Publications - Peking University HSBC Business School(PHBS)

Publications

Cross-Border Acquisitions and the Asymmetric Effect of Power Distance Value Difference on Long-Term Post-Acquisition Performance

Huang, Zhi, Zhu, Hong*, & Brass, Daneil

ARCITLE | Strategic Management Journal | Vol. 38, 2017

To demonstrate a different approach, this study focuses on one dimension of national cultural values—power distance value (PDV) and develops a framework for the asymmetric effect of PDV differences in creating two types of conflicts...

Keywords: Acquisition, National culture, Power distance value, Status, Post-acquisition performance
Voluntary Fair Value Disclosures Beyond SFAS 157's Three-level Estimates

Sung Gon Chung, Beng Wee Goh, Jeffrey Ng, Kevin Ow Yong

ARTICLE | Review of Accounting Studies | Vol. 22, 2017

Some firms voluntarily make disclosures about the controls and processes in place to ensure the reliability of fair value estimates...

Keywords: Fair value accounting,SFAS 157, Voluntary disclosure, Controls,Information risk
The Power of the Pen Reconsidered: The Media, CEO Human Capital, and Corporate Governance

Baixiao Liu, John J. McConnell, Wei Xu

ARTICLE | Journal of Banking and Finance | Vol. 76, 2017

By examining the post-retirement outside board seats held by former CEOs of S&P 1500 firms, we find that...

Keywords: Media, Human capital, CEO retirement, Outside directorships
Borrowing from the Future: 401(k) Plan Loans and Loan Defaults

Timothy (Jun) Lu, Olivia S. Mitchell, Stephen P. Utkus, Jean A. Young

ARTICLE | National Tax Journal | No. 1, Vol.70, 2017

Most employers permit 401(k) plan participants to borrow from their retirement plan assets...

Keywords: Retirement plan loan, Retirement wealth, Household debt, Loan default, Consumption, Buffer-stock
The Influence of Brand Personality and Relative Brand Identification on Brand Loyalty in the European Mobile Phone Market

Sunghun Chung and Jooyoung Park*

ARTICLE | Canadian Journal of Administrative Sciences | No. 1, Vol. 34, 2017

This study investigates the influence of brand personality on consumer loyalty and the moderating role of relative brand identification for multiple brands in the same product category...

Keywords: Consumer loyalty, Brand loyalty, Brand personality, Relative brand identification, Dimensions
Strategic Planners in More Turbulent Times: The Changing Job Characteristics of Strategy Professionals, 1960–2003

Richard Whittington, Basak Yakis-Douglas, Kwangwon Ahn, Ludovic Cailluet

ARTICLE | Long Range Planning | Vol. 50, 2017

This paper investigates the changing job characteristics of strategic planners in the face of long-run increases in environmental turbulence since the 1960s...

Keywords: Strategic planners, More turbulent times
Horizon Analysis of Art Investments: Evidence from the Chinese Market

Heungju Park, Lan Ju, Tianyu Liang, Zhiyong Tu

ARTICLE | Pacific-Basin Finance Journal | Vol. 41, 2017

This paper analyzes art investments with different investment horizons based on the repeated sales transactions in the Chinese calligraphy and paintings auction market from 1994 to 2012...

Keywords: Art investment, Repeated sales, Horizon analysis, Chinese art market
Informed Retail Investors: Evidence from Retail Short Sales

Keith Jacks Gamble, Wei Xu*

ARTICLE | Journal of Empirical Finance | Vol. 40, 2017

Our study suggests that despite the enforcement of insider trading laws, there are still some investors trading on their private information Using account-level information, we show that some retail investors seem to be informed about particular stocks...

Keywords: Short sale, Retail trades, Informed trades, Retail order flow
Economic Growth and Labor Market Friction: A Quantitative Study on Japanese Structural Transformation

Seung-Gyu (Andrew) Sim, Seungjoon Oh

ARTICLE | The B.E. Journal of Macroeconomics | No. 1, Vol. 17, 2017

This paper develops a tractable multi-sector endogenous growth model with labor market friction and human capital accumulation to analyze the underlying link between economic growth and labor market institutions...

Keywords: Structural transformation, Economic growth, Labor market friction
Merger and Acquisition by Chinese Firms: A Review and Comparison with Other Merger and Acquisition Research in the Leading Journals

Zhu, Hong., Zhu, Qi*

ARTICLE | Asia Pacific Journal of Management | Vol. 33, 2016

In recent years, an increasing number of Chinese firms have been engaged in acquisitions both inside and outside of China...

Keywords: Mergers & acquisitions (M&As),Chinese M&As,General M&A research, Antecedents and outcomes of M&As
Cheap talk? Strategy Presentations as a Form of Chief Executive Officer Impression Management

Richard Whittington, Basak Yakis-Douglas, Kwangwon Ahn

ARTICLE | Strategic Management Journal | No.12, Vol. 37, 2016

We develop and test a set of hypotheses on investors’ reactions to a specific form of impression management, public presentations of overall strategy by Chief Executive Officers (CEOs) Contrary to expectations from a ‘cheap talk’ perspective, we su...

Keywords: Impression management, New CEOs, Strategy presentations, Event study methodology, Voluntary disclosures
Investing Against the Wind: Contagion During the Recent Financial Crisis

Chunyang Wang, Liping Lu

ARTICLE | Applied Economics | Vol. 48, Dec. 2016

This article examines the effect of Warren Buffett s investment in Goldman Sachs on 24 September 2008, during the subprime mortgage crisis...

