nep-tra New Economics Papers
on Transition Economics
Issue of 2016‒02‒29
twenty-two papers chosen by
J. David Brown
United States Census Bureau

  1. Technology Or Upskilling? Trends In The Task Composition Of Jobs In Central And Eastern Europe By Piotr Lewandowski; Wojciech Hardy; Roma Keister
  2. To get the prices right for food: a “Gerschenkron state” versus the market in reforming China, 1979–2006 By Jane Du; Kent Deng
  3. Analysis of the forms of association /cooperation in Romania By Marin, Ancuta; Turek Rahoveanu, Petruta
  4. Regional Inflation and Financial Dollarization By Brown, Martin; Haas, Ralph De; Sokolov, Vladimir
  5. Manufacturing Growth and Local Multipliers in China By Ting Wang
  6. Accessibility of waste collection services in Romania: a multi-scale analysis in EU context using thematic cartography By Florin Mihai
  7. The agri-food sector in Romania – an analysis of the resources-utilization correlation in the post-accession period By Bucur, Elena Carmen; Bucur, Sorinel Ionel
  8. Are the transition economies balance-of-payments constrained? An aggregate and multi-sector approach applied to Central and Eastern Europe. By Peter Leško; Elias Soukiazis; Eva Muchova
  9. Wage Differentials among Ownership Groups and Worker Quality in Vietnamese Manufacturing By Ramstetter, Eric D.; Nguyen, Kien Trung
  10. What makes linkages "good" linkages? Firms, the investment climate and business support services in Vietnam By Franco, Chiara; Sanfilippo, Marco; Seric, Adnan
  11. Dynamics and performances in the international trade of Romania’s agri-food products, by the processing level By Rusali, Mirela-Adriana
  12. Measuring Changes in the Bilateral Technology Gaps between China, India and the U.S. 1979 - 2008 By Shen, Keting; Wang, Jing; Whalley, John
  13. Latest Developments In Romanian Legislation Regarding The Collective Dismissal In The Case Of An Insolvent Employer By Mihai, Luiza-Corina
  14. Spatial distribution of rural dumpsites parameters in Romania By Mihai, Florin-Constantin
  15. The Effects of the Minimum Wage on Earnings Inequality: Evidence from China By Lin, Carl; Yun, Myeong-Su
  16. Market Structure and Competition in Transition:Results from a Spatial Analysis By Martin Labaj; Karol Morvay; Peter Silanic; Christoph Weiss; Biliana Yontcheva
  17. The village in the Republic of Moldova: achievements and hopes By Certan, Simion; Certan, Ion
  18. Corporate Deleveraging and Macroeconomic Policies: Evidence from China By Sun, Lixin
  19. О некоторых успехах ЦБ России в 2015 году By BLINOV, Sergey
  20. Uncovering Regional Clustering of high technology SMEs: Russian Case By Vera Barinova; Denis Burkov; Stepan Zemtsov; Vladimir Eremkin
  21. A Study on the Consistency between Housing and Urban Planning Policies By N. Kosareva; Tatiana D. Polidi; A. Puzanov; E. Trutnev; Ye. Igumenov
  22. Ownership, Analyst Coverage, and Stock Synchronicity in China By Feng, Xunan; Hu, Na; Johansson, Anders C.

  1. By: Piotr Lewandowski; Wojciech Hardy; Roma Keister
    Abstract: In this paper we analyse the changes in the task content of jobs in Central and Eastern European countries between 1998 and 2013. We link the O*NET data on occupational characteristics with EU-LFS, following the approach of Autor, Levy and Murnane (2003) as well as Acemoglu and Autor (2011). We find that the CEE countries witnessed similar trends of rising intensity of non-routine cognitive tasks, and a decreasing intensity of manual tasks, although they differed with regards to changes in the routine cognitive task content. We identify the contribution of structural and within-sector changes to this evolution of tasks. Furthermore, we assess the relative role played by education and technology in the development of task contents. Our results show that workforce upskilling was the major factor behind the evolution of non-routine cognitive and manual tasks in CEE, whereas structural changes have shaped routine cognitive tasks. Finally, we show that the evolution of task content was not uniform across cohorts, and a shift to non-routine tasks was most abundant among the youngest cohorts.
