Aug 2026· Economics & Politics· 0 citations· 57 references
Abstract
We examine how state ownership and CEO financial incentives jointly condition the market valuation of acquisition‐related leverage adjustments in 2251 completed M&A deals by Chinese A‐share listed acquirers (2013–2023). Acquirers draw on spare financing capacity at deal completion, with larger leverage increases among underleveraged firms. In the pooled sample, leverage changes are not systematically associated with announcement returns. Within state‐owned enterprises (SOEs), however, this association is more negative at higher CEO financial incentive levels—a pattern concentrated in cash compensation and consistent with incentive‐contingent discounting under soft budget constraints—and is sharpest in the symmetric window around the 2015 SOE pay‐cap reform.
This paper investigates how corporate social responsibility (CSR) ratings affect stock liquidity, emphasizing the role of market attention. Using Chinese A‐share listed firms' (2010–2020) data, we find that higher CSR ratings can improve stock liquidity. This result remains robust after addressing potential endogenei...
Ya-Fei Li, T. Tang, M. Young et al.· Accounting & Finance· 0 citations
This study finds that foreign‐experienced independent directors play a significant governance role in mitigating corporate leverage manipulation among Chinese listed firms. Using panel data from 2008 to 2023, the analysis shows that their presence on boards is associated with lower levels of leverage manipulation, pr...
Fu-Ying Wei, H. Huang, Si-Yuan Xuan et al.· International Review of Fina...· 0 citations
This paper examines why leveraged buyouts (LBOs) employing similar financial structures generate divergent performance outcomes. Based on comparative case analysis of leading Korean private equity firms—MBK Partners, IMM Private Equity, and Hahn & Company—including the Homeplus, AirFirst, and K Car cases, the study arg...
Gemma Lee, Huiyun Noh, Jihun Kim et al.· Dongguk Business Research In...· 0 citations
Empirical evidence on the real effects of stock price manipulation remains scarce. We identify suspicious market manipulation in China's stock market by applying a detection model for closing‐price manipulation and by using the 2018 reform of the Shanghai Stock Exchange's closing auction mechanism as an exogenous pol...
J. Jiang, Jie Liu, Chonglin Wu et al.· Journal of Business Finance...· 0 citations
Corporate tone manipulation – the strategic inflation of positive sentiment in narrative disclosures above what underlying financial fundamentals would predict – is a pervasive but under-regulated form of soft information distortion that can mislead investors and distort capital allocation. We examine whether liberalis...
Anqi Xue· Highlights in Business, Econ...· 0 citations
This article examines the dynamic interplay between syndicated loan and equity markets. We find that loan price changes predict stock returns up to three months ahead. The information lead is most pronounced when secondary loan market quotes are highly informative, especially for high-risk borrowers, actively monitored...
Ivo Reck· The Journal of Private Marke...· 0 citations
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