Financial Economics 14, 71–100. doi: 10.1016/0304-405X(85)90044-3
   Web of Science ®Google Scholar
• Gompers, P., J. Ishii, and A. Metrick 2003. ““Corporate Governance and Equity Prices.”.” Quarterly Journal of Economics 118, 107–155. doi: 10.1162/00335530360535162
   Web of Science ®Google Scholar
• Greene, W.H. 2002. Econometric Analysis. 5th ed. Upper Saddle River, NJ: Prentice Hall.
   Google Scholar
• Haw, I., D. Qi, D. Wu, and W. Wu 2005. ““Market Consequences of Earnings Management in Response to Security Regulations in China.”.” Contemporary Accounting Research 22, 95–140. doi: 10.1506/9XVL-P6RR-MTPX-VU8K
   Web of Science ®Google Scholar
• Jensen, M. 1993. ““The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems.”.” The Journal of Finance 48, 831–880. doi: 10.1111/j.1540-6261.1993.tb04022.x
   Web of Science ®Google Scholar
• Jia, C. 2009. ““The Effect of Ownership on the Prudential Behavior of Banks? The Case of China.”.” Journal of Banking and Finance 33, 77–87. doi: 10.1016/j.jbankfin.2007.03.017
   Web of Science ®Google Scholar
• Jia, C., S. Ding, Y. Li, and Z. Wu 2009. ““Fraud, Enforcement Action, and the Role of Corporate Governance: Evidence from China.”.” Journal of Business Ethics 90, 561–576. doi: 10.1007/s10551-009-0061-9
   Web of Science ®Google Scholar
• Jia, J., Q. Sun, and W.H. S. Tong 2005. ““Privatization through an Overseas Listing: Evidence from China's H-share Firms.”.” Financial Management 34, 5–30. doi: 10.1111/j.1755-053X.2005.tb00108.x
   Web of Science ®Google Scholar
• Jiang, J.G., D. Xu, and T. Yao 2009. ““The Information Content of Idiosyncratic Volatility.”.” Journal of Financial and Quantitative Analysis 44, 1–28. doi: 10.1017/S0022109009090073
   Web of Science ®Google Scholar
• Jin, L., and S. Myers 2006. ““R2 around the World: New Theory and New Tests.”.” Journal of Financial Economics 79, 257–292. doi: 10.1016/j.jfineco.2004.11.003
   Web of Science ®Google Scholar
• John, K., L. Litov, and B. Yeung 2008. ““Corporate Governance and Risk Taking.”.” Journal of Finance 63, 1679–1728. doi: 10.1111/j.1540-6261.2008.01372.x
   Web of Science ®Google Scholar
• Karamanou, I., and N. Vafeas 2005. ““The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis.”.” Journal of Accounting Research 43, 453–486. doi: 10.1111/j.1475-679X.2005.00177.x
   Web of Science ®Google Scholar
• Kato, T., and C. Long 2006. ““Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai And Shenzhen Stock Exchanges.”.” Economic Development and Cultural Change 54, 945–983. doi: 10.1086/503583
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de Silanes, and A. Shleifer 1999. ““Corporate Ownership around the World.”.” Journal of Finance 54, 471–517. doi: 10.1111/0022-1082.00115
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de Silanes, A. Shleifer, and R. Vishny 1997. ““Legal Determinants of External Finance.”.” Journal of Finance 52, 1131–1150. doi: 10.1111/j.1540-6261.1997.tb02727.x
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de Silanes, A. Shleifer, and R. Vishny 1998. ““Law and Finance.”.” Journal of Political Economy 106, 1113–1155. doi: 10.1086/250042
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de Silanes, A. Shleifer, and R. Vishny 2000. ““Investor Protection and Corporate Governance.”.” Journal of Financial Economics 58, 3–27. doi: 10.1016/S0304-405X(00)00065-9
   Web of Science ®Google Scholar
• Leuz, C., D. Nanda, and P. Wysocki 2003. ““Earnings Management and Investor Protection: An International Comparison.”.” Journal of Financial Economics 69, 506–527. doi: 10.1016/S0304-405X(03)00121-1
   Web of Science ®Google Scholar
• Lin, J.Y., F. Cai, and Z. Li 1998. ““China's Economic Reforms: Some Unfinished Business.”.” The American Economic Review 88, 422–427.
