We investigate the interplay between corporate innovation (technological and product innovation) and corporate financing. Splitting up corporate innovation allows for a more precise identification of optimal financing strategies. Using a large sample of U.S. public firms between 1990 and 2015,...

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 government guarantee and therefore enjoy a...

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 political connection trade-off theory, we find...

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 government guarantee. Using a sample of...

This paper explores how political connections influence the likelihood of corporate bond issuance for privately owned enterprises (POEs) in China. Using a sample of Chinese POEs from 2007 to 2016, we show that politically connected POEs are more likely to issue corporate bonds as a...

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 predict how political connections affect the...

This paper explores how political connections can influence the likelihood of “going global” by assisting privately owned enterprises (POEs) in China to complete cross-border acquisitions. Using a sample of Chinese POEs from 2007 to 2016, we show that politically connected POEs are more...

Using 47 weather-related natural disasters as exogenous shocks to investor sentiment, we investigate the influence of investor sentiment on the pricing of initial public offerings. Our empirical evidence suggests that start-ups experiencing natural disasters within a relatively short period...

We re‐examine the performance of Commodity Trading Advisors (CTAs) over the January 1995 to October 2008 period. We compare abnormal performance based on a number of alternative existing models, as well as a category‐specific model introducing asset‐, option‐, and moments‐based...