We investigate the nascent but fast-growing Chinese bond market and credit rating industry.
We find Chinese bond ratings are informative and significantly correlated with bond offering …

Using proprietary data from the China Development Bank (CDB), this paper examines the
effects of government credit on firm activities. Tracing the effects of government credit across …

Using proprietary individual level loan data, this paper explores the economic
consequences of the 2009 bank entry deregulation in China. Such deregulation leads to …

The market for the credit ratings of Chinese firms is large and growing. We focus our
analysis on the firms that have ratings from both domestic and global agencies. Despite the …

HONG KONG INSTITUTE FOR MONETARY AND FINANCIAL RESEARCH Page 1 HONG KONG
INSTITUTE FOR MONETARY AND FINANCIAL RESEARCH Haoyu Gao, Hong Ru, Robert …

Third-party loan guarantees are prevalent worldwide for borrowers with insufficient
collateral. We provide the first study on third-party for-fee loan guarantees theoretically and …

This thesis studies several important issues of the fast-developing Chinese financial market.
It is comprised of three chapters. In Chapter 1, we find that China's stock market (the\A share …