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Senior Fellows/Fellows

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Senior Fellows/Fellows

Technological Links and Predictable Returns

Charles M. C. LEE, Stephen TENG Sun, Rongfei WANG, Ran ZHANG
This paper finds evidence of return predictability across technology-linked firms. Employing a classic measure of technological closeness between firms, we show that the returns of technology-linked firms have strong predictive power for focal firms’ returns.  A long-short strategy based on this ...
Keywords: Technology momentum, Stock Returns, return predictability, patents, technological closeness, limited attention, market efficiency
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Shell Games: The Long Term Performance of Chinese Reverse Merger Firms

Ran ZHANG, Kevin Ke LI, Charles M. C. LEE
We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85% of all foreign RMs). As a group, RMs are early-stage companies that typically trade over-the-counter. Chinese RMs (CRMs),...
Keywords: reverse mergers, listing requirements, Chinese firms, accounting fraud, cash flow life cycle, private-equity (PIPE) financing
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