create a website

Effects of anti‐takeover provisions on the corporate cost of debt: evidence from China. (2021). Feng, Yumei ; Xie, Qian ; Huang, Haozhi ; Wang, Congcong.
In: Accounting and Finance.
RePEc:bla:acctfi:v:61:y:2021:i:3:p:4119-4145.

Full description at Econpapers || Download paper

Cited: 1

Citations received by this document

Cites: 52

References cited by this document

Cocites: 50

Documents which have cited the same bibliography

Coauthors: 0

Authors who have wrote about the same topic

Citations

Citations received by this document

  1. Digital transformation and debt financing cost: A threefold risk perspective. (2025). Liu, Ethan Xin ; Dang, Lily.
    In: Journal of Financial Stability.
    RePEc:eee:finsta:v:76:y:2025:i:c:s1572308924001530.

    Full description at Econpapers || Download paper

References

References cited by this document

  1. Allen, F., J. Qian, and M. Qian, 2005, Law, finance, and economic growth in China, Journal of Financial Economics 77, 57–116.

  2. Ang, J. S., R. A. Cole, and J. W. Lin, 2000, Agency costs and ownership structure, The Journal of Finance 55, 81–106.

  3. Autore, D. M., R. S. Billingsley, and M. I. Schneller, 2009, Information uncertainty and auditor reputation, Journal of Banking and Finance 33, 183–192.

  4. Bebchuk, L., A. Cohen, and A. Ferrell, 2009, What matters in corporate governance?, The Review of Financial Studies 22, 783–827.

  5. Berger, P. G., E. Ofek, and D. L. Yermack, 1997, Managerial entrenchment and capital structure decisions, The Journal of Finance 52, 1411–1438.

  6. Bertrand, M., and S. Mullainathan, 2003, Enjoying the quiet life? Corporate governance and managerial preferences, Journal of Political Economy 111, 1043–1075.

  7. Bharath, S. T., J. Sunder, and S. V. Sunder, 2008, Accounting quality and debt contracting, The Accounting Review 83, 1–28.
    Paper not yet in RePEc: Add citation now
  8. Bhargava, R., S. Faircloth, and H. Zeng, 2017, Takeover protection and stock price crash risk: evidence from state antitakeover laws, Journal of Business Research 70, 177–184.

  9. Bhojraj, S., and P. Sengupta, 2003, Effect of corporate governance on bond ratings and yields: the role of institutional investors and outside directors, The Journal of Business 76, 455–475.

  10. Bradley, M., and D. Chen, 2011, Corporate governance and the cost of debt: evidence from director limited liability and indemnification provisions, Journal of Corporate Finance 17, 83–107.

  11. Cain, M. D., S. B. McKeon, and S. D. Solomon, 2017, Do takeover laws matter? Evidence from five decades of hostile takeovers, Journal of Financial Economics 124, 464–485.

  12. Chava, S., D. Livdan, and A. Purnanandam, 2009, Do shareholder rights affect the cost of bank loans?, The Review of Financial Studies 22, 2973–3004.

  13. Chemmanur, T. J., and X. Tian, 2018, Do antitakeover provisions spur corporate innovation? A regression discontinuity analysis, Journal of Financial and Quantitative Analysis 53, 1163–1194.

  14. Chen, D., 2012, Classified boards, the cost of debt, and firm performance, Journal of Banking and Finance 36, 3346–3365.

  15. Chen, J., 2004, Determinants of capital structure of Chinese‐listed companies, Journal of Business Research 57, 1341–1351.

  16. Chen, X., H. Lu, and T. Sougiannis, 2012, The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs, Contemporary Accounting Research 29, 252–282.

  17. Chen, Y., W. Li, and K. J. Lin, 2015, Cumulative voting: investor protection or antitakeover? Evidence from family firms in China, Corporate Governance: An International Review 23, 234–248.
    Paper not yet in RePEc: Add citation now
  18. Cheung, Y. L., P. R. Rau, and A. Stouraitis, 2006, Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong, Journal of Financial Economics 82, 343–386.

