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Webinar Series

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Capital Market Development: China and Asia

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Dec 2023

Unraveling the Dividend Puzzle: A Field Experiment

Xiaoqiao WANG, Jing XIE, Xiaofeng ZHAO, Bohui ZHANG
We conduct a field experiment to test four dividend theories. We enhance managers’ perception of investors’ agency concerns, investors’ risk preference, investors’ information demand, and investors’ tax status respectively in four treatment groups. We find that past payers receiving the ag...
Keywords: Dividend policy, Field experiment, Agency costs, Investor Relations
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Annual Conference

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Accounting

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May 2018

Traveling Governance Effect of Shareholder Activism: Evidence from Clawback Provision Adoption

C.S. Agnes CHENG, Gang HU, Zeyu SUN, Jing XIE
We find that firms held by an institutional activist blockholder (IAB) are more likely to adopt clawback provisions when more of other firms held by the same IAB have adopted. This effect is stronger when peers adopt a strong form of clawback and maintain longer peer relations, for firms with more p...
Keywords: shareholder activism, Spillover Effect, Clawback Provision, institutional investors
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Understanding Informal Financing

Franklin ALLEN, Meijun QIAN, Jing XIE
This paper offers a unified framework to understand informal financing. We explore various sources of informal financing based on their mechanisms to deal with asymmetric information and enforcement and examine their role in supporting firm growth. We find that constructive informal financing such a...
Keywords: Informal financing, asymmetric information, social collateral, firm growth
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