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Outputs (30)

Institutional ownership and corporate greenhouse gas emissions: The evidence from China (2023)
Journal Article
Ren, X., Dong, Y., Guo, J. M., & Liu, Y. (2023). Institutional ownership and corporate greenhouse gas emissions: The evidence from China. Pacific-Basin Finance Journal, 82, Article 102135. https://doi.org/10.1016/j.pacfin.2023.102135

This paper examines the impact of corporate ownership structure on greenhouse gas (GHG) emissions in China, with a focus on the role of institutional investors. Using data on Chinese listed companies, we find that institutional ownership has a signif... Read More about Institutional ownership and corporate greenhouse gas emissions: The evidence from China.

Long-term effect of childhood pandemic experience on medical major choice: Evidence from the 2003 severe acute respiratory syndrome outbreak in China (2023)
Journal Article
Chen, Z., Wang, Y., Guan, Y., Guo, M. J., & Xu, R. (2023). Long-term effect of childhood pandemic experience on medical major choice: Evidence from the 2003 severe acute respiratory syndrome outbreak in China. Health Economics, 32(5), 1120-1147. https://doi.org/10.1002/hec.4659

This study examines the long-term effect of a pandemic on a crucial human capital decision, namely college major choice. Using China’s 2008–2016 major-level National College Entrance Examination (Gaokao) entry grades, we find that the 2003 SARS had a... Read More about Long-term effect of childhood pandemic experience on medical major choice: Evidence from the 2003 severe acute respiratory syndrome outbreak in China.

Does corporate ESG create value? New evidence from M&As in China (2022)
Journal Article
Zheng, Z., Li, J., Ren, X., & Guo, J. M. (2023). Does corporate ESG create value? New evidence from M&As in China. Pacific-Basin Finance Journal, 77, Article 101916. https://doi.org/10.1016/j.pacfin.2022.101916

Using a large sample of Chinese companies' domestic M&A, this study provides new evidence on the financial payback of corporate ESG and its dynamics. We find that acquirers' ESG rating is positively correlated to post-M&A performance and deal complet... Read More about Does corporate ESG create value? New evidence from M&As in China.

What Drives Individual Investors in the Bear Market? (2022)
Journal Article
Xu, R., Liu, Y., Hu, N., & Guo, M. (2022). What Drives Individual Investors in the Bear Market?. The British Accounting Review, Article 101113. https://doi.org/10.1016/j.bar.2022.101113

This study uses a unique dataset from a large anonymous brokerage firm to examine the net investment of individual investors during a bear market. The study’s empirical evidence reveals that individual investors provide liquidity by acting as net buy... Read More about What Drives Individual Investors in the Bear Market?.

Gender and Herding (2021)
Journal Article
Zheng, Z., Tang, K., Liu, Y., & Guo, M. (2021). Gender and Herding. Journal of Empirical Finance, 64, 379-400. https://doi.org/10.1016/j.jempfin.2021.10.005

This study uses a unique dataset from a large anonymous brokerage firm to examine the herding behavior of Chinese individual investors. The empirical evidence reveals that females are more inclined to follow the behavior of ‘same-sex’ investors. Mark... Read More about Gender and Herding.

Do Corporate Managers Believe in Luck? Evidence of the Chinese Zodiac Effect (2021)
Journal Article
Li, J., Guo, M., Hu, N., & Tang, K. (2021). Do Corporate Managers Believe in Luck? Evidence of the Chinese Zodiac Effect. International Review of Financial Analysis, 77, Article 101861. https://doi.org/10.1016/j.irfa.2021.101861

We study the responses of Chinese public firm chairpersons to their perceptions of bad luck pertaining to the Chinese zodiac year. We find that these perceptions of bad luck increase managers’ sense of risk and lead them to increase their corporate c... Read More about Do Corporate Managers Believe in Luck? Evidence of the Chinese Zodiac Effect.

Managerial Overconfidence and M&A Performance: Evidence from China (2020)
Journal Article
Guo, M., Liu, J., He, Q., & Xin, J. (2020). Managerial Overconfidence and M&A Performance: Evidence from China. International Journal of Banking, Accounting and Finance, 11(3), 342-360. https://doi.org/10.1504/ijbaaf.2020.10028269

We examine the extent to which managerial overconfidence creates value to acquirers in successful M&As undertaken by Chinese listed firms in the period of 20062012. The empirical results show that Chinese acquirers gain value in both the shortrun and... Read More about Managerial Overconfidence and M&A Performance: Evidence from China.

Investors Activism and the Gains from Takeover Deals (2019)
Journal Article
Guo, M., Paudyal, K., Utham, V., & Xing, X. (2020). Investors Activism and the Gains from Takeover Deals. European Journal of Finance, 26(1), 64-83. https://doi.org/10.1080/1351847x.2019.1680407

We examine whether activists add value to the shareholders of targets and their acquirers. Several findings emerge. First, acquirers of targets that have activists outperform acquirers of other targets in both the short and long term. Second, the pre... Read More about Investors Activism and the Gains from Takeover Deals.

Relative Reference Prices and M&A Misvaluations (2019)
Journal Article
Li, Z., Guo, M., & Andrikopoulos, P. (2019). Relative Reference Prices and M&A Misvaluations. Review of Behavioural Finance, 11(1), https://doi.org/10.1108/rbf-04-2018-0036

Purpose: The purpose of this paper is to examine the misvaluation hypothesis using a relative reference point (RRP) in mergers and acquisitions (M&A) market. Design/methodology/approach: The paper studies 1,878 M&A deals in the US market announced be... Read More about Relative Reference Prices and M&A Misvaluations.