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All Outputs (5)

Information asymmetry, east–west cultural differences, and divergence in investor reactions (2022)
Journal Article
Lee, S., Walker, T., Zhang, A., & Zhao, Y. (2023). Information asymmetry, east–west cultural differences, and divergence in investor reactions. European Financial Management, 29(4), 1191-1217. https://doi.org/10.1111/eufm.12388

This paper investigates the divergence in investor behaviour between the United States and China following the abolition of the Chinese presidential term limit in 2018, which may, in part, have reflected the heterogeneous opinions expressed in public... Read More about Information asymmetry, east–west cultural differences, and divergence in investor reactions.

How IPO firms' product innovation strategy affects the likelihood of post-IPO acquisitions? (2022)
Journal Article
Kooli, M., Zhang, A., & Zhao, Y. (2022). How IPO firms' product innovation strategy affects the likelihood of post-IPO acquisitions?. Journal of Corporate Finance, 72, Article 102159. https://doi.org/10.1016/j.jcorpfin.2022.102159

This study investigates why newly listed firms become M&A targets shortly after their initial public offering (IPOs) from the perspective of product innovation. We find strong empirical evidence that IPOs with less established trademarks increase the... Read More about How IPO firms' product innovation strategy affects the likelihood of post-IPO acquisitions?.

Fact or fiction: Implicit government guarantees in China's corporate bond market (2021)
Journal Article
Walker, T., Zhang, X., Zhang, A., & Wang, Y. (2021). Fact or fiction: Implicit government guarantees in China's corporate bond market. Journal of International Money and Finance, 116, Article 102414. https://doi.org/10.1016/j.jimonfin.2021.102414

This paper explores how implicit government guarantees affect the yield spreads of Chinese corporate bonds. We argue that quasi-municipal corporate bonds ("Chengtou" bonds), issued by local government financing vehicles (LGFVs), carry an implicit gov... Read More about Fact or fiction: Implicit government guarantees in China's corporate bond market.

False hopes and blind beliefs: How political connections affect China's corporate bond market (2020)
Journal Article
Schweizer, D., Walker, T., & Zhang, A. (2023). False hopes and blind beliefs: How political connections affect China's corporate bond market. Journal of Banking and Finance, 151, Article 106008. https://doi.org/10.1016/j.jbankfin.2020.106008

This paper explores whether and how political connections affect the market for corporate bonds issued by privately owned enterprises (POEs) in China. We test two competing theories – the zero-default myth and the borrower channel theory – that offer... Read More about False hopes and blind beliefs: How political connections affect China's corporate bond market.

Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections (2017)
Journal Article
Schweizer, D., Walker, T., & Zhang, A. (2019). Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections. Journal of Corporate Finance, 57, 63-85. https://doi.org/10.1016/j.jcorpfin.2017.12.023

This paper explores whether and how political connections affect the likelihood of completing a cross-border M&A deal for Chinese publicly listed, but privately-owned enterprises (POEs) and the resulting firm performance. In line with our proposed po... Read More about Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections.