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Winnie P.H. Poon
Lingnan University
23Publications
10H-index
530Citations
Publications 23
Newest
Published on Feb 1, 2018in Journal of Banking and Finance 2.21
Miles Livingston15
Estimated H-index: 15
,
Winnie P.H. Poon10
Estimated H-index: 10
,
Lei Zhou7
Estimated H-index: 7
We investigate the nascent but fast-growing Chinese bond market and credit rating industry. We find Chinese bond ratings are informative and significantly correlated with bond offering yields. In addition, the Chinese bond investors distinguish ratings from different credit rating agencies (CRAs), demanding lower yields on bonds rated by global-partnered CRAs. However, the empirical results suggest that the rating scales used by Chinese CRAs are not comparable to those of international CRAs. Fur...
7 Citations Source Cite
Published on Jul 20, 2017in European Journal of Finance 1.12
Michal Wojewodzki1
Estimated H-index: 1
(GCU: Glasgow Caledonian University),
Winnie P.H. Poon10
Estimated H-index: 10
(Lingnan University),
Jianfu Shen3
Estimated H-index: 3
(Hang Seng Management College)
Using an international dataset, we examine the role of issuers’ credit ratings in explaining corporate leverage and the speed with which firms adjust toward their optimal level of leverage. We find that, in countries with a more market-oriented financial system, the impact of credit ratings on firms’ capital structure is more significant and that firms with a poorer credit rating adjust more rapidly. Furthermore, our results show some striking differences in the speed of adjusting capital struct...
3 Citations Source Cite
Published on May 1, 2017in The Financial Review
Winnie P.H. Poon10
Estimated H-index: 10
(Lingnan University),
Jianfu Shen3
Estimated H-index: 3
(Hang Seng Management College),
John E. Burnett3
Estimated H-index: 3
(UAH: University of Alabama in Huntsville)
The severity and complexity of the recent financial crisis has motivated the need for understanding the relationships between sovereign ratings and bank credit ratings. This is the first study to examine the impact of the “international” spillover of sovereign risk to bank credit risk through both a ratings channel and an asset holdings channel. In the first case, the downgrade of sovereign ratings in GIIPS (Greece, Italy, Ireland, Portugal, and Spain) countries leads to rating downgrades of ban...
Source Cite
Published on Sep 1, 2016in Pacific-basin Finance Journal 1.44
Jianfu Shen3
Estimated H-index: 3
(Hang Seng Management College),
Michael Firth29
Estimated H-index: 29
(Lingnan University),
Winnie P.H. Poon10
Estimated H-index: 10
(Lingnan University)
This paper examines the impacts of a recent credit expansion event on corporate policies in China. During the credit boom in 2009 and 2010, the large and state-owned firms increased leverage ratios by 2.89% and 1.68% (on a quarterly basis) more than their matched firms. State-owned firms had higher increases in loan financing and corporate investment than their matched firms due to government intervention and better access to the credit market. Small and non-state-owned firms had no significant ...
3 Citations Source Cite
Published on May 1, 2015
Jianfu Shen3
Estimated H-index: 3
,
Michael Firth29
Estimated H-index: 29
,
Winnie P.H. Poon10
Estimated H-index: 10
This paper provides new evidence on the supply side effects on corporate capital structure in China. We find that bank-dependent firms, which are mainly large and state-owned companies in China, increase (decrease) their leverage ratios if loan supplies increase (decrease) relative to the case for small and private firms due to the inability of small and private firms to access bank loans. With their ability to substitute between different forms of capital, large and state-owned firms are relati...
2 Citations Source Cite
Published on Oct 1, 2014in Management International Review 2.69
Nianhang Xu9
Estimated H-index: 9
(RUC: Renmin University of China),
Winnie P.H. Poon10
Estimated H-index: 10
(Lingnan University),
Kam C. Chan28
Estimated H-index: 28
(Western Kentucky University)
We use a quality-based approach to assess contributing institutions and authors in international business (IB) research. Specifically, we use Google Scholar citations of individual articles to weigh the number of IB research articles in core IB and other non-IB elite journals. Our approach mitigates concerns about the quality difference among articles across different journals and within individual journals. We find evidence to suggest that IB research in the European and Asia-Pacific regions ex...
13 Citations Source Cite
Published on Jan 1, 2014
Michael Wojewodzki (Lingnan University), Michael Firth29
Estimated H-index: 29
(Middlesex University),
Winnie P.H. Poon10
Estimated H-index: 10
(Lingnan University)
In this study we examine the role of external corporate credit ratings in explaining leverage and the speed of adjustment using an international dataset. We find that the impact of credit ratings (CRs) on firms’ capital structures is more significant and negative in countries with more market-based (MB) oriented financial systems when quantified by a Financial Architecture variable (measuring the size, activity, and efficiency of a stock market compared to the banking system of the country annua...
Published on Sep 1, 2013in European Financial Management 1.29
Winnie P.H. Poon10
Estimated H-index: 10
(Lingnan University),
Dorla A. Evans6
Estimated H-index: 6
(UAH: University of Alabama in Huntsville)
The SEC implemented Regulation Fair Disclosure (Reg FD) in 2000. Reg FD requires firms to release material information to everyone simultaneously, thereby reducing information asymmetry between favoured stock analysts and others. Bond rating agencies were exempt from Reg FD in order to continue receiving the private firm information necessary for accurate credit default assessments. The exemption, if valuable to the bond market, should have resulted in an increase in the relative importance of b...
2 Citations Source Cite
Published on Apr 1, 2013in Pacific-basin Finance Journal 1.44
Winnie P.H. Poon10
Estimated H-index: 10
(Lingnan University),
Kam C. Chan28
Estimated H-index: 28
(Western Kentucky University),
Michael Firth29
Estimated H-index: 29
(Lingnan University)
We examine the impact of unsolicited credit ratings on seasoned equity offering (SEO) underpricing in China using issuer credit rating data of listed companies on the Shanghai and Shenzhen Stock Exchanges for the period 2002 to 2009. Our findings suggest that, after controlling for other factors, a SEO firm in China with a credit rating is able to reduce its SEO underpricing, on average, by 11.89% to 14.33%. In addition, we find that the underpricing of an SEO firm that receives a speculative-gr...
11 Citations Source Cite
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