    Keywords: task content of jobs, routinisation, job polarisation, Central and Eastern Europe
    JEL: I25 J21 J23 J24
    Date: 2016–02
  2. By: Jane Du; Kent Deng
    Abstract: This article provides an empirical assessment of China’s state price policies and strategies in relation to (1) market-rebuilding for the agricultural sector and (2) food security for China.1 It traces main changes in government grain pricing, urban food subsidies, grain procurement and the administrative control over food circulation from 1979 to 2006 in a bid to transfer a non-market economy to a market one, commonly known as the post-Mao reforms.
    Keywords: market reforms; food prices; food security; food policies
    JEL: N0
    Date: 2016–02
  3. By: Marin, Ancuta; Turek Rahoveanu, Petruta
    Abstract: This paper analyzes the evolution of the modern agrarian associations and cooperatives in Romania. Right now, our country is far behind the west-european countries regarding the development of the associative sector in the agricultural domain, from the diversity point of view and also from the presence on the market. One of the biggest problems of the small farmers from Romania represents selling the production, the traditional markets are being suffocated many times by agents. The agrarian sector is confrunting with problems marked mainly by the poor organization of the farmers regarding the production marketing and a slow structuring of their commercial behavior. The biggest problem of the agrarian cooperatives in Romania is the access to funding. This is due to the business related problems and their specific legal form. In Romania a law for crediting cooperatives doesn’t exist, they are not found in the bank nomenclature and they are treated like any LLC. Also, there is an accute need for founding a high level training program intended for the agrarian cooperatives and associations leaders. The purpose is to present a current state synthesis in order to have a real image of their situation. The main object of this study is to make an assessment of the agrarian cooperatives’s situation in Romania with the purpose of offering solutions and recommendations, by setting the development directions in order to become compatible with the European systems of agrarian cooperatives.
    Keywords: Association forms, agrarian cooperatives,agrarian associations, producer groups.
    JEL: Q13
    Date: 2015–11–20
  4. By: Brown, Martin; Haas, Ralph De; Sokolov, Vladimir
    Abstract: We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the domestic currency and financial dollarization. Our results show that regions with higher inflation experience an increase in deposit dollarization and a decrease in the dollarization of loans to households and firms in non-tradable sectors. The negative impact of inflation on credit dollarization is weaker in regions with less integrated banking markets. This suggests that the asset-liability management of banks constrains the currency-portfolio choices of both households and firms without a natural currency hedge.
    Keywords: Financial dollarization, financial integration, regional inflation
    JEL: E31 E42 E44 F36 G21 P22 P24
    Date: 2015–06
  5. By: Ting Wang
    Abstract: In this paper, I study the impact of employment growth in manufacturing on employ- ment in the non-tradable sector for prefecture-level cities in China. Using the 2000 and 2010 Censuses of Population, I apply the shift-share approach to isolate the exogenous change of employment growth in manufacturing and investigate its impact on the non- tradable sector. I find that adding ten manufacturing jobs creates 3.4 additional jobs in the non-tradable sector. I also show that the effect is heterogeneous along a number of dimensions. More specifically, one new job in high-technology manufacturing creates more jobs in the non-tradable sector while low-technology manufacturing employment growth has no significant multiplier effect. Among the non-tradable industries, the multiplier is the largest for wholesale, retail, and catering. Finally, I find that the eect is also geographically heterogeneous, with the multiplier being greater for inland regions.
  6. By: Florin Mihai ("Alexandru Ioan Cuza " University)
    Abstract: Low coverage of urban and rural population to waste collection services leads to various environmental threats caused by uncontrolled waste disposal. New EU regulations on waste management issues transposed into national laws have improved this sector, but, the population access to such services is still low compared to others new EU members. A multi-scale approach of this indicator is a necessary tool for a proper analysis of this environmental issue. The maps reveal that Romanian development regions (NUTS 2) have the lowest coverage rates at EU level in 2010. Furthermore, major disparities are reflected between Romanian counties in 2010. Thematic maps outline a comparative analysis at national and regional scale (Romanian counties & cities and communes of North-East Region) between urban vs rural areas in 2010. These geographical approaches are necessary for a better monitoring process of waste management sector.
