New Thinking in Financial Market Regulation: Dismantling the “Split Share Structure” of Chinese Listed Companies

China’s distinctive set of stock market institutions was introduced in 1990. Among the characteristics of China’s stock markets was a strict separation between different categories of investors. Listed companies issued different categories of shares to state shareholders, domestic corporate investors, domestic individual investors, and foreign investors. By 2005, the barriers segmenting China’s stock market had been significantly relaxed. Domestic investors were allowed to purchase shares previously reserved for foreign investors, and approved foreign investors were allowed to purchase shares previously earmarked for domestic individuals. Nevertheless, a crucial barrier remained. An ongoing debate among Chinese academics, investors, and policy makers focused on how to resolve the “split share structure” (guquan fen zhi) in which a minority of shares were tradable while the majority of shares (namely those reserved for domestic corporate and state shareholders) were excluded from the market. The split share structure was blamed for distorting prices and inhibiting development of the stock market. This paper analyzes the policy adopted to address the split share structure. To what extent does this policy change reflect new thinking on the part of China’s market regulators? This paper argues that analysis of policy making in China’s capital markets can help to distinguish between two competing assessments of China’s political economy. One account sees China pursuing a gradualist strategy, slowly but steadily expanding the role of markets. Another account sees China trapped in a semi-marketized and increasingly corrupt development pattern. The implementation of the split share structure reform program provides evidence to support the gradualist account of incremental, but persistent, reform. Mary Comerford Cooper is an assistant professor in political science at the Ohio State University. Her recent research focuses on the politics of financial markets in China and Taiwan. Earlier versions of this paper were presented at the Comparative Politics Research Workshop/ Globalization, Institutions and Economic Security Workshop at Ohio State University in May 2007, and at the annual meeting of the Association for Chinese Political Studies in July 2007. I benefited greatly from the constructive and insightful comments of Bj?rn Alpermann, Melanie Barr, Jean-Marc Blanchard, Sarah Brooks, Joseph Fewsmith, Sujian Guo, Dane Imerman, Ryan Kennedy, Marcus Kurtz, Xiaoyu Pu, James Reilly, Alex Thompson, Daniel Verdier, Jianwei Wang, Alan Wiseman, Bin Yu, and an anonymous reviewer. I am also grateful for Lan Hu’s exceptional research assistance. All remaining flaws are purely my own.     

Fair siting procedures: An empirical analysis of their importance and characteristics

This article analyzes the reasons why individuals oppose the siting of nuclear waste repositories close to their hometowns. In a simple model based on survey data, we show that the willingness to accept such facilities largely depends on economic criteria, namely expected economic impacts and risk estimates. However, the predictive power of such a model is improved by focusing not only on the consequences—as economic models typically do—but also on the procedural aspects. We show that acceptable siting rules contribute positively to the willingness of local residents to host a noxious facility. Acceptable rules, it is found, are essentially fair rules.     

Mobilizing from the Margins: Domestic Citizen Politics and Yasukuni Shrine

Prime Minister Koizumi’s six consecutive annual visits to Yasukuni shrine played a key role in initiating a new phase of domestic citizen political mobilization not seen since the early 1970s. This paper is based on field research during the Koizumi years (2001–2006) centering on domestic groups that conduct activities in “protection” of or “opposition” to Yasukuni shrine. As a study of street-based politics, this paper seeks to uncover the processes, strategies, and outcomes of citizen responses to elite political action at Yasukuni Shrine as well as explore meaning of their actions within the context of Japan’s democratic polity.

The Intergenerational Transmission of Values in National and Immigrant Families: The Role of Zeitgeist

Correspondence in value orientation between parents and their offspring may be due to actual transmission processes between generations, but it may also be due to influences from the general value context in society that are common to parents and their offspring. This common value context is referred to as Zeitgeist. The present study deals with one family relationship value (i.e., parents’ and adolescents’ obligations toward the family). Participants were 1,252 immigrant and 726 national adolescent–parent dyads from 10 Western countries. There were significant relationships between the value placed on family obligations among parents and offspring, and these were independent of gender. Zeitgeist effects, both intergenerational and intragenerational, were found. The strength of these Zeitgeist effects depended on the basis for defining Zeitgeist, either a person’s own ethnic group or the wider community including both nationals and immigrants. For explaining national adolescents’ acceptance of their family obligations, both the ethnic and the national Zeitgeist played a role, whereas in the immigrant groups only the ethnic Zeitgeist played a significant role. In short, in an immigration context it makes sense to distinguish the influence of a person’s own ethnic group from the influence of the wider community, including other ethnic groups. Explanations are suggested and implications are discussed.

