Xin (Simba) Chang

Cambridge Judge Business School

University Reader in Financial Economics

Trumpington Street

Cambridge, CB2 1AG

United Kingdom

http://sites.google.com/site/simbachangxin/

Nanyang Business School

Associate Professor

S3-B1B-76 Nanyang Avenue

Singapore, 639798

Singapore

http://www.ntu.edu.sg/home/changxin

SCHOLARLY PAPERS

33

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CITATIONS
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Top 3,680

in Total Papers Citations

148

Scholarly Papers (33)

1.

Audit Quality, Auditor Compensation and IPO Underpricing

Number of pages: 42 Posted: 30 Jul 2007
Xin (Simba) Chang, André Gygax, Elaine Oon and Hong Feng Zhang
Cambridge Judge Business School, University of Melbourne - Department of Finance, University of Melbourne - Faculty of Business and Economics and Deakin University - Deakin Business School
Downloads 1,019 (15,459)
Citation 5

Abstract:

Auditor quality, Audit fees, Assurance fees, IPO underpricing

2.

Analyst Coverage and Financing Decisions

Tuck Contemporary Corporate Finance Issues III, Forthcoming
Number of pages: 51 Posted: 03 Aug 2004
Xin (Simba) Chang, Sudipto Dasgupta and Gilles Hilary
Cambridge Judge Business School, Hong Kong University of Science & Technology (HKUST) - Department of Finance and Georgetown University - Department of Accounting and Business Law
Downloads 980 (16,424)
Citation 48

Abstract:

Adverse Selection, Capital Structure, Analyst Coverage

3.

The Effect of Auditor Quality on Financing Decisions

The Accounting Review, Forthcoming
Number of pages: 48 Posted: 22 Oct 2008 Last Revised: 29 Aug 2013
Xin (Simba) Chang, Sudipto Dasgupta and Gilles Hilary
Cambridge Judge Business School, Hong Kong University of Science & Technology (HKUST) - Department of Finance and Georgetown University - Department of Accounting and Business Law
Downloads 863 (18,480)
Citation 7

Abstract:

4.

Innovation, Managerial Myopia, and Financial Reporting

INSEAD Working Paper No. 2013/35/AC
Number of pages: 56 Posted: 16 Dec 2012 Last Revised: 07 Apr 2015
Xin (Simba) Chang, Gilles Hilary, Jun-Koo Kang and Wenrui Zhang
Cambridge Judge Business School, Georgetown University - Department of Accounting and Business Law, Nanyang Technological University (NTU) - Nanyang Business School and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 746 (16,985)

Abstract:

Accounting conservatism, Innovation, Managerial myopia

Target Behavior and Financing: How Conclusive is the Evidence?

AFA 2007 Chicago Meetings
Number of pages: 67 Posted: 20 Mar 2006
Xin (Simba) Chang and Sudipto Dasgupta
Cambridge Judge Business School and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 425 (55,118)
Citation 52

Abstract:

Capital Structure, Trade-off theory

Target Behavior and Financing: How Conclusive is the Evidence?

Number of pages: 61 Posted: 08 Feb 2007
Xin (Simba) Chang and Sudipto Dasgupta
Cambridge Judge Business School and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 169 (148,570)
Citation 52

Abstract:

Capital Structure, Trade-off theory

Industry Expertise, Information Leakage, and the Choice of M&A Advisors

24th Australasian Finance and Banking Conference 2011 Paper
Number of pages: 48 Posted: 20 Aug 2011 Last Revised: 16 Feb 2015
Xin (Simba) Chang, Chander Shekhar, Lewis Tam and Jiaquan Yao
Cambridge Judge Business School, University of Melbourne, Faculty of Business Administration, University of Macau and Xiamen University
Downloads 567 (38,182)
Citation 4

Abstract:

Investment banking; Mergers and Acquisitions; Advisory Fees; Advisory Services; Industry Expertise

Industry Expertise, Information Leakage and the Choice of M&A Advisors

Journal of Business Finance & Accounting, Vol. 43, Issue 1-2, pp. 191-225, 2016
Number of pages: 35 Posted: 21 Mar 2016
Xin (Simba) Chang, Chander Shekhar, Lewis Tam and Jiaquan Yao
Cambridge Judge Business School, University of Melbourne, Faculty of Business Administration, University of Macau and Xiamen University - Wang Yanan Institute for Studies in Economics (WISE)
Downloads 0
Citation 4
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Abstract:

investment banking, mergers and acquisitions, advisory fees, advisory services, industry expertise

7.