    Abstract: La bassa copertura della popolazione urbana e rurale ai servizi di raccolta dei rifiuti porta a varie minacce ambientali causate da smaltimento incontrollato dei rifiuti. Nuovi regolamenti UE su questioni di gestione dei rifiuti recepite nelle legislazioni nazionali ha migliorato questo settore, ma, l'accesso della popolazione a tali servizi è ancora bassa in confronto ad altri nuovi Stati Membri dell'UE. Un approccio multi-scala di questo indicatore è uno strumento necessario per una corretta analisi della questione ambientale. Le mappe rivelano che sviluppo nelle regioni rumeno (NUTS 2) hanno le tariffe più basse di copertura a livello UE nel 2010. Inoltre, le grandi disparità si riflettono tra contee rumene nel 2010. Mappe tematiche delineano un'analisi comparativa su scala nazionale e regionale (contee rumene & città e comuni della regione di nord-est) tra le regioni rurali vs urbane nel 2010.Questi approcci geografici sono necessari per un migliore processo di monitoraggio della gestione dei rifiuti.
    Keywords: multi-scale analysis,waste collection services,disparities,thematic cartography,municipal waste
    Date: 2015–12–09
  7. By: Bucur, Elena Carmen; Bucur, Sorinel Ionel
    Abstract: As important part of national economy, the agri-food sector had oscillating evolutions in the post-accession period, mainly generated by the need to get in line with the EU requirements. The analysis of the resources-utilizations ratio, from the point of view of production account, reveals significant modifications, as regards both the direct relations between the different subsectors of national economy and the relation between the overall sector and the rest of national economy. Based on data processing from the input-output table from national accounts, the present approach tries to make a diagnosis of the agri-food economy resources utilization in relation to other branches of the economy.
    Keywords: resources, utilizations, national accounts, agri-food sector.
    JEL: Q18 Q20 Q30
    Date: 2015–11–20
  8. By: Peter Leško (Faculty of National Economy, University of Economics in Bratislava, Slovakia); Elias Soukiazis (Faculty of Economics of the University of Coimbra, Portugal); Eva Muchova (Faculty of National Economy, University of Economics in Bratislava, Slovakia)
    Abstract: The balance of payments can act as a constraint on the output growth rate, since it puts a limit on the growth of demand. This paper focuses on verifying whether the Balance-of-Payments-constrained growth hypothesis is suitable for explaining the growth performance in several transition economies of the Central and Eastern Europe that joined the European Union in 2004. According to Thirlwall´s Law, we determine the balance of payments equilibrium growth rate of an economy by the ratio of the income elasticities of the demand for exports and imports and the growth of foreign demand. The obtained results are compared with the multi-sector version of Thirlwall´s Law as an alternative approach that considers the structure of the economy and how specific specialization affects the Balance-of-Payments-constrained growth. Our results show that almost all transition countries in the sample grew and a higher rate that the one consistent with the Balance-of-Payments equilibrium and that the multi-sector version of this approach makes a suitable prediction of the actual growth in these countries.
    Keywords: Balance-of-Payments-constrained growth, Aggregate and multi-sector Thirlwall´s Law, Structural change.
    Date: 2016–02
  9. By: Ramstetter, Eric D.; Nguyen, Kien Trung
    Abstract: This paper examines wage differentials among medium-large (20 or more employees) whollyforeign multinational enterprises (WFs), joint-venture multinationals (JVs), state-owned enterprises (SOEs), and domestic private firms in Vietnamese manufacturing. The analysis focuses on 2009 because it is possible to examine wage differentials after accounting for the influences of two measures of worker quality, educational background and occupation. Simple comparisons in large samples of 11 industries combined indicate that averages wages in JVs were about 92 percent higher than in private firms in 2009, SOEs and WFs paid 57 and 54 percent more than private firms, respectively. Corresponding, conditional differentials that control for the influences of worker education and occupation, as well as capital intensity, size, and shares of female workers, were substantially smaller, but positive and significant in largesamples. Wage levels and differentials varied substantially among industries. Conditional differentials remained positive and significant for WFs and JFs in most of the 11 industries examined, but estimates of SOE-private differentials were insignificant in most industries. Robustness checks using 2007 data could not account for worker occupation, but revealed results similar to those for 2009.
