Outputs (2)

Abnormal Investment and Firm Performance (2021)
Journal Article
Liu, S., Yin, C., & Zeng, Y. (2021). Abnormal Investment and Firm Performance. International Review of Financial Analysis, 78, Article 101886. https://doi.org/10.1016/j.irfa.2021.101886

We find a negative relation between abnormal investment and future stock performance. Such a negative relation is mainly driven by under-investment, not overinvestment. Our results are robust to various estimation methods and investment models. Both... Read More about Abnormal Investment and Firm Performance.

Financial Hedging, Corporate Cash Policy, and the Value of Cash (2021)
Journal Article
Sun, W., Yin, C., & Zeng, Y. (2022). Financial Hedging, Corporate Cash Policy, and the Value of Cash. British Journal of Management, 33(3), 1271-1303. https://doi.org/10.1111/1467-8551.12520

We study the implications of financial hedging for corporate cash policy and the value of cash holdings. Using a web crawler program to collect data on the use of financial derivatives between 1993 and 2016, we find that US public firms with financia... Read More about Financial Hedging, Corporate Cash Policy, and the Value of Cash.