Is the Stock Market Just a Side Show? Evidence from a Structural Reform
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The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper examines the effects of stock markets on corporate outcomes exploiting multiple institutional features of the Chinese conversion program. Using a generalized propensity score matching
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美国国家经济研究局创建时间：
2014-05-01