    Keywords: Multinational enterprises, manufacturing, wage differentials, state-owned enterprises, ownership, Multinational enterprises, manufacturing, wage differentials, state-owned enterprises, ownership
    JEL: F23 J31 L60 O53
    Date: 2015–03
  10. By: Franco, Chiara; Sanfilippo, Marco; Seric, Adnan
    Abstract: The role of backward linkages between foreign and local firms is considered as a crucial factor to favour the economic development of a country. This work tries to unveil its different dimensions with respect to the Vietnamese case. We develop our research questions in two steps. We first analyse what are the determinants of linkages, looking at both their extent and the capacity to set up a local supply chain. Then, we provide empirical evidence for the probability of linkages to be vehicles to enhance local firm’s capacity to benefit from FDI. Our main findings reveal that firm specific factors affect mainly the size of linkages, while it is the provision of key business support services to investors to determine the probability for linkages to become “good” linkages.
    Keywords: FDI; linkages; business climate; Vietnam
    JEL: O19
    Date: 2015–12
  11. By: Rusali, Mirela-Adriana
    Abstract: The research aims at analyzing the factors of export growth of Romania's agri-food products on the world market during the period 2001-2013. The analysis used statistics for Romania's foreign trade and world trade in nominal terms, by main groups of products aggregated by codes 01-24 of the Harmonised System. The results show changes in the structure of agri-food trade flows of import and export by processing degree, evolution of trade balance and structure of export growth, highlighting the comparative performance of pre-accession Romanian and post-accession.
    Keywords: Agri-food trade, processing sector, post-accession.
    JEL: F13 F17 Q17 Q18
    Date: 2015–11–20
  12. By: Shen, Keting (University of Western Ontario, Canada and Zhejiang Gongshang University, China); Wang, Jing (University of Western Ontario, Canada); Whalley, John (University of Western Ontario, Canada)
    Abstract: Popular literature suggests a rapid narrowing of the technology gap between China and the U.S. based on large percentage increases in Chinese patent applications, and equally large increases in college registrants and completed PhDs (especially in sciences) in China in recent years. Little literature attempts to measure the technology gap directly using estimates of country aggregate technologies. This gap is usually thought to be smaller than differences in GDP per capita since the later reflect both differing factor endowments and technology parameters. This paper assesses changes in China’s technology gaps both with the U.S. and India between 1979 and 2008, comparing the technology level of these economies using a CES production framework in which the technology gap is reflected in the change of technology parameters. Our measure is related to but differs from the Malmquist index. We determine the parameter values for country technology by using calibration procedures. Our calculations suggest that the technology gap between China and the U.S. is significantly larger than that between India and the U.S. for the period before 2008. The pairwise gaps between the U.S. and China, and the U.S. and India remain large while narrowing at a slower rate than GDP per worker. Although China has a higher growth rate of total factor productivity than India over the period, the bilateral technology gap between China and India is still in India’s favor. India had higher income per worker than China in the 1970’s, and China’s much more rapid physical and human capital accumulation has allowed China to move ahead, but a bilateral technology gap remains.
    Keywords: JEL Classification:
    Date: 2016
  13. By: Mihai, Luiza-Corina
    Abstract: In the context of frequent changes occurring in the legislation related to business and especially when regulating the state of economic difficulty that might face a company, this study deals with the impact that the economic changes an insolvent employer goes through could have on its employees, the measures that might be taken and relevant regulations pertaining to this matter in terms of promoting domestic legislative changes in order to align Romanian legislation to the European one
    Keywords: insolvency, collective dismissal, collective redundancies, employees' protection, Romanian legislation on insolvency
    JEL: E20 G38 J28 K20
    Date: 2015–11–15
  14. By: Mihai, Florin-Constantin
    Abstract: Poor waste management facilities led to uncontrolled waste disposal on improper sites in the proximity of human settlements particularly in rural areas. This bad practice prevailed in all rural regions until 16 July 2009 when these garbage dumps should be closed and rehabilitated according to Government Decision number 345/2005 which comply the Landfill Directive 1999/31/EC. The paper aims a spatial analysis of waste indicators concerning the rural dumpsites at administrative territorial units on national, regional and local scale. These data are correlated to geographical conditions reflecting spatial patterns in their distribution across and within Romanian counties. The role of geographical conditions is revealed at local scales in these spatial patterns due to a low coverage rate of rural communities to waste collection services. Such analysis supported by field observations is necessary for a proper understanding of illegal waste disposal issue. Rural regions are still exposed to such bad practices polluting the local environment
    Keywords: spatial analysis, waste indicators, rural areas, dumps, waste management,
    JEL: I18 K32 Q50 Q53 Q57 Q58 R52 R58
    Date: 2015–12–09
  15. By: Lin, Carl (Bucknell University); Yun, Myeong-Su (Inha University)
    Abstract: The minimum wage has been regarded as an important element of public policy for reducing poverty and inequality. Increasing the minimum wage is supposed to raise earnings for millions of low-wage workers and therefore lower earnings inequality. However, there is no consensus in the existing literature from industrialized countries regarding whether increasing the minimum wage has helped lower earnings inequality. China has recently exhibited rapid economic growth and widening earnings inequality. Since China promulgated new minimum wage regulations in 2004, the magnitude and frequency of changes in the minimum wage have been substantial, both over time and across jurisdictions. The growing importance of research on the relationship between the minimum wage and earnings inequality and its controversial nature have sparked heated debate in China, highlighting the importance of rigorous research to inform evidence-based policy making. We investigate the contribution of the minimum wage to the well-documented rise in earnings inequality in China over the period from 2004 to 2009 by using city-level minimum wage panel data and a representative Chinese household survey, and we find that increasing the minimum wage reduces inequality – by decreasing the earnings gap between the median and the bottom decile – over the analysis period.
