Share pledging is when shareholdings are used as collateral to obtain loans. While uncommon in many developed economies, the practice is prevalent in the Chinese capital markets. Using a sample of Chinese listed firms over 2003–2015, we find a positive association between share pledges by the...

The paper examines the role of M&A advisors in propagating takeover activity following economic shocks. We posit that M&A advisors play a significant role in promoting aggregate merger activity in the wake of an industry shock. The empirical results support this proposition by demonstrating a...