Using a sample of listed Chinese firms from 2007 to 2020,we investigate the governance implications of cross-ownership in corporate bond markets.We find that cross-ownership significantly reduces bond issuance spreads...Using a sample of listed Chinese firms from 2007 to 2020,we investigate the governance implications of cross-ownership in corporate bond markets.We find that cross-ownership significantly reduces bond issuance spreads,suggesting that synergistic governance effects outweigh potential collusion risks.This effect operates through two channels:reducing information asymmetry between shareholders and creditors and lowering firm risk.The effect is stronger when cross-owners hold shares in more peer firms and retain shares longer but weaker for state-owned enterprises,long-term bonds and firms with robust information intermediaries.Our findings contribute to the corporate governance literature by demonstrating how cross-ownership enhances creditor protection,providing insights into optimizing ownership structures for debt financing,particularly in emerging markets with inadequate institutional monitoring.展开更多
Polyploidization via whole-genome duplications （WGD） is a common phenomenon in organisms. However, investigations into this phenomenon differ greatly between plants and animals. Recent research on polyploid plants i...Polyploidization via whole-genome duplications （WGD） is a common phenomenon in organisms. However, investigations into this phenomenon differ greatly between plants and animals. Recent research on polyploid plants illustrates the immediate changes that follow WGDs and the mechanisms behind in both genetic and epigenetic consequences. Unfortunately, equivalent questions remain to be explored in animals. Enlightened by botanical research, the study of polyploidization in vertebrates involves the identification of model animals and the establishment of strategies. Here we review and compare the research on plants and vertebrates while considering intrageneric or intraspecific variation in genome size. Suitable research methods on recently established poly- ploidy systems could provide important clues for under- standing what happens after WGDs in vertebrates. The approach yields insights into survival and the rarity of polyploidization in vertebrates. The species of Carassius and the allopolyploid system of goldfish × common carp hybridization appear to be suitable models for unraveling the evolution and adaptation of polyploid vertebrates.展开更多
基金financial support from the National Natural Science Foundation of China(72272164 and 71872196)the National Social Science Foundation of China(23&ZD060,21&ZD145 and 19ZDA098).
文摘Using a sample of listed Chinese firms from 2007 to 2020,we investigate the governance implications of cross-ownership in corporate bond markets.We find that cross-ownership significantly reduces bond issuance spreads,suggesting that synergistic governance effects outweigh potential collusion risks.This effect operates through two channels:reducing information asymmetry between shareholders and creditors and lowering firm risk.The effect is stronger when cross-owners hold shares in more peer firms and retain shares longer but weaker for state-owned enterprises,long-term bonds and firms with robust information intermediaries.Our findings contribute to the corporate governance literature by demonstrating how cross-ownership enhances creditor protection,providing insights into optimizing ownership structures for debt financing,particularly in emerging markets with inadequate institutional monitoring.
基金supported by the National Natural Science Foundation of China(91331105,31360514)
文摘Polyploidization via whole-genome duplications （WGD） is a common phenomenon in organisms. However, investigations into this phenomenon differ greatly between plants and animals. Recent research on polyploid plants illustrates the immediate changes that follow WGDs and the mechanisms behind in both genetic and epigenetic consequences. Unfortunately, equivalent questions remain to be explored in animals. Enlightened by botanical research, the study of polyploidization in vertebrates involves the identification of model animals and the establishment of strategies. Here we review and compare the research on plants and vertebrates while considering intrageneric or intraspecific variation in genome size. Suitable research methods on recently established poly- ploidy systems could provide important clues for under- standing what happens after WGDs in vertebrates. The approach yields insights into survival and the rarity of polyploidization in vertebrates. The species of Carassius and the allopolyploid system of goldfish × common carp hybridization appear to be suitable models for unraveling the evolution and adaptation of polyploid vertebrates.