  19. Cremers, K. M., V. B. Nair, and C. Wei, 2007, Governance mechanisms and bond prices, The Review of Financial Studies 20, 1359–1388.

  20. Datta, S., M. Iskandar‐Datta, and V. Singh 2013, Product market power, industry structure, and corporate earnings management, Journal of Banking and Finance 37, 3273–3285.

  21. Fan, J. P., and T. J. Wong, 2005, Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia, Journal of Accounting Research 43, 35–72.

  22. Firth, M., C. Lin, and S. M. Wong, 2008, Leverage and investment under a state‐owned bank lending environment: evidence from China, Journal of Corporate Finance 14, 642–653.

  23. Garvey, G. T., and G. Hanka, 1999, Capital structure and corporate control: the effect of antitakeover statutes on firm leverage, The Journal of Finance 54, 519–546.

  24. Gillan, S. L., and L. T. Starks, 2000, Corporate governance proposals and shareholder activism: the role of institutional investors, Journal of Financial Economics 57, 275–305.
    Paper not yet in RePEc: Add citation now
  25. Giroud, X., and H. M. Mueller, 2011, Corporate governance, product market competition, and equity prices, The Journal of Finance 66, 563–600.

  26. Gompers, P., J. Ishii, and A. Metrick, 2003, Corporate governance and equity prices, The Quarterly Journal of Economics 118, 107–156.

  27. Hu, A., and P. Kumar, 2004, Managerial entrenchment and payout policy, Journal of Financial and Quantitative Analysis 39, 759–790.

  28. Hu, Y., and X. Zhou, 2008, The performance effect of managerial ownership: evidence from China, Journal of Banking and Finance 32, 2099–2110.

  29. Humphery‐Jenner, M., 2012, The impact of the EU takeover directive on takeover performance and empire building, Journal of Corporate Finance 18, 254–272.
    Paper not yet in RePEc: Add citation now
  30. Hwang, S., and W. Kim, 2012, Managerial entrenchment of anti‐takeover devices: quasi‐experimental evidence from Korea, Pacific‐Basin Finance Journal 20, 614–638.
    Paper not yet in RePEc: Add citation now
  31. Ikäheimo, S., V. Puttonen, and T. Ratilainen, 2011, External corporate governance and performance: evidence from the Nordic countries, The European Journal of Finance 17, 427–450.

  32. Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305–360.

  33. Jiang, F., and K. A. Kim, 2015, Corporate governance in China: a modern perspective, Journal of Corporate Finance 32, 190–216.
    Paper not yet in RePEc: Add citation now
  34. Jiang, F., M. Zhang, Z. Lu, and C. Chen, 2009, Managerial overconfidence, firm expansion, and financial distress, Economic Research Journal 1, 132–144 (in Chinese).
    Paper not yet in RePEc: Add citation now
  35. Jiang, G., C. M. Lee, and H. Yue, 2010, Tunneling through intercorporate loans: the China experience, Journal of Financial Economics 98, 1–20.

  36. Ju, M., and H. Zhao, 2009, Behind organizational slack and firm performance in China: the moderating roles of ownership and competitive intensity, Asia Pacific Journal of Management 26, 701–717.
    Paper not yet in RePEc: Add citation now
  37. Laeven, L., and R. Levine, 2009, Bank governance, regulation and risk taking, Journal of Financial Economics 93, 259–275.

  38. Lewbel, A., 2012, Using heteroscedasticity to identify and estimate mismeasured and endogenous regressor models, Journal of Business and Economic Statistics 30, 67–80.

  39. Li, H. X., Z. J. Wang, and X. L. Deng, 2008, Ownership, independent directors, agency costs and financial distress: evidence from Chinese listed companies, Corporate Governance 8, 622–636.
    Paper not yet in RePEc: Add citation now
  40. Li, H., and F. Li, 2008, Auditors’ protection of debtholders: evidence from the agency cost of borrowing, Auditing Research 3, 83–95 (In Chinese).
    Paper not yet in RePEc: Add citation now
  41. Liu, Q., and Z. J. Lu, 2007, Corporate governance and earnings management in the Chinese listed companies: a tunneling perspective, Journal of Corporate Finance 13(5), 881–906.

