ORCID Profile
0000-0001-5493-4528
Current Organisation
Nanyang Technological University
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Publisher: Elsevier BV
Date: 09-2016
Publisher: Cambridge University Press (CUP)
Date: 25-07-2017
DOI: 10.1017/S0022109017000473
Abstract: We find that stock liquidity increases stock price crash risk. To identify the causal effect, we use the decimalization of stock trading as an exogenous shock to liquidity. This effect is increasing in a firm’s ownership by transient investors and nonblockholders. Liquid firms have a higher likelihood of future bad earnings news releases, which are accompanied by greater selling by transient investors, but not blockholders. Our results suggest that liquidity induces managers to withhold bad news, fearing that its disclosure will lead to selling by transient investors. Eventually, accumulated bad news is released all at once, causing a crash.
Publisher: Elsevier BV
Date: 04-2019
Publisher: Wiley
Date: 12-08-2008
Publisher: Elsevier BV
Date: 2021
DOI: 10.2139/SSRN.3824101
Publisher: Wiley
Date: 16-07-2009
Publisher: Elsevier BV
Date: 11-2019
Publisher: American Accounting Association
Date: 07-2009
DOI: 10.2308/ACCR.2009.84.4.1085
Abstract: ABSTRACT: We present a model and provide empirical evidence showing that auditor quality affects the financing decisions of companies, and that higher audit quality reduces the impact of market conditions on client financial decisions and capital structure. Consistent with our analytical predictions, we find that companies audited by Big 6 firms are more likely to issue equity as opposed to debt than are those audited by small audit firms. We also find that companies audited by Big 6 auditors are able to make larger equity issues than are those audited by small auditors, but the difference narrows when market conditions improve. Additional results show that the debt ratios of companies decrease less in response to favorable market conditions when auditor quality is high, at least over the medium term.
Publisher: Elsevier BV
Date: 2022
DOI: 10.2139/SSRN.4217241
Publisher: Elsevier BV
Date: 09-2007
Publisher: Oxford University Press (OUP)
Date: 26-09-2014
DOI: 10.1093/RFS/HHU066
Publisher: Wiley
Date: 17-08-2010
Publisher: Wiley
Date: 06-2022
DOI: 10.1111/AJFS.12379
Abstract: We review the burgeoning sustainable finance literature, emphasizing the value implications of ESG (environmental, social, and governance) and CSR (corporate social responsibility) practices. We use a discounted cash flow valuation framework to identify value drivers through which such practices can enhance firm value. Collectively, empirical evidence supports that they increase firm value by motivating employees, strengthening customer–supplier relationships, boosting long‐term growth, increasing idends, and reducing financing costs. Furthermore, more socially responsible firms deliver no higher excess stock returns in the long run. Green bonds neither provide issuers with a price premium nor make investors sacrifice on lower returns. Socially responsible investing (SRI) funds generate no higher risk‐adjusted long‐term returns than non‐SRI funds. Finally, we briefly suggest several topics for future research on sustainable finance.
Publisher: Wiley
Date: 03-2011
Publisher: Elsevier BV
Date: 2015
DOI: 10.2139/SSRN.2669076
Publisher: Elsevier BV
Date: 06-2010
Publisher: Wiley
Date: 12-2010
Publisher: Cambridge University Press (CUP)
Date: 09-12-2023
DOI: 10.1017/S002210902200117X
Abstract: Hand-collecting credit line drawdowns that firms classify as long-term debt, we first document how long-term drawdowns rise with high investment needs or weak external capital market conditions. Nearly all drawdown proceeds finance long-term investment, including M& A activity. Unrated and lower-rated firms rely more on long-term drawdowns than high or very poorly rated firms. We further find that credit lines have tighter covenants than terms loans. Drawdowns are repaid fairly quickly and often refinanced with other long-term debt. Our findings support the monitored liquidity insurance theory of credit lines and highlight that long-term drawdowns act as a valuable bridge financing mechanism.
Publisher: Elsevier BV
Date: 2015
Publisher: Wiley
Date: 2016
DOI: 10.1111/JBFA.12165
Publisher: Springer Science and Business Media LLC
Date: 07-04-2022
DOI: 10.1038/S41598-022-09783-9
Abstract: We identify 21 predetermined country-level factors that explain marked variations in weekly COVID-19 morbidity and mortality across 91 countries between January and the end of 2020. Besides factors commonly associated with infectious diseases (e.g., population and tourism activities), we discover a list of country characteristics that shape COVID-19 outcomes. Among demographic–geographic factors, the male-to-female ratio, population density, and urbanization aggravate the severity of COVID-19, while education, temperature, and religious ersity mitigate the impact of the pandemic on morbidity and mortality. For the political-legal dimension, democracy and political corruption are aggravating factors. In contrast, female leadership, the strength of legal systems, and public trust in government significantly reduce infections and deaths. In terms of socio-economic aspects, GDP per capita, income inequality, and happiness (i.e., life satisfaction) lead to worse COVID-19 outcomes. Interestingly, technology advancement increases morbidity but reduces mortality. For healthcare factors, SARS (severe acute respiratory syndrome) experience and healthcare infrastructure help countries perform better in combating the pandemic.
Publisher: Cambridge University Press (CUP)
Date: 10-2015
DOI: 10.1017/S0022109015000423
Abstract: We examine the impact of managerial entrenchment on firm value using a dynamic model with firm fixed effects. To estimate the model, we employ the long-difference technique, which is shown by our simulation to deliver the least biased estimates. Based on a large s le of U.S. companies, we document a significantly negative and causal effect of managerial entrenchment on firm value after taking into account omitted variables, reverse causality, and highly persistent endogenous variables. Additional analysis suggests that the causality running from managerial entrenchment to firm value is more pronounced than that for reverse causality.
Publisher: Wiley
Date: 12-2006
Publisher: Wiley
Date: 27-02-2007
Location: United Kingdom of Great Britain and Northern Ireland
Location: China
No related grants have been discovered for Xin Chang.