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Winnie P. H. Poon
Lingnan University
25Publications
10H-index
567Citations
Publications 25
Newest
#1Miles Livingston (UF: University of Florida)H-Index: 15
#2Winnie P. H. Poon (Lingnan University)H-Index: 10
Last.Lei Zhou (NIU: Northern Illinois University)H-Index: 7
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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...
10 CitationsSource
#1Michal Wojewodzki (GCU: Glasgow Caledonian University)H-Index: 1
#2Winnie P. H. Poon (Lingnan University)H-Index: 10
Last.Jianfu Shen (Hang Seng Management College)H-Index: 4
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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...
5 CitationsSource
#1Winnie P. H. Poon (Lingnan University)H-Index: 10
#2Jianfu Shen (Hang Seng Management College)H-Index: 4
Last.John E. Burnett (UAH: University of Alabama in Huntsville)H-Index: 3
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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
#1Jianfu Shen (Hang Seng Management College)H-Index: 4
#2Michael Firth (Lingnan University)H-Index: 30
Last.Winnie P. H. Poon (Lingnan University)H-Index: 10
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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 ...
4 CitationsSource
#1Jianfu Shen (Hang Seng Management College)H-Index: 4
#2Michael FirthH-Index: 30
Last.Winnie P. H. PoonH-Index: 10
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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...
3 CitationsSource
#1Nianhang Xu (RUC: Renmin University of China)H-Index: 10
#2Winnie P. H. Poon (Lingnan University)H-Index: 10
Last.Kam C. Chan (Western Kentucky University)H-Index: 30
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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...
14 CitationsSource
#1Michael Wojewodzki (Lingnan University)
#2Michael Firth (Middlesex University)H-Index: 30
Last.Winnie P. H. Poon (Lingnan University)H-Index: 10
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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...
#1Winnie P. H. Poon (Lingnan University)H-Index: 10
#2Dorla A. Evans (UAH: University of Alabama in Huntsville)H-Index: 6
Source
#1Winnie P. H. Poon (Lingnan University)H-Index: 10
#2Dorla A. Evans (UAH: University of Alabama in Huntsville)H-Index: 6
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...
3 CitationsSource
#1Winnie P. H. Poon (Lingnan University)H-Index: 10
#2Dorla A. Evans (UAH: University of Alabama in Huntsville)H-Index: 6
Last.Johnny Chan (Western Kentucky University)
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