  42. Liu, Q., T. Luo, and G. G. Tian, 2019, How do political connections cause SOEs and non‐SOEs to make different M&A decisions/performance? Evidence from China, Accounting and Finance 59, 2579–2619.

  43. Morck, R., A. Shleifer, and R. W. Vishny, 1988, Management ownership and market valuation: an empirical analysis, Journal of Financial Economics 20, 293–315.

  44. Qian, M., P. W. Sun, and B. Yu, 2018, Top managerial power and stock price efficiency: evidence from China, Pacific‐Basin Finance Journal 47, 20–38.

  45. Shleifer, A., and R. W. Vishny, 1997, A survey of corporate governance, The Journal of Finance 52, 737–783.

  46. Sun, J., R. Yuan, F. Cao, and B. Wang, 2017, Principal–principal agency problems and stock price crash risk: evidence from the split‐share structure reform in China, Corporate Governance: An International Review 25, 186–199.
    Paper not yet in RePEc: Add citation now
  47. Tan, J., and Y. Tang, 2016, Donate money, but whose? An empirical study of ultimate control rights, agency problems, and corporate philanthropy in China, Journal of Business Ethics 134, 593–610.

  48. Tian, G. L., 2001, State shareholding and the value of china’s firms, Working paper (London Business School, London, UK).
    Paper not yet in RePEc: Add citation now
  49. Wei, Z., F. Xie, and S. Zhang, 2005, Ownership structure and firm value in China's privatized firms: 1991–2001, Journal of Financial and Quantitative Analysis 40, 87–108.

  50. Zhao, Y., A. Allen, and I. Hasan, 2013, State antitakeover laws and voluntary disclosure, Journal of Financial and Quantitative Analysis 48, 637–668.

  51. Zhou, B., J. Guo, J. Hua, and A. J. Doukas, 2015, Does state ownership drive M&A performance? Evidence from China, European Financial Management 21, 79–105.

  52. Zou, H., and M. B. Adams, 2008, Corporate ownership, equity risk and returns in the People's Republic of China, Journal of International Business Studies 39, 1149–1168.

Cocites

Documents in RePEc which have cited the same bibliography

  1. Trade credit and bank loan: Evidence from Chinese firms. (2015). Lin, Tsung-Te ; Chou, Jian-Hsin.
    In: International Review of Economics & Finance.
    RePEc:eee:reveco:v:36:y:2015:i:c:p:17-29.

    Full description at Econpapers || Download paper

  2. Real estate collateral value and investment: The case of China. (2015). Wu, Jing ; Gyourko, Joseph ; Deng, Yongheng.
    In: Journal of Urban Economics.
    RePEc:eee:juecon:v:86:y:2015:i:c:p:43-53.

    Full description at Econpapers || Download paper

  3. State Capitalism vs. Private Enterprise. (2015). Zhou, Mingming ; Ljungqvist, Alexander ; Lu, Haitian ; Chen, Donghua ; Jiang, Dequan.
    In: CEPR Discussion Papers.
    RePEc:cpr:ceprdp:10423.

    Full description at Econpapers || Download paper

  4. Measuring bank competition in China: A comparison of new versus conventional approaches applied to loan markets. (2014). Xu, Bing ; Rixtel, Adrian ; Van Leuvensteijn, Michiel ; van Rixtel, Adrian.
    In: Working Papers.
    RePEc:bde:wpaper:1404.

    Full description at Econpapers || Download paper

  5. When bank loans are bad news: Evidence from market reactions to loan announcements under the risk of expropriation. (2012). Zhao, Shan ; Schwienbacher, Armin ; Huang, Weihua.
    In: Journal of International Financial Markets, Institutions and Money.
    RePEc:eee:intfin:v:22:y:2012:i:2:p:233-252.

