All Outputs (11)

How Can China’s Carbon Emissions Trading Pilot Improve New Quality Productivity? (2025)
Journal Article
Lu, M., Zhou, X., Ren, X., & Wang, X. (2025). How Can China’s Carbon Emissions Trading Pilot Improve New Quality Productivity?. Sustainability, 17(7), Article 3251. https://doi.org/10.3390/su17073251

Our research investigated whether the carbon emissions trading pilot policy (CET), while mitigating environmental pollution externalities and fostering green economic and social transformation, can also enhance China’s new quality productivity (NQP)... Read More about How Can China’s Carbon Emissions Trading Pilot Improve New Quality Productivity?.

Female directors and CSR: Does the presence of female directors affect CSR focus? (2024)
Journal Article
Ren, X., Li, J., Wang, X., & Lei, X. (2024). Female directors and CSR: Does the presence of female directors affect CSR focus?. International Review of Financial Analysis, 92, Article 103101. https://doi.org/10.1016/j.irfa.2024.103101

This study examines the impact of female directors on CSR by drawing on social role theory and literature about female leadership style. Using a sample of Chinese firms from 2007 to 2021, we show a strong correlation between female directors and an e... Read More about Female directors and CSR: Does the presence of female directors affect CSR focus?.

Impact of carbon markets on industrial competitiveness: An analysis of selected industries in Beijing (2021)
Journal Article
Lu, M., Xu, H., & Wang, X. (2021). Impact of carbon markets on industrial competitiveness: An analysis of selected industries in Beijing. Energy Reports, 7(7), 1601-1611. https://doi.org/10.1016/j.egyr.2021.09.063

Although the booming carbon markets provide additional incentives to reduce greenhouse gases, their impacts on the society and economy have attracted increasing attention. Based on 2014–2016 daily carbon market trading price data, this study estimate... Read More about Impact of carbon markets on industrial competitiveness: An analysis of selected industries in Beijing.

Sovereign CDS Premiums’ Reaction to Macroeconomic News: An Empirical Investigation (2021)
Journal Article
Lu, M., Passariello, M., & Wang, X. (2021). Sovereign CDS Premiums’ Reaction to Macroeconomic News: An Empirical Investigation. Complexity, 2021, Article 5568698. https://doi.org/10.1155/2021/5568698

We assess the efficiency of the sovereign credit default swap (CDS) market by investigating how sovereign CDS spreads react to macroeconomic news announcements. Contrary to the vast majority of the existing literature, one of our main findings suppor... Read More about Sovereign CDS Premiums’ Reaction to Macroeconomic News: An Empirical Investigation.

Price bubbles in Beijing carbon market and environmental policy announcement (2021)
Journal Article
Lu, M., Wang, X., & Speeckaert, R. (2023). Price bubbles in Beijing carbon market and environmental policy announcement. Communications in Statistics - Simulation and Computation, 52(3), 884-897. https://doi.org/10.1080/03610918.2020.1870696

This paper examines price bubbles in the relatively new carbon emission trading scheme of Beijing carbon market by employing a recently proposed econometric test which can stamp the occurrence and burst of financial bubbles. We find multiple bubbles... Read More about Price bubbles in Beijing carbon market and environmental policy announcement.

Do mega-mergers create value? The acquisition experience and mega-deal outcomes (2019)
Journal Article
Hu, N., Li, L., Li, H., & Wang, X. (2020). Do mega-mergers create value? The acquisition experience and mega-deal outcomes. Journal of Empirical Finance, 55, 119-142. https://doi.org/10.1016/j.jempfin.2019.11.004

Existing literature shows that mega-M&A deals valued over $500mil end up destroying the shareholder value of acquirers on a significant scale. Our paper considers mega-deal as a dependent event and examines the role of acquirer’s previous acquisition... Read More about Do mega-mergers create value? The acquisition experience and mega-deal outcomes.

Carbon Productivity: Findings from Industry Case Studies in Beijing (2018)
Journal Article
Lu, M., Wang, X., & Cang, Y. (2018). Carbon Productivity: Findings from Industry Case Studies in Beijing. Energies, 11(10), Article 2796. https://doi.org/10.3390/en11102796

Simultaneously protecting the environment and promoting the economy are two critical dimensions for sustainable development. Carbon productivity is popularly used in assessing the environmental and economic efficiency over time, and is deemed as the... Read More about Carbon Productivity: Findings from Industry Case Studies in Beijing.

Do Managers Keep Their Word? The Disclosure of Merger Intention at Pre-merger Issuance and M&A Performance (2018)
Journal Article
Guo, M., Hu, N., Li, L., & Wang, X. (2019). Do Managers Keep Their Word? The Disclosure of Merger Intention at Pre-merger Issuance and M&A Performance. Finance Research Letters, 28, 20-31. https://doi.org/10.1016/j.frl.2018.03.007

This paper investigates whether disclosing merger intention at the announcement of equity/debt issuance has an impact on subsequent M&A transactions. We find that companies tend to issue higher proceeds when they reveal their merger intentions, and,... Read More about Do Managers Keep Their Word? The Disclosure of Merger Intention at Pre-merger Issuance and M&A Performance.

Empirical Likelihood Estimation Based on Simulated Moment Conditions (2014)
Journal Article
Wang, X. (2014). Empirical Likelihood Estimation Based on Simulated Moment Conditions. Journal of mathematics and statistics, 10(2), 111-116. https://doi.org/10.3844/jmssp.2014.111.116

In this study we discuss the optimization of the Empirical Likelihood (EL) criterion function when the moment condition is nonstandard. We deal with this issue following the Method of Simulated Moment (MSM) introduced and we use importance sampling m... Read More about Empirical Likelihood Estimation Based on Simulated Moment Conditions.

The efficiency of empirical likelihood with nuisance parameters (2014)
Journal Article
Wang, X. (2014). The efficiency of empirical likelihood with nuisance parameters. Journal of mathematics and statistics, 10(2), 125-129. https://doi.org/10.3844/jmssp.2014.125.129

In this study we check the asymptotic efficiency of empirical likelihood in the presence of nuisance parameters combined with augmented moment conditions. We show that in the presence of nuisance parameters, the asymptotic efficiency of the empirical... Read More about The efficiency of empirical likelihood with nuisance parameters.

The Rate Function of S-mixing Process and Its Application in Evaluating Empirical Likelihood Tests (2013)
Journal Article
Wang, X. (2013). The Rate Function of S-mixing Process and Its Application in Evaluating Empirical Likelihood Tests. Journal of mathematics and statistics, 9(4), 334-338. https://doi.org/10.3844/jmssp.2013.334.338

In this study we show that the rate function of S-Mixing stationary process with part of the hypermixing condition is equivalent to the Kullback-Leibler distance. This finding can be used to extend the result of the optimality of empirical likelihood... Read More about The Rate Function of S-mixing Process and Its Application in Evaluating Empirical Likelihood Tests.