Selected Papers and Publications (部分论文与媒体文章)


Publications in Popular Media(媒体文章)
















中国的投资率高估之谜”(与张军合著),《金融时报》中文网201486日。 (


“Abandon the Myth of the Reluctant Chinese Shopper” (or “Chinese Shoppers Are Thriving”) (with Zhang Jun), Financial Times, January 15, 2013.




以公平改革推动经济持续增长” (与张军合著),《二十一世纪经济报道》,2012123日。(




被误读的凯恩斯理论” (与张军合著),《经济观察报》,2012924日。(





Academic Papers (学术论文)


“Market Facilitation by Local Government and Firm Efficiency: Evidence from China” (with Robert Cull, Lixin Colin Xu, Xi Yang and Li-An Zhou), Journal of Corporate Finance, DOI: 10.1016/j.jcorpfin.2015.06.002


Reestimating China’s Underestimated Consumption” (with Jun Zhang), Comparative Economic Studies57 (1), 55-74, 2015.




“Foreign Direct Investment under a Weak Rule of Law: Theory and Evidence from China” (with Lixin Colin Xu and Xiaozu Wang), Economics of Transition20(3), 401-424, 2012.


“Formal Finance and Trade Credit During China’s Transition” (with Robert Cull and Colin Xu), Journal of Financial Intermediation, 18(2), 2009, 173-192.


“Towards a Formal Model of the Transaction Cost Theory of the Firm,” November 2009. Social Science Research Network:


“Control Allocation, Revenue Sharing and Joint Ownership” (with Susheng Wang), International Economic Review, 46(3), 2005, 895-915.


Politician Control, Agency Problems, and Ownership Reform: Evidence from China” (with L. Colin Xu and Yimin Lin), Economics of Transition, 13(1), 2005, 1-24.


“Incentive Intensity, Forbearance Law, and the Governance of Transactions,” Industrial and Corporate Change, Special Issue in Honor of Oliver E. Williamson, 13(6), 2004, 855-866.


“State-Owned Enterprises Going Public: The Case of China” (with Xiaozu Wang and L. Colin Xu), Economics of Transition, 12(3), 2004, 467-487.


“Specific Investments, Flexible Adaptation, and Requirement Contracts,” Economic Inquiry, 41(2), 2003, 299-304.


“Ownership Restructuring in Chinese State Industry: An Analysis of Evidence on Initial Organizational Changes” (with Yimin Lin), China Quarterly, No.166, 2001, 305-341.


“Holdups, Simple Contracts and Information Acquisition,” Journal of Economic Behavior and Organization, 42(4), 2000, 549-560.


“Agency and Self-Enforcing Contracts” (with Zhigang Tao), Journal of Comparative Economics, 28(1), 2000, 80-94.


“Banking and Enterprise Reform in the People’s Republic of China after the Asian Financial Crisis: An Appraisal,” (with Carsten A. Holz), Asian Development Review, 18(1), 2000, 73-93.


 “Institutional Imperfection and Transition Strategies” (with Xinghai Fang), Economic Systems, 23(4), 1999, 331-348.


 China’s Corporatization Drive: An Evaluation and Policy Implications,” Contemporary Economic Policy, 17(4), 1999, 530-539.