    Full description at Econpapers || Download paper

  6. Corporate investment, government control, and financing channels: Evidence from Chinas Listed Companies. (2012). Malatesta, Paul ; Xin, Qingquan ; Firth, Michael ; Xu, Liping.
    In: Journal of Corporate Finance.
    RePEc:eee:corfin:v:18:y:2012:i:3:p:433-450.

    Full description at Econpapers || Download paper

  7. Does property rights protection affect corporate risk management strategy? Intra- and cross-country evidence. (2012). Zou, Hong ; Lin, Chen.
    In: Journal of Corporate Finance.
    RePEc:eee:corfin:v:18:y:2012:i:2:p:311-330.

    Full description at Econpapers || Download paper

  8. Corruption and firm growth: Evidence from China. (2012). You, Jing ; Wang, Yuanyuan.
    In: China Economic Review.
    RePEc:eee:chieco:v:23:y:2012:i:2:p:415-433.

    Full description at Econpapers || Download paper

  9. How Do Various Forms of Auditor Rotation Affect Audit Quality? Evidence from China. (2012). Wu, Xi ; Rui, Oliver ; Firth, Michael.
    In: The International Journal of Accounting.
    RePEc:eee:accoun:v:47:y:2012:i:1:p:109-138.

    Full description at Econpapers || Download paper

  10. Monetary and Fiscal Stimuli, Ownership Structure, and Chinas Housing Market. (2011). Wu, Jing ; Morck, Randall ; Deng, Yongheng ; Yeung, Bernard.
    In: Ratio Working Papers.
    RePEc:hhs:ratioi:0173.

    Full description at Econpapers || Download paper

  11. Does social capital affect the financing decisions of Chinese small and medium-sized enterprises?. (2010). Newman, Alexander ; Guariglia, Alessandra ; Du, Jun.
    In: Discussion Papers.
    RePEc:not:notgep:10/13.

    Full description at Econpapers || Download paper

  12. Information Disclosure, Market Discipline and the Management of Bank Capital: Evidence from the Chinese Financial Sector. (2010). Wu, Yuliang ; Bowe, Michael.
    In: Journal of Financial Services Research.
    RePEc:kap:jfsres:v:38:y:2010:i:2:p:159-186.

    Full description at Econpapers || Download paper

  13. The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China. (2010). Degryse, Hans ; Cheng, Xiaoqiang.
    In: Journal of Financial Services Research.
    RePEc:kap:jfsres:v:37:y:2010:i:2:p:179-199.

    Full description at Econpapers || Download paper

  14. A Political Economy Perspective of the Chinese Government Tactical Behavior. (2009). Gabriele, Guggiola .
    In: Department of Economics and Statistics Cognetti de Martiis. Working Papers.
    RePEc:uto:dipeco:200908.

    Full description at Econpapers || Download paper

  15. Finance and Firm Start-up Size: Quantile Regression Evidence from China. (2009). Girma, Sourafel ; Du, Jun.
    In: Discussion Papers.
    RePEc:not:notgep:09/12.

    Full description at Econpapers || Download paper

  16. Vertical Integration, Institutional Determinants and Impact: Evidence from China. (2009). Morck, Randall ; Huang, Jun ; Joseph P. H. Fan, ; Yeung, Bernard.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:14650.

    Full description at Econpapers || Download paper

  17. Cluster-based industrialization in China: Financing and performance. (2009). Zhang, Xiaobo ; Long, Cheryl.
    In: IFPRI discussion papers.
    RePEc:fpr:ifprid:937.

    Full description at Econpapers || Download paper

  18. Law, Finance, and Economic Growth in China: An Introduction. (2009). Yueh, Linda ; Yao, Yang.
    In: World Development.
    RePEc:eee:wdevel:v:37:y:2009:i:4:p:753-762.

    Full description at Econpapers || Download paper

  19. Financial Constraints in China: Firm-Level Evidence. (2009). Vandenbussche, Hylke ; Steingress, Walter ; poncet, sandra.
    In: CEPR Discussion Papers.
    RePEc:cpr:ceprdp:7132.

    Full description at Econpapers || Download paper

  20. Market power and the matching of trade credit terms. (2008). Klapper, Leora ; Fabbri, Daniela.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:4754.