    Keywords: minimum wage, China, earnings inequality
    JEL: J31 J38 O15 R23
    Date: 2016–02
  16. By: Martin Labaj (Department of Economics, Vienna University of Economics and Business); Karol Morvay (Department of Economic Policy, University of Economics in Bratislava); Peter Silanic (Department of Economic Policy, University of Economics in Bratislava); Christoph Weiss (Department of Economics, Vienna University of Economics and Business); Biliana Yontcheva (Department of Economics, Vienna University of Economics and Business)
    Abstract: The present paper provides first microlevel (indirect) empirical evidence on changes in the determinants of firm profitability, the role of fixed and sunk costs, as well as the nature of competition for a transition economy. We estimate size thresholds required to support different numbers of firms for four retail and professional service industries in a large number of geographic markets in Slovakia. The three time periods in the analysis (1995, 2001 and 2010) characterize different stages of the transition process. Specific emphasis is given to spatial spill-over effects between local markets. Estimation results obtained from a spatial ordered probit model suggest that entry barriers have declined considerably (except for restaurants) and the intensity of competition has increased. We further find that demand spill-overs and/or the effects associated with a positive correlation in unobservable explanatory variables seem to outweigh negative spill-over effects caused by competitive forces between neighboring cities and villages. The importance of these spatial spill-over effects differs across industries.
    Keywords: entry thresholds, competition, Slovakia, transition, geographic markets
    JEL: L22 D22 M13 R11
    Date: 2016–02
  17. By: Certan, Simion; Certan, Ion
    Abstract: In the present study, the authors are reflecting upon the concept and the achievements of the part of the agrarian reform dealing with the economic and social development of the village in Moldova, which has as main task ”the peasant’s social and economic protection”, as well as upon the national Program „The Moldovan Village” which covers the legal framework for the sustainable rural development during 2005-2015”. Today, almost a quarter of a century since the adoption of the agrarian reform and of the concept of the village’s social and economic development, we are presenting a rural development evaluation study.
    Keywords: Rural space, village, economy, culture, development, efficiency
    JEL: Q15 R11 R51 R58
    Date: 2015–11–20
  18. By: Sun, Lixin
    Abstract: In this paper, we estimate the dynamic equilibrium debt level for China’s non-financial corporates using an error correction model (ECM), and then analyse China’s corporate deleveraging and its consequence. Furthermore, we examine the effects of macroeconomic policies on China’s corporate deleveraging with a VAR model. The empirical results suggest that contractive monetary policy and fiscal policy rather than easy macroeconomic policies help reduce the non-financial corporate leverage in China.
    Keywords: Corporate Deleveraging; VAR/VEC Model; Dynamic Equilibrium Debt Level; Macroeconomic Policies; China’s Economy
    JEL: E32 E62 E63
    Date: 2016–01–28
  19. By: BLINOV, Sergey
    Abstract: Money supply statistics based on the Year 2015 results show that «money starvation» is coming to an end in Russia. That has always been truly indicative of exit from the crisis. The depth of money supply decline in 2015 (it declined by 11%) proved to have been the smallest one in the whole history of post-Soviet Russia. This constitutes a relative success of the policy conducted by the Central Bank of Russia. The reason for this success is that it has been keeping positive growth rates of the nominal money supply and keeping inflation under control. Continuation of such policy would mean independence of economic growth in Russia of oil prices.
