A Comment on 'The Institutional Transformation of China's Stock Exchanges: A Comparative Perspective' by Kay Lyu ( AEL: A CONVIVIUM, 2015).

This note offers two short comments on Kai Lyu's paper published by AEL: A Convivium in 2015. The note highlights the fact that although the historical comparative perspective is very fruitful, Kai Lyu could have gone beyond the market/state divide, and could have better integrated the roles of stock exchanges in the political economy of China and the US in order to account for their different institutional transformations. [ABSTRACT FROM AUTHOR]