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...

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 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 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...

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 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 likelihood of becoming IPO targets. We also...

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 employ a conditional event study to analyze managers' motives to announce a share repurchase in the context of a model of economic factors that impact a firm's abnormal announcement return. Firms with greater free cash flow and less debt are more likely to initiate a repurchase. Share...