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This study examines the impact of tax avoidance on the cost of debt using a natural experiment in China. Existing literatures identify two channels about how debt holders perceive tax avoidance behaviour. But there is no census on why and when one channel prevails or dominates the other one. Using China's New Regulation on bonds issuance in 2015 as a natural experiment, we find a negative (positive)...
Based on the unique city‐level politician turnover data between 1999 and 2012 in China, we document that the number of IPOs at the city level decreases during the city‐level politician turnover period. Such negative shock is more pronounced for non‐state‐owned enterprises (NSOEs) than for SOEs and more pronounced for local SOEs than for central SOEs. Higher political uncertainties amplify the negative...
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