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Nianhang Xu
Renmin University of China
18Publications
10H-index
393Citations
Publications 18
Newest
#1Kam C. Chan (Western Kentucky University)H-Index: 30
#2Xuanyu Jiang (CUFE: Central University of Finance and Economics)H-Index: 6
Last.Hong Zeng (Chongqing University)
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#1Yue Pan (Ha Tai: Xiamen University)H-Index: 1
#2Ruoyu Weng (Ha Tai: Xiamen University)H-Index: 1
Last.Kam C. Chan (Western Kentucky University)H-Index: 30
view all 4 authors...
We propose and test a social outreach hypothesis of family firm succession. We argue that family firms proactively engage in social outreach activities as a strategy to ensure smooth succession. We focus on corporate philanthropy (CP), a social outreach activity, in a family firm succession to test our hypothesis. The results show that family firms engage in a strategy of using more CP in connection to family firm succession, especially when the successor is from the second generation. The findi...
7 CitationsSource
#1Nianhang XuH-Index: 10
#2Yining ChenH-Index: 12
Last.Kam C. Chan (ZUEL: Zhongnan University of Economics and Law)H-Index: 30
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We use Resource Dependency Theory and Human Capital Theory to explain entrepreneurship research, which is a relatively new research field over the last decade. Using citation analysis based on a rich database of 191,695 citations on 2,154 entrepreneurship articles published in leading journals from 2002 to 2013, we find that geographic diversity, international collaboration, top research scholars, and top research institutions enhance entrepreneurship research quality, which is measured by the n...
2 CitationsSource
#1Nianhang Xu (RUC: Renmin University of China)H-Index: 10
#2Xuanyu Jiang (Central University, India)H-Index: 6
Last.Shinong Wu (Ha Tai: Xiamen University)H-Index: 2
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Using a rich database of Chinese firms, we examine the proposition that firms with disproportionately more analysts herding, as measured by a larger herding index value, have higher future stock price crash risk. Our findings are consistent with the proposition and are robust to different measures of stock price crash risk, stock price crash risk windows, herding measures, and subsamples. In addition, we document that the positive relation between analyst herding behavior and future stock price ...
10 CitationsSource
#1Xiaorong Li (CUFE: Central University of Finance and Economics)H-Index: 2
#2Nianhang Xu (RUC: Renmin University of China)H-Index: 10
Last.Wei Luo (PKU: Peking University)
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#1Nianhang Xu (RUC: Renmin University of China)H-Index: 10
#2Qinyuan Chen (RUC: Renmin University of China)H-Index: 1
Last.Kam C. Chan (Western Kentucky University)H-Index: 30
view all 4 authors...
We examine the relation between political uncertainty and cash holdings for firms in China. We document that, during the first year of a new city government official's appointment, a firm, on average, holds less cash, which is consistent with the grabbing hand hypothesis of politician. Our results are robust to alternative measures of cash holdings, instrumental variable estimation, sub-samples without firms in four major cities, a matched sample approach, and placebo tests. In addition, our add...
26 CitationsSource
#1Xuanyu Jiang (CUFE: Central University of Finance and Economics)H-Index: 6
#2Nianhang Xu (RUC: Renmin University of China)H-Index: 10
Last.Kam C. Chan (Western Kentucky University)H-Index: 30
view all 4 authors...
We contend that mutual-fund-affiliated analysts have conflicts of interest in their role of information production. Similar to the investment-bank-affiliated analysts (Malmendier & Shanthikumar, 2014), mutual-fund-affiliated analysts are very likely to speak in two tongues, issuing optimism-biased recommendations to please their mutual fund clients due to the clients’ holdings of the stocks but less optimistic forecasts for their covered firms to provide firm-specific information for mutual fund...
2 CitationsSource
#1Li Jin (PKU: Peking University)H-Index: 1
#2Nianhang Xu (RUC: Renmin University of China)H-Index: 10
Last.Weining Zhang (Cheung Kong Graduate School of Business)H-Index: 1
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We document that Chinese city officials are more likely to be promoted if firms under their jurisdictions receive less negative media coverage towards their term-ends. Consequently, local officials suppress negative news of local companies at their term-ends. Such distortion worsens the information environment. We show that a trading strategy exploiting this informational inefficiency can generate a 12% per annum abnormal return. We also find that officials with stronger career concerns are more...
3 CitationsSource
#1Nianhang Xu (RUC: Renmin University of China)H-Index: 10
#2Kam C. Chan (Western Kentucky University)H-Index: 30
Last.Chih-Hsiang Chang (NUK: National University of Kaohsiung)H-Index: 9
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Abstract We conduct rankings on finance programs based on a rich database of citations for all articles from a set of 23 quality finance journals during 1990–2010. Our work represents a new perspective on the evaluation of faculty research as compared to the traditional counting of total number of publications in the literature. Our findings show that the top-five institutions are the University of Chicago, Harvard University, New York University, the University of Pennsylvania, and Duke Univers...
10 CitationsSource
#1Qiao Liu (HKU: University of Hong Kong)
#2Wei Luo (PKU: Peking University)
Last.Nianhang Xu (RUC: Renmin University of China)H-Index: 10
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We show that executives in the Chinese listed firms make politically motivated investments to build political ties. We also find that excessive investments are more pronounced in firms that can benefit more from political connections (e.g., private firms and poorly governed firms). Although such investments are largely inefficient, and adversely affect firm performance, we find that political connections allows firm owners/executives to extract private benefits including tunneling resources, fas...
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