A Qualitative Analysis of Vietnamese Adolescent Identity Exploration Within and Outside an Ethnic Enclave

Focusing on identity development explorations enables a greater understanding of contexts that affect immigrant adolescents. Utilizing thematic and grounded narrative analysis of 46 journal writings, during a one-month period, from first and second generation Vietnamese adolescents ranging in age from 15 to 18 (26 residents of a culturally and politically active ethnic enclave in Southern California; 20 adolescents living outside the enclave), this study establishes ways in which a focus on social context and exploration processes illuminates the complexity of immigrant adolescents’ identity formation. The two groups shared many similarities, including precipitants to exploration and steps undertaken to explore identity. However, two factors—social and cultural influences and emotional reactions—revealed interesting contrasts distinguishing enclave from non-enclave dwelling Vietnamese adolescents. Data also suggested that immigrant adolescents strive to integrate different domains of identity (ethnicity, gender, career) both with one another and with the historical, social, and cultural contexts they occupy.

Chinese American Adolescents’ Perceptions of the Language Brokering Experience as a Sense of Burden and Sense of Efficacy

Children of immigrants who do translations and who interpret for others using their heritage language and English are known as language brokers. Although prior research suggests that children of immigrants’ perceptions of the language brokering experience vary greatly—from feeling a sense of efficacy to feeling a sense of burden—what remains unanswered in the literature is identification of the antecedents and processes that help to explain the varying psychological experience of language brokers. Using data from a two-wave prospective longitudinal study of 256 Chinese American adolescents, the present study tested potential mechanisms that may be responsible for adolescents’ perceptions of the language brokering experience as a sense or burden or sense of efficacy. The results demonstrate that adolescents’ Chinese orientation sets in motion a family process that is linked to variations in the perceptions of adolescents’ language brokering experience. Adolescents who are more Chinese oriented have a stronger sense of familial obligation, and these adolescents are more likely to perceive that they matter to their parents. Adolescents’ perceived sense of mattering to parents, in turn, is associated positively with a sense efficacy, and negatively with a sense of burden as language brokers. Those adolescents who are less Chinese oriented have a weaker sense of familial obligation, and these adolescents are more likely to feel a sense of alienation from their parents. Adolescents’ sense of perceived alienation from parents, in turn, is associated with a sense of burden as language brokers. Implications for developing interventions for children who act as language brokers for their parents are discussed.

Associations Between Smoking and Extreme Dieting Among Adolescents

This study examined the association between cigarette smoking and dieting behaviors and trends in that association among US adolescents in grades 9–12 between 1999 and 2007. Youth Risk Behavior Survey datasets were analyzed using the multivariable logistic regression method. The sample size of each survey year ranged from 13,554 to 15,273 with girls representing 49–51% of the sample (N = 71,854). About 62% of the entire study participants were whites and 14% were blacks. Prevalence estimates of current smoking and corresponding 95% confidence intervals were computed across four comparison groups formed by gender and body weight. Extreme dieting was an independent predictor of smoking. Extreme dieters showed a higher variability of smoking behavior than their peers. The magnitude of the association between smoking and extreme dieting became smaller in recent years among adolescents but remained unchanged among non-overweight girls over that same time period. When adolescent smoking behavior is examined, the intensity of dieting behavior should be considered within its association with other co-occurring unhealthy behaviors.     

Perceptions of Problem Behavior in Adolescents’ Families: Perceiver,Target, and Family Effects

Considerable research has focused on the reliability and validity of informant reports of family behavior, especially maternal reports of adolescent problem behavior. None of these studies, however, has based their orientation on a theoretical model of interpersonal perception. In this study we used the social relations model (SRM) to examine family members’ reports of each others’ externalizing and internalizing problem behavior. Two parents and two adolescents in 69 families rated each others’ behavior within a round-robin design. SRM analysis showed that within-family perceptions of externalizing and internalizing behaviors are consistently due to three sources of variance; perceiver, target, and family effects. A family/contextual effect on informant reports of problem behavior has not been previously reported.