   Web of Science ®Google Scholar
• Lombardo, D., and M. Pagano 2002. ““Law and Equity Markets: A Simple Model.”.” In Corporate Governance Regimes: Convergence and Diversity, edited by McCahery Joe, Pieter Moerland, Raaijmakers Theo and Luc Renneboog, 343–362. Oxford, UK: Oxford University Press.
   Google Scholar
• Morck, R.K., D. Wolfenzon, and B. Yeung 2005. ““Corporate Governance, Economic Entrenchment, and Growth.”.” Journal of Economic Literature 43, 657–722. doi: 10.1257/002205105774431252
   Web of Science ®Google Scholar
• Morck, R.K., B. Yeung, and W. Yu 2000. ““The Information Contents of Stock Markets, Why do Emerging Markets have Synchronous Stock Price Movements?”.” Journal of Financial Economics 58, 215–260. doi: 10.1016/S0304-405X(00)00071-4
   Web of Science ®Google Scholar
• Roll, R. 1988. ““R2.”.” Journal of Finance 43, 541–566.
   Web of Science ®Google Scholar
• Ross, S. 1989. ““Information and Volatility: The No-arbitrage Martingale Approach to Timing and Resolution Irrelevancy.”.” Journal of Finance 44, 1–17. doi: 10.1111/j.1540-6261.1989.tb02401.x
   Web of Science ®Google Scholar
• Shleifer, A., and R. Vishny 1997. ““A Survey of Corporate Governance.”.” Journal of Finance 52, 737–783. doi: 10.1111/j.1540-6261.1997.tb04820.x
   Web of Science ®Google Scholar
• Shleifer, A., and D. Wolfenzon 2002. ““Investor Protection and Equity Markets.”.” Journal of Financial Economics 66, 3–27. doi: 10.1016/S0304-405X(02)00149-6
   Web of Science ®Google Scholar
• Sun, Q., and W. Tong 2003. ““China Share Issue Privatization: The Extent of its Success.”.” Journal of Financial Economics 70, 183–222. doi: 10.1016/S0304-405X(03)00145-4
   Web of Science ®Google Scholar
• Vafeas, N. 1999. ““Board Meeting Frequency and Firm Performance.”.” Journal of Financial Economics 53, 113–142. doi: 10.1016/S0304-405X(99)00018-5
   Web of Science ®Google Scholar
• Wang, Y., H. Liu, and L. Wu 2009. ““On the Informational Transparency, Institutional Investors and Stock Price Comovement.”.” Journal of Financial Research (in Chinese) 12, 162–174.
   Google Scholar
• Wei, Z., F. Xie, and S. Zhang 2005. ““Ownership Structure and Firm Value in China's Privatized Firms: 1991–2001.”.” Journal of Financial & Quantitative Analysis 40, 87–108. doi: 10.1017/S0022109000001757
   Web of Science ®Google Scholar
• Wurgler, J. 2000. ““Financial Markets and the Allocation of Capital.”.” Journal of Financial Economics 58, 187–214. doi: 10.1016/S0304-405X(00)00070-2
   Web of Science ®Google Scholar
• Xi, C. 2006. ““In Search of an Effective Monitoring Board Model: Board Reforms and the Political Economy of Corporate Law in China.”.” Connecticut Journal of International Law 22, 1–46.
   Google Scholar
• Xiao, J.Z., J. Dahya, and Z. Lin 2004. ““A Grounded Theory Exposition of the Role of the Supervisory Board in China.”.” British Journal of Management 15, 39–55. doi: 10.1111/j.1467-8551.2004.t01-1-00399.x
   Web of Science ®Google Scholar
• Xu, N., T. Hong, S. Wu, and X. Xu 2011. ““Information Flow Model, Investor Psychological Bias and Stock Price Comovement.”.” Economic Research Journal (in Chinese) 4, 135–146.
   Google Scholar
• Yusuf, S. 1994. ““China's Macroeconomic Performance and Management during Transition.”.” The Journal of Economics Perspectives 8, 71–92. doi: 10.1257/jep.8.2.71
   Web of Science ®Google Scholar
• Zou, L., and L. Sun 1996. ““Interest Rate Policy and Incentives of State-owned Enterprises in the Transitional China.”.” Journal of Comparative Economics 23, 292–318. doi: 10.1006/jcec.1996.0066
   Web of Science ®Google Scholar