中文目錄
1.企業(yè)家社會階層、時(shí)間分配和創(chuàng)業(yè)績效
2.商業(yè)態(tài)度與公司治理
3.軟激進(jìn)主義與企業(yè)分紅政策
4.銀行業(yè)自由化和企業(yè)稅收籌劃
5.債權(quán)人權(quán)利強(qiáng)化與公司收購
6.金融市場信息及其實(shí)際影響

1.Rags to riches? Entrepreneurs' social classes, resourceful time allocation, and venture performance（JBV2022）

Social classes shape entrepreneurial pursuits in that entrepreneurs from lower social class groups face more resource deficiencies compared to those from higher social class groups. In this study, we theorize that being resourceful with a particular resource—time—helps ventures run by lower-class entrepreneurs achieve better performance. However, we further argue that the extent to which entrepreneurs use time resourcefully is affected by the cognitive schemas stamped on them by their social class backgrounds. Our empirical analysis of 8663 Chinese private entrepreneurs between 2006 and 2010 lends robust support to these arguments. By revealing both material and cognitive constraints stemming from entrepreneurs' social classes, our study contributes to research on social classes and entrepreneurial resourcefulness and has important implications for understanding the persistence of inequality in entrepreneurship.

2.Attitudes towards business and corporate governance（JCF2022）

Attitudes towards business vary significantly across political lines, religious denominations, and ethnic groups. We utilize this variation to construct a measure of local business attitudes and show that firms in areas with stronger probusiness attitudes are less likely to incorporate in Delaware and adopt more management-friendly provisions in their corporate bylaws. These findings are further supported by an?instrumental variable estimation?utilizing data on immigration at the turn of the 19th century. The overall findings indicate that firms in probusiness areas are less likely to provide unconditional protection of their managers through incorporation in Delaware. Instead, they tend to provide protection through more flexible means, such as corporate bylaws.

3.Soft activism and corporate dividend policy: Evidence from institutional investors site visits（JCF2022）

We study the governance effect of institutional site visits and focus on corporate payout. Due to the weak investor protection and poor information quality in China, institutional investors resort to site visits as a form of soft activism. We show that site visits lead to an increase of corporate cash dividend, through the mechanism of disciplining management with exit threats. Such effect is more pronounced for visits by state-owned institutions. We further confirm the causal link with both difference-in-difference analysis and?instrumental variable regression. The paper contributes to the research on soft activism and governance device of institutional investors in weak institutional environments.

4.Banking liberalization and corporate tax planning: Evidence from natural experiments（JCF2022）

This paper investigates whether banking liberalization affects?corporate tax?planning by exploiting China's two?interest rate?deregulations?as quasi-natural experiments. We find that firms reduce their level of tax avoidance following banking liberalization and that the identified effect is concentrated in firms with more bank borrowing after liberalization, firms located in non-financial centers, as well as non-SOE firms and firms with fewer political connections. In addition, we find that firms reduce their use of related party transactions and tax-related bribery after banking liberalization. Our results suggest that firms engage in less tax avoidance with more available/cheaper external financial resources and that, on average, the costs of engaging in tax avoidance are higher than the costs of borrowing from banks.

5.How do stronger creditor rights impact corporate acquisition activity and quality?（JBF2022）

We exploit a quasi-natural experiment (the adoption of state anti-recharacterization laws) to study the effect of strengthened?creditor rights?on corporate mergers and acquisitions. We find that, following the passage of anti-recharacterization laws, firms decrease overall acquisition activities. This effect is stronger for firms with worse agency problems. Announcement returns to shareholders are larger and post-merger operating cash flows are better for acquirers with weaker governance. Furthermore, returns to bondholders of these firms are also higher, indicating no wealth transfers. Taken together, our evidence suggests that ex-ante strengthened creditor rights can discipline firm managers to reduce value-destroying acquisitions and conduct higher quality deals.

6.Information in Financial Markets and Its Real Effects（RF forthcoming）

Financial markets have a central role in allocating resources in modern economies. One of the main functions of financial markets is the discovery of information. This information in turn helps guide decisions in the real side of the economy. The literature on the “feedback effect” of financial markets explores this channel. Empirical work tries to identify the informational feedback from markets to corporate decisions. Theoretical work explores implications that this feedback effect has for the equilibrium in financial markets and for economic efficiency. Current trends in information technology under the FinTech revolution change the nature of information processing in financial markets and so may change the nature of the feedback effect. In this paper, I review the main themes of this developing literature and connect them to the current information revolution. I also discuss directions for future research.