My dissertation is composed of three essays addressing the following three questions: First, how do mergers and acquisitions create value? Second, what role does labor union play in affecting merger outcomes? Third, how do CEOs' career concerns impact firms' restructuring decisions? In the first...

Certificates are widely used as a signaling mechanism to mitigate adverse selection when information is asymmetric. To reduce information asymmetry between lenders and borrowers, Chinese peer-to-peer (P2P) lending platforms encourage borrowers to obtain various kinds of credit certificates. As...

We investigate the influence of financial and political factors on peer-to-peer (P2P) platform failures in China's online lending market. Using a competing risk model for platform survival, we show that large platforms, platforms with listed firms as large shareholders, and platforms with better...