We study the dynamic causal effects of the shareholding ratio of controlling shareholder on tunneling behavior in China. We use control-right-transfers as the event to conduct the study. We obtain 394 control-right-transfer samples in China corporate control market from 2001 to 2008. We use...

We study the dynamic causal effects of the shareholding ratio of controlling shareholder on tunneling behavior in China. We use control-right-transfers as the event to conduct the study. We obtain 394 control-right-transfer samples in China corporate control market from 2001 to 2008. We use...

This paper studies the merger and acquisition ("M&A" hereafter) in the Internet industry, and constructs a theoretical model to anatomize the motivations of the M&A and the factors that impact the performance of M&A. The model analyzes three motivations on M&A: Synergistic Effect Motivation,...

Abstract: The short-selling mechanism is an important decision to improve the efficiency of the capital market. China began implementing the short-selling policy in 2010. This paper selects the sample of all A-board listed companies from 2007 to 2016. By comparing the cash holdings of the...

This study examines the relation between employee incentives and corporate innovation. We find that firms with a higher defined benefit (DB) pension value secure more patents and patent citations. We further show that pension freezes, which stop the accumulation of pension obligations,...

National cultures significantly explain cross-country differences in the relation between asset growth and stock returns. Motivated by the notion that managers in individualistic and low uncertainty-avoiding cultures have a higher tendency to overinvest, this study aims to show that the negative...