Financing the Deficit: Debt Capacity, Information Asymmetry, and the Debt-Equity Choice

Number of pages: 45 Posted: 29 Sep 2005
Xin (Simba) Chang and Sudipto Dasgupta
Cambridge Judge Business School and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 464 (46,915)
Citation 4

Abstract:

Pecking Order Hypothesis, Tradeoff Theory, Information Asymmetry, Debt Capacity

8.

Non-Executive Employee Stock Options and Corporate Innovation

Journal of Financial Economics (JFE), Vol. 115, No. 1, 2015
Number of pages: 50 Posted: 21 Nov 2011 Last Revised: 06 Sep 2017
Xin (Simba) Chang, Kangkang Fu, Angie Low and Wenrui Zhang
Cambridge Judge Business School, Nanyang Technological University (NTU), Nanyang Technological University - Division of Banking & Finance and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 438 (39,304)

Abstract:

Employee Stock Options; Corporate Innovation; Risk-taking Incentives; Employee Compensation

9.

Cash Flow Sensitivities and the Allocation of Internal Cash Flow

Review of Financial Studies, Forthcoming
Number of pages: 53 Posted: 03 Nov 2013 Last Revised: 20 Nov 2014
Xin (Simba) Chang, Sudipto Dasgupta, George Wong and Jiaquan Yao
Cambridge Judge Business School, Hong Kong University of Science & Technology (HKUST) - Department of Finance, The Hong Kong Polytechnic University and Xiamen University
Downloads 394 (41,591)

Abstract:

Cash Flow Sensitivity, Internal Cash Flow, Higher-order GMM, Beveridge-Nelson Decomposition

10.

The Effects of Financial Constraints on Corporate Policies in Australia

Number of pages: 39 Posted: 12 Oct 2005
Xin (Simba) Chang, Tek Jun Tan, George Wong and Hong Feng Zhang
Cambridge Judge Business School, University of Melbourne - Department of Finance, The Hong Kong Polytechnic University and Deakin University - Deakin Business School
Downloads 359 (62,577)
Citation 4

Abstract:

Financial Constraints, Cash Policy, Investment-Cash Flow Sensitivity, Cash-Cash Flow Sensitivity, Negative Cash Flow, Australian Firms

11.

Financial Constraints, Mispricing and Corporate Investment

Number of pages: 43 Posted: 14 Mar 2008 Last Revised: 18 Mar 2009
George Wong, Robert W. Faff, Wing Chun Kwok and Xin (Simba) Chang
The Hong Kong Polytechnic University, University of Queensland, Monash University - Department of Accounting and Finance and Cambridge Judge Business School
Downloads 346 (62,201)

Abstract:

Financial constraints, Mispricing, Corporate Investment, Investment-cash flow sensitivity, Financial Flexibility

12.

Employees as Creditors: The Disciplinary Role of Pension Deficits in the Market for Corporate Control

24th Australasian Finance and Banking Conference 2011 Paper, AFA 2013 San Diego Meetings Paper
Number of pages: 59 Posted: 07 Jan 2011 Last Revised: 30 Nov 2012
Xin (Simba) Chang, Jun-Koo Kang and Wenrui Zhang
Cambridge Judge Business School, Nanyang Technological University (NTU) - Nanyang Business School and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 313 (66,170)

Abstract:

Pension deficits, Market for corporate control, Mergers and acquisitions, Merger announcement returns, Disciplinary role

13.

Managerial Entrenchment and Firm Value: A Dynamic Perspective

Number of pages: 36 Posted: 18 Jan 2010 Last Revised: 03 Aug 2013
Xin (Simba) Chang and Hong Feng Zhang
Cambridge Judge Business School and Deakin University - Deakin Business School
Downloads 289 (65,371)

Abstract:

Corporate Governance, Managerial Entrenchment, Long Difference Estimator, Reverse Causality, Panel VAR

14.

The Real Impact of Stock Market Mispricing - Evidence from Australia

Number of pages: 33 Posted: 13 Oct 2005
Xin (Simba) Chang, Lewis Tam, Tek Jun Tan and George Wong
Cambridge Judge Business School, Faculty of Business Administration, University of Macau, University of Melbourne - Department of Finance and The Hong Kong Polytechnic University
Downloads 279 (84,244)
Citation 3

Abstract:

Market Inefficiency, Equity Dependence, Investment, Australian Firms.

15.

Stock Liquidity and Stock Price Crash Risk

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 54 Posted: 01 Nov 2013 Last Revised: 08 Feb 2016
Xin (Simba) Chang, Yangyang Chen and Leon Zolotoy
Cambridge Judge Business School, Hong Kong Polytechnic University - Faculty of Business and Melbourne Business School
Downloads 270 (18,661)

Abstract:

Stock liquidity; Crash risk; Short-termism; Bad news hoarding

16.

