Finance against Law: The Case of China

April 03, 2023 • 12:30 PM • Law School 4042

Can a sophisticated financial market exist without legal protections for investors and creditors? International investors have put trillions of dollars into "China concepts stocks" and Chinese-issued international bonds over the past two decades, even though these markets to some extent operate extra-legally. In a new paper, Professor Shitong Qiao examines how this anomalous situation came about and the mechanism by which a socio-political network has functioned as an alternative to legal protections. In this talk, Professor Qiao will explain how China governs by extra-legality and suggest that this is a new direction for research by scholars of law, social norms, and development. Sponsored by Alex Zhang. For more information, please contact Alex Zhang (