Xin Chang

Nanyang Business School, Nanyang Technological University

Professor of Finance

Singapore, 639798

Singapore

https://personal.ntu.edu.sg/changxin/

SCHOLARLY PAPERS

43

DOWNLOADS
Rank 2,503

SSRN RANKINGS

Top 2,503

in Total Papers Downloads

20,343

SSRN CITATIONS
Rank 4,992

SSRN RANKINGS

Top 4,992

in Total Papers Citations

215

CROSSREF CITATIONS

53

Ideas:
“  I am currently working on issues related to Capital Structure, Corporate Innovation, Corporate Social/Environmental Responsibilities, and Green Finance.  ”

Scholarly Papers (43)

1.

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
Nanyang Business School, Nanyang Technological University, Georgetown University - McDonough School of Business, Nanyang Business School, Nanyang Technological University and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 1,588 (17,083)
Citation 15

Abstract:

Loading...

Accounting conservatism, Innovation, Managerial myopia

2.

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 Chang, Yangyang Chen and Leon Zolotoy
Nanyang Business School, Nanyang Technological University, City University of Hong Kong (CityU) - Department of Accountancy and University of Melbourne - Melbourne Business School
Downloads 1,531 (18,002)
Citation 18

Abstract:

Loading...

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

3.

Audit Quality, Auditor Compensation and IPO Underpricing

Number of pages: 42 Posted: 30 Jul 2007
Nanyang Business School, Nanyang Technological University, University of Melbourne - Department of Finance, University of Melbourne - Faculty of Business and Economics and Deakin University - Deakin Business School
Downloads 1,166 (27,009)
Citation 1

Abstract:

Loading...

Auditor quality, Audit fees, Assurance fees, IPO underpricing

4.

Analyst Coverage and Financing Decisions

Tuck Contemporary Corporate Finance Issues III, Forthcoming
Number of pages: 51 Posted: 03 Aug 2004
Nanyang Business School, Nanyang Technological University, Chinese University of Hong Kong, ABFER, CEPR, and ECGI and Georgetown University - McDonough School of Business
Downloads 1,138 (27,993)
Citation 23

Abstract:

Loading...

Adverse Selection, Capital Structure, Analyst Coverage

5.

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
Nanyang Business School, Nanyang Technological University, Chinese University of Hong Kong, ABFER, CEPR, and ECGI and Georgetown University - McDonough School of Business
Downloads 1,130 (28,336)
Citation 14

Abstract:

Loading...

6.

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
Nanyang Business School, Nanyang Technological University, Hong Kong Baptist University, Nanyang Business School, Nanyang Technological University and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 964 (35,503)
Citation 24

Abstract:

Loading...

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

7.

Credit Default Swaps and Corporate Innovation

Journal of Financial Economics (JFE), Vol. 134, No. 2, 2019
Number of pages: 63 Posted: 17 Mar 2017 Last Revised: 03 Dec 2019
Nanyang Business School, Nanyang Technological University, City University of Hong Kong (CityU) - Department of Accountancy, University of Warwick - Warwick Business School, Shanghai Jiao Tong University (SJTU) - Antai College of Economics and Management and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 881 (40,271)
Citation 10

Abstract:

Loading...

Credit Default Swaps; Corporate Innovation; Risk Taking

8.

Stock Liquidity and Corporate Social Responsibility

31st Australasian Finance and Banking Conference 2018
Number of pages: 53 Posted: 06 Mar 2018 Last Revised: 04 May 2019
Nanyang Business School, Nanyang Technological University, Education University of Hong KongThe Education University of Hong Kong, Faculty of Business Administration, University of Macau and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 787 (47,026)
Citation 4

Abstract:

Loading...

Stock Liquidity, Corporate Social Responsibility (CSR), Investor Horizon, Short-Termism

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: 27 Jun 2018
Nanyang Business School, Nanyang Technological University, Chinese University of Hong Kong, ABFER, CEPR, and ECGI, The Hong Kong Polytechnic University and Jinan University - Management School
Downloads 712 (53,555)
Citation 15

Abstract:

Loading...

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

10.

Corporate Environmental Liabilities and Capital Structure

Number of pages: 47 Posted: 17 Jul 2018 Last Revised: 03 Mar 2021
Nanyang Business School, Nanyang Technological University, Hong Kong Baptist University, Central University of Finance and Economics (CUFE) - School of Economics, Faculty of Business Administration, University of Macau and The Hong Kong Polytechnic University
Downloads 691 (55,756)
Citation 5

Abstract:

Loading...

corporate social responsibility, corporate environmental responsibility, environmental liability, capital structure, debt structure

11.

Do Patents Portend Productivity Growth? Global Evidence from Private and Public Firms

Number of pages: 50 Posted: 25 Dec 2013 Last Revised: 04 Aug 2018
Nanyang Business School, Nanyang Technological University, Georgetown University - Department of Finance, The Chinese University of Hong Kong, Shenzhen and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 675 (57,367)
Citation 6

Abstract:

Loading...

Innovation, Patents, TFP growth, Economic growth

Target Behavior and Financing: How Conclusive is the Evidence?

AFA 2007 Chicago Meetings
Number of pages: 67 Posted: 20 Mar 2006
Xin Chang and Sudipto Dasgupta
Nanyang Business School, Nanyang Technological University and Chinese University of Hong Kong, ABFER, CEPR, and ECGI
Downloads 464 (90,831)
Citation 5

Abstract:

Loading...

Capital Structure, Trade-off theory

Target Behavior and Financing: How Conclusive is the Evidence?

Number of pages: 61 Posted: 08 Feb 2007
Xin Chang and Sudipto Dasgupta
Nanyang Business School, Nanyang Technological University and Chinese University of Hong Kong, ABFER, CEPR, and ECGI
Downloads 203 (217,675)
Citation 43

Abstract:

Loading...

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
Nanyang Business School, Nanyang Technological University, University of Melbourne, Faculty of Business Administration, University of Macau and Jinan University - Management School
Downloads 635 (61,370)

Abstract:

Loading...

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
Nanyang Business School, Nanyang Technological University, University of Melbourne, Faculty of Business Administration, University of Macau and affiliation not provided to SSRN
Downloads 2 (963,520)
Citation 2

Abstract:

Loading...

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

14.

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

Number of pages: 45 Posted: 29 Sep 