The Cross-Sectional Determinants of Post-IPO Stock Performance: Evidence from China

Number of pages: 37 Posted: 06 Oct 2009
Xin (Simba) Chang, Lewis Tam and George Wong
Cambridge Judge Business School, Faculty of Business Administration, University of Macau and The Hong Kong Polytechnic University
Downloads 266 (86,201)
Citation 3

Abstract:

Post-IPO performance, China Stock Markets, Overvaluation, Ownership Structure, Underwriter Reputation

17.

Innovation and Productivity Growth: Evidence from Global Patents

Number of pages: 53 Posted: 25 Dec 2013 Last Revised: 10 May 2015
Xin (Simba) Chang, R. David McLean, Bohui Zhang and Wenrui Zhang
Cambridge Judge Business School, Georgetown University - Department of Finance, University of New South Wales (UNSW) - School of Banking and Finance and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 242 (65,160)

Abstract:

Innovation, Patents, TFP growth, Economic growth

18.

Institutional Investor Horizons, Information Environment, and Firm Financing Decisions

25th Australasian Finance and Banking Conference 2012
Number of pages: 64 Posted: 19 Apr 2012 Last Revised: 30 Sep 2012
Xin (Simba) Chang, Yangyang Chen and Sudipto Dasgupta
Cambridge Judge Business School, Hong Kong Polytechnic University - Faculty of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 235 (88,979)
Citation 1

Abstract:

investor horizons, information asymmetry, capital structure, debt maturity, institutional ownership

19.

How Do Firms Allocate Internal Cash Flow? The Effect of Misvaluation and Costly External Financing

Number of pages: 61 Posted: 18 Jan 2012 Last Revised: 27 Sep 2012
Xin (Simba) Chang, Sudipto Dasgupta, George Wong and Jiaquan Yao
Cambridge Judge Business School, Hong Kong University of Science & Technology (HKUST) - Department of Finance, The Hong Kong Polytechnic University and Xiamen University
Downloads 201 (101,104)

Abstract:

Cash flow, misvaluation, catering channel, financial constraints, investment, cash holdings, external finance

20.
Downloads 189 (134,088)
Citation 1

Monte Carlo Simulations and Capital Structure Research

International Review of Finance, Vol. 11, No. 1
Number of pages: 49 Posted: 25 Jan 2011
Xin (Simba) Chang and Sudipto Dasgupta
Cambridge Judge Business School and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 187 (135,335)
Citation 1

Abstract:

Capital Structure, Trade-off theory, Market Timing, Debt-equity choice, Look-ahead Bias

Monte Carlo Simulations and Capital Structure Research

International Review of Finance, Vol. 11, No. 1, pp. 19-55, 2011
Number of pages: 37 Posted: 09 Mar 2011
Xin (Simba) Chang and Sudipto Dasgupta
Cambridge Judge Business School and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2 (567,682)
Citation 1
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Abstract:

21.

Financial Constraints and Stock Returns - Evidence from Australia

Number of pages: 30 Posted: 31 Oct 2008 Last Revised: 20 Feb 2010
H. Chan, Xin (Simba) Chang, Robert W. Faff and George Wong
University of Melbourne - Department of Finance, Cambridge Judge Business School, University of Queensland and The Hong Kong Polytechnic University
Downloads 178 (125,505)

Abstract:

Financial Constraints, Stock Returns, Australian Firms

22.

Conglomerate Structure and Capital Market Timing

Financial Management, Forthcoming
Number of pages: 53 Posted: 15 Dec 2009 Last Revised: 29 Aug 2013
Xin (Simba) Chang, Gilles Hilary, Carmen Shih and Lewis Tam
Cambridge Judge Business School, Georgetown University - Department of Accounting and Business Law, Nanyang Technological University (NTU) - Nanyang Business School and Faculty of Business Administration, University of Macau
Downloads 132 (169,336)
Citation 3

Abstract:

Conglomerates, Keiretsu, Capital Structure, Market Timing, Japanese Markets, Japanese Firms

23.

Institutional Investor Horizons, Information Environment, and Financing

Number of pages: 63 Posted: 15 Mar 2012
Xin (Simba) Chang, Yangyang Chen and Sudipto Dasgupta
Cambridge Judge Business School, Hong Kong Polytechnic University - Faculty of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 121 (172,259)
Citation 1

Abstract:

Information Asymmetry, Institutional Ownership, Investor Horizon, Equity Issuance, Capital Structure, Debt Maturity

24.