    Full description at Econpapers || Download paper

  21. Export Productivity, Finance, and Economic Growth: Are the Southern Engines of Growth Different?. (2008). Santos-Paulino, Amelia ; Guariglia, Alessandra.
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:rp2008-27.

    Full description at Econpapers || Download paper

  22. Political connections and minority-shareholder protection: Evidence from securities-market regulation in China. (2008). Cole, Rebel ; berkman, henk ; Fu, Lawrence.
    In: MPRA Paper.
    RePEc:pra:mprapa:8087.

    Full description at Econpapers || Download paper

  23. Is Cross-listing Associated with Stronger Executive Incentives? Evidence from China. (2008). Chi, Wei ; Zhang, Haiyan.
    In: MPRA Paper.
    RePEc:pra:mprapa:11649.

    Full description at Econpapers || Download paper

  24. Internal Finance and Growth: Microeconometric Evidence on Chinese Firms. (2008). Song, Lina ; Guariglia, Alessandra ; Liu, Xiaoxuan.
    In: Discussion Papers.
    RePEc:not:notgep:08/37.

    Full description at Econpapers || Download paper

  25. Multinationals, Access to Finance and the Exports of Private Firms in China. (2008). Girma, Sourafel ; Du, Jun.
    In: Discussion Papers.
    RePEc:not:notgep:08/03.

    Full description at Econpapers || Download paper

  26. KNOWING ONES LOT IN LIFE VERSUS CLIMBING THE SOCIAL LADDER: THE FORMATION OF REDISTRIBUTIVE PREFERENCES IN URBAN CHINA. (2008). Smyth, Russell ; Qian, Xiaolei.
    In: Monash Economics Working Papers.
    RePEc:mos:moswps:2008-05.

    Full description at Econpapers || Download paper

  27. DETERMINANTS OF TURNOVER INTENTIONS AMONG CHINESE OFF FARM MIGRANTS. (2008). Smyth, Russell ; Li, Xiaoxu ; Zhai, Qingguo.
    In: Monash Economics Working Papers.
    RePEc:mos:moswps:2008-03.

    Full description at Econpapers || Download paper

  28. Internal Finance and Growth: Microeconometric Evidence on Chinese Firms. (2008). Song, Lina ; Guariglia, Alessandra ; Liu, Xiaoxuan.
    In: IZA Discussion Papers.
    RePEc:iza:izadps:dp3808.

    Full description at Econpapers || Download paper

  29. Finance and cluster-based industrial development in China. (2008). Zhang, Xiaobo ; Ruan, Jianqing.
    In: IFPRI discussion papers.
    RePEc:fpr:ifprid:768.

    Full description at Econpapers || Download paper

  30. X-efficiency versus Rent Seeking in Chinese banks: 1997-2006. (2008). Matthews, Kent ; Zhang, XU ; Guo, Jianguang .
    In: Cardiff Economics Working Papers.
    RePEc:cdf:wpaper:2008/26.

    Full description at Econpapers || Download paper

  31. Doesgood governmentdraw foreign capital ? Explaining Chinas exceptional foreign direct investment inflow. (2007). Xu, Lixin ; Morck, Randall ; Fan, Joseph P. H., ; Yeung, Bernard.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:4206.

    Full description at Econpapers || Download paper

  32. Formal finance and trade credit during Chinas transition. (2007). Zhu, Tian ; Xu, Lixin ; Cull, Robert.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:4204.

    Full description at Econpapers || Download paper

  33. Improving corporate governance where the State is the controlling block holder: Evidence from China. (2007). Cole, Rebel ; berkman, henk ; Fu, Lawrence.
    In: MPRA Paper.
    RePEc:pra:mprapa:8088.

    Full description at Econpapers || Download paper

  34. Investors’ behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach. (2007). Palomba, Giulio ; Lucarelli, Caterina.
    In: MPRA Paper.
    RePEc:pra:mprapa:7034.

    Full description at Econpapers || Download paper

  35. Institutions and Foreign Investment: China versus the World. (2007). Xu, Lixin ; Morck, Randall ; Joseph P. H. Fan, ; Yeung, Bernard.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:13435.