Keywords: Financial contagion, Event studies, Financial crisis, Abnormal return
Research Performance and Degree Centrality in Co-Authorship Networks: The Moderating Role of Homophily

Kamal BADAR, Terrill L. FRANTZ*, Munazza JABEEN

ARTICLE | Aslib Journal of Information Management | Vol. 68, 2016

Purpose – The purpose of this paper is to explore the nature of the relationship between a scholar’s research performance (using weighted journal-impact factor average) and their degree centrality;...

Keywords: Pakistan, Research performance, Homophily, Network centrality, Co-author network, Degree centrality
Effects of Dependent Coverage Mandate on Household Precautionary Savings: Evidence from the 2010 Affordable Care Act

Daeyong Lee

ARTICLE | Economics Letters | Vol. 147, 2016

This article examines the effects of the health insurance coverage mandate for young adults on household precautionary savings by focusing on the Affordable Care Act (ACA) of 2010...

Keywords: Affordable Care Act; Dependent coverage mandate; Precautionary savings
Internationalizing-Innovation Profiles and High-Technology Exports: Does Lone Genius Matter?

Monte J.Shaffer, KevinChastagner*, and U.N.Umesh

ARTICLE | Journal of International Marketing | No. 3, Vol. 24, 2016

Innovation-performance research, when conducted at the firm level, neglects the role of innovation that is created without firm involvement...

Keywords: Innovation, Internationalization, Export performance, High technology, Patents, Panel data analysis
Capital Flight and Bitcoin Regulation

Lan Ju, Timothy (Jun) Lu, Zhiyong Tu

ARTICLE | International Review of Finance | Vol.16, SEP 2016

This paper studies the risk of Bitcoin being used for the purpose of capital flight...

Keywords: Capital Flight, Bitcoin Regulation
Early Warning Indicators of Banking Crisis and Bank Related Stock Returns

Bumjean Sohn，Heungju Park

ARTICLE | Finance Research Letters | Vol. 18, AUG 2016

This study examines whether early warning indicators of banking crisis can predict the U S bank related stock returns in credit tightening periods...

Keywords: Credit cycles, Banks, Bank dependent firms, Stock return predictability
Competitive Difference Analysis of the One-Way Trading Problem with Limited Information

Wei Wang, Liying Wang, Yingjie Lan*, Jean X. Zhang

ARTICLE | European Journal of Operational Research | Vol. 252, 2016

We consider robust one-way trading with limited information on price fluctuations Our analysis finds the best guarantee of difference from the optimal offline performance We provide closed-form solution, and reveal for the first time all possible worst-...

Keywords: Robustness and sensitivity analysis, One-way trading, Competitive analysis, Online algorithms
Thinking Concretely or Abstractly: The Influence of Fit between Goal Progress and Goal Construal on Subsequent Self-Regulation

Jooyoung Park*, William M. Hedgcock

ARTICLE | Journal of Consumer Psychology | Vol. 26, 2016

This study investigates the influence of brand personality on consumer loyalty and the moderating role of relative brand identification for multiple brands in the same product category...

Keywords: Consumer loyalty, Brand loyalty, Brand personality, Relative brand identification, Dimensions
Significance Test in Nonstationary Multinomial Logit Model

Chia-Shang J. Chu*, Nan Liu, Lina Zhang

ARTICLE | Economics Letters | Vol. 143, 2016

We derive the asymptotic distribution of the overall significance LM test in a multinomial logit model with nonstationary covariates when the qualitative response is serially correlated and show that conventional significance tests can result in spurious...

Keywords: Nonstationary multinomial logit, Discrete autoregression, Significance test
Why do Employees Like to be Paid with Options?: A Multi-Period Prospect Theory Approach

Lei Sun, Martin Widdicks*

ARTICLE | Journal of Corporate Finance | Vol.38, 2016

The use of options as compensation for non-executive employees is a puzzle Standard, rational, valuation models show that the cost of issuing options is larger than the value placed on the options by employees...

Keywords: Employee stock options, Prospect theory, Overconfidence, Early exercise
Long-term Perspective on the Stock Market Matters in Asset Pricing

Bumjean Sohn, Heungju Park

ARTICLE | Finance Research Letters | Vol. 16, 2016

We provide a more intuitive interpretation of Campbell s (1993) intertemporal capital asset pricing model...

Keywords: Cross-section of equity returns, Long-horizon market return
Does Dividend Policy Drive Repurchases?

Nan Liu, Jamshid Mehran

ARTICLE | Managerial Finance | Vol. 42, 2016

The purpose of this paper is to investigate whether firms repurchase shares to meet or just beat their dividend target as managers perceive share repurchases are more flexible than dividends and managers have a strong desire to maintain dividend levels...

Keywords: Dividends, Benchmark, Repurchase
Financial Constraints, Board Governance Standards, and Corporate Cash Holdings

Choonsik Lee, Heungju Park

ARTICLE | Review of Financial Economics | Vol. 28, 2016

This study examines whether financial constraints and board governance play substitution roles in lowering agency concerns in corporate cash holdings...

Keywords: Financial constraints, Internal monitoring, Corporate cash holdings
The Gender Difference in the Value of Winning

Zhuoqiong (Charlie) Chen, David Ong, Roman M. Sheremeta

ARTICLE | Economics Letters | Vol. 137, 2015

We design an all-pay auction experiment in which we reveal the gender of the opponent Using this design, we find that women bid higher than men, but only when bidding against other women...

Keywords: Experiments, All-pay auction, Competitiveness, Gender differences

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