Corporate Environmental Performance: Determinants and Real Effects

Number of pages: 40 Posted: 22 Apr 2013 Last Revised: 21 Aug 2016
Dianna Chang, Xin (Simba) Chang, Kangkang Fu and Lewis Tam
SIM University (UniSIM), Cambridge Judge Business School, Nanyang Technological University (NTU) and Faculty of Business Administration, University of Macau
Downloads 109 (165,628)

Abstract:

Newsweek, green score, corporate social responsibilities, environmental performance, financial impacts, investment policies

25.

Multiplicative Risk Prudence, Inflation Uncertainty and the Real Risk-Free Rate Puzzle

Australian Centre for Financial Studies - Finsia Banking and Finance Conference 2010
Number of pages: 30 Posted: 27 Jul 2010
George Wong, Xin (Simba) Chang and Bruce D. Grundy
The Hong Kong Polytechnic University, Cambridge Judge Business School and University of Melbourne
Downloads 107 (203,033)

Abstract:

Multiplicative risk, Risk prudence, Background risk, Inflation Uncertainty, Risk-free Rate Puzzle, Precautionary savings.

26.

Multiplicative Risk Prudence

Number of pages: 8 Posted: 28 Sep 2005
George Wong and Xin (Simba) Chang
The Hong Kong Polytechnic University and Cambridge Judge Business School
Downloads 90 (237,143)

Abstract:

Multiplicative risk, Risk prudence, Precautionary saving

27.

Macroeconomic Conditions and Firms’ Financing Decisions: A Reinvestigation

Number of pages: 68 Posted: 14 Apr 2014
Xin (Simba) Chang, Yunling Chen and Sudipto Dasgupta
Cambridge Judge Business School, Tsinghua University - Department of Finance and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 82 (201,682)

Abstract:

Capital structure; Debt maturity; Financial constraints; Macroeconomic conditions; Market timing

28.

Effects of Financial Constraints on Corporate Policies in Australia

Accounting and Finance, Vol. 47, No. 1, pp. 85-108, March 2007
Number of pages: 24 Posted: 27 Feb 2007
Xin (Simba) Chang, Tek Jun Tan, George Wong and Hongfeng Zhang
Cambridge Judge Business School, University of Melbourne - Department of Finance, The Hong Kong Polytechnic University and University of Melbourne - Department of Finance
Downloads 31 (395,977)
Citation 4
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29.

Audit Quality, Auditor Compensation and Initial Public Offering Underpricing

Accounting & Finance, Vol. 48, Issue 3, pp. 391-416, September 2008
Number of pages: 26 Posted: 14 Aug 2008
Xin (Simba) Chang, André Gygax, Elaine Oon and Hong Feng Zhang
Cambridge Judge Business School, University of Melbourne - Department of Finance, University of Melbourne - Faculty of Business and Economics and Deakin University - Deakin Business School
Downloads 3 (533,698)
Citation 5
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Abstract:

30.

Cross-Sectional Determinants of Post-IPO Stock Performance: Evidence from China

Accounting & Finance, Vol. 50, Issue 3, pp. 581-603, September 2010
Number of pages: 23 Posted: 24 Aug 2010
Xin (Simba) Chang, Shi Hua Lin, Lewis Tam and George Wong
Cambridge Judge Business School, affiliation not provided to SSRN, Faculty of Business Administration, University of Macau and Hong Kong Polytechnic University
Downloads 2 (540,692)
Citation 3
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Abstract:

31.

Credit Default Swaps and Corporate Innovation

Number of pages: 62 Posted: 17 Mar 2017 Last Revised: 04 Sep 2017
Cambridge Judge Business School, Hong Kong Polytechnic University - Faculty of Business, University of Warwick, Xiamen University, School of Economics & WISE and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 0 (215,431)

Abstract:

Credit Default Swaps, Corporate Innovation, Risk Taking

32.

The Information Role of Advisors in Mergers and Acquisitions: Evidence from Acquirers Hiring Targets’ Ex-Advisors

Number of pages: 54 Posted: 14 May 2016
Xin (Simba) Chang, Chander Shekhar, Lewis Tam and Jiaquan Yao
Cambridge Judge Business School, University of Melbourne, Faculty of Business Administration, University of Macau and Xiamen University - Wang Yanan Institute for Studies in Economics (WISE)
Downloads 0 (349,130)

Abstract:

mergers and acquisitions, investment banking, advisory services, competition, bargaining

33.

External Financing of Last Resort? Bank Lines of Credit as a Source of Long-Term Finance

Number of pages: 78 Posted: 04 Oct 2015
Cambridge Judge Business School, Tsinghua University - Department of Finance, Hong Kong University of Science & Technology (HKUST) - Department of Finance and University of New South Wales - Australian School of Business
Downloads 0 (322,023)

Abstract:

Lines of Credit, Financing of Last Resort, Liquidity Buffer