    Full description at Econpapers || Download paper

  36. Agency Conflicts, Investment, and Asset Pricing. (2007). Wang, Neng ; Albuquerque, Rui.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:13251.

    Full description at Econpapers || Download paper

  37. Das (Wasted) Kapital: Firm Ownership and Investment Efficiency in China. (2007). Wei, Shang-Jin ; Dollar, David.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:13103.

    Full description at Econpapers || Download paper

  38. A SURVEY OF RECENT DEVELOPMENTS IN THE LITERATURE OF FINANCE AND GROWTH. (2007). Ang, James.
    In: Monash Economics Working Papers.
    RePEc:mos:moswps:2007-03.

    Full description at Econpapers || Download paper

  39. Financial Aspects of Transactions with FDI: Trade Credit Provision by SMEs in China. (2007). Watanabe, Mariko ; Ito, Seiro ; Yanagawa, Noriyuki.
    In: IDE Discussion Papers.
    RePEc:jet:dpaper:dpaper99.

    Full description at Econpapers || Download paper

  40. Is the Chinese Growth Miracle Built to Last?. (2007). Prasad, Eswar.
    In: IZA Discussion Papers.
    RePEc:iza:izadps:dp2995.

    Full description at Econpapers || Download paper

  41. The determinants of foreign partners equity ownership in Southeast Asian joint ventures. (2007). Richards, Malika ; Indro, Daniel C..
    In: International Business Review.
    RePEc:eee:iburev:v:16:y:2007:i:2:p:177-206.

    Full description at Econpapers || Download paper

  42. Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences. (2007). Stulz, René ; Williamson, Rohan ; Aggarwal, Reena ; Erel, Isil.
    In: Working Paper Series.
    RePEc:ecl:ohidic:2007-14.

    Full description at Econpapers || Download paper

  43. Financing firms in India. (2006). Qian, Meijun ; Allen, Franklin ; Chakrabarti, Rajesh ; De, Sankar.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:3975.

    Full description at Econpapers || Download paper

  44. Financial Sector Development and Growth: The Chinese Experience. (2006). Zhou, Mingming ; HASAN, IFTEKHAR.
    In: WIDER Working Paper Series.
    RePEc:unu:wpaper:rp2006-85.

    Full description at Econpapers || Download paper

  45. A Framework for Independent Monetary Policy in China. (2006). Prasad, Eswar ; Goodfriend, Marvin S.
    In: IMF Working Papers.
    RePEc:imf:imfwpa:2006/111.

    Full description at Econpapers || Download paper

  46. Hot Money Inflows in China: How the Peoples Bank of China Took up the Challenge. (2006). Bouvatier, Vincent.
    In: Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers).
    RePEc:hal:cesptp:halshs-00111153.

    Full description at Econpapers || Download paper

  47. Monetary policy implementation in China. (2006). Goodfriend, Marvin ; Prasad, Eswar.
    In: BIS Papers chapters.
    RePEc:bis:bisbpc:31-03.

    Full description at Econpapers || Download paper

  48. The Limits of Financial Globalization. (2005). Stulz, René.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:11070.

    Full description at Econpapers || Download paper

  49. Making Markets: Reforms to Strengthen Asias Debt Capital Markets. (2004). Liu, Qiao ; Lejot, Paul ; Qiao, LIU ; Arner, Douglas.
    In: Working Papers.
    RePEc:hkm:wpaper:132004.

    Full description at Econpapers || Download paper

  50. The new comparative economics. (2003). Shleifer, Andrei ; Lopez-de-Silanes, Florencio ; La Porta, Rafael ; Glaeser, Edward ; Djankov, Simeon.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:3054.

    Full description at Econpapers || Download paper

Coauthors

Authors registered in RePEc who have wrote about the same topic

Report date: 2025-10-06 02:43:29 || Missing content? Let us know

CitEc is a RePEc service, providing citation data for Economics since 2001. Last updated August, 3 2024. Contact: Jose Manuel Barrueco.