    Keywords: Monetary Policy, Central Banking, Interest Rates, Economic Growth, Money Supply
    JEL: E31 E32 E40 E51 E52 E58 E65 G01 N10 O11
    Date: 2016–02–13
  20. By: Vera Barinova (Gaidar Institute for Economic Policy); Denis Burkov (RANEPA); Stepan Zemtsov (RANEPA); Vladimir Eremkin (RANEPA)
    Abstract: The Soviet Union predetermined Russia’s economic activity’s location patterns. While the main forms of industry organization were territorial production complexes (TPC) - networks of industrial organizations united by a single technological process, - switch to the market economy in the early 90s destroyed economic ties within the TPC, leading to fragmentation of large enterprises and formation of a number of independent firms. Some scientists believe that this situation over the last 20 years could serve as a necessary foundation for clusters’ formation. Nowadays interest in clusters in Russia is rekindled due to the need to find new support mechanisms for production and innovation in a stagnating economy. The Ministry of Economic Development of the Russian Federation has initiated a project to support pilot territorial innovation clusters with infrastructure formation funding. The aim of this work is to identify clusters as areas of geographical concentration of small and medium enterprises (SMEs) in high technology sector. Authors also try to check, whether existing cluster initiatives comply with the actual concentration of high-tech SMEs and whether there is any potential for new cluster initiatives. The present paper analysis exploits modified methodology, based on localization index. The study provides tables and maps, reflecting small and medium businesses concentration in Russian regions using evidence from high and medium-high technology industries. The authors empirically confirm the existence of traditional and well-known clusters and identify new concentrations of firms in Russia. This useful information can be used for policy advice.
    Keywords: cluster identification, localization, SME, Russian regions, industrial complex, territorial innovation cluster, innovation, high technology, innovative firms
    JEL: F34 G24 O18 O47 R11
    Date: 2016
  21. By: N. Kosareva (National Research University Higher School of Economics); Tatiana D. Polidi (National Research University Higher School of Economics); A. Puzanov (National Research University Higher School of Economics); E. Trutnev (National Research University Higher School of Economics); Ye. Igumenov (National Research University Higher School of Economics)
    Abstract: Russian cities currently feel the utmost need both for improving the affordability of housing and upgrading the quality and enhancing the beautification of the urban environment, developing public spaces, expanding the diversity of forms of housing tenure for different categories of citizen. Implementation of the housing policy objectives necessitates a considerable update of urban planning policy which is currently characterized by minimum urban planning regulations and inadequate enforcement of those in place. Urban development regulation and land use system remains a source of ‘administrative rent’ and appears to be unable to ensure a transparent legal framework for investors and developers, which is replaced by high administrative barriers. The paper reviews the current state of housing and urban planning policies in Russia, the practice of reconciling the goals, objectives and instruments of the foregoing policies. Housing and urban planning policies both at federal and local levels are described and case studies of inconsistencies in implementation of housing and urban planning policies in Russian cities are analyzed. The paper also sets forth the proposals on how to streamline housing and urban planning policies with a view to improving the affordability of housing and upgrading the quality of urban environment
    Keywords: housing policy, urban planning policy, urban environment, Russia
    JEL: R31
    Date: 2016
  22. By: Feng, Xunan (Southwestern University of Finance and Economics); Hu, Na (Shanghai International Studies University); Johansson, Anders C. (Stockholm China Economic Research Institute)
    Abstract: This study examines how ownership structure affects the information environment of publicly traded firms in China. We hypothesize that concentrated ownership and the associated separation of ultimate control and ownership rights create agency conflicts between controlling shareholders and minority investors leading controlling owners to withhold firm-specific information from the market. We test this hypothesis by analyzing the effect of ultimate ownership structure and analyst coverage on stock return synchronicity. We find that a greater separation of control and ownership rights increases the response coefficient of stock return synchronicity to analyst coverage. This result is robust to endogeneity, a series of robustness checks, and an alternative hypothesis based on noise trading. The incentive of controlling owners to limit firm transparency thus leads analysts to disseminate more market-wide information.
    Keywords: Analyst coverage; Ownership structure; Control rights; Stock synchronicity; China
    JEL: G14 G15 G30 G32
    Date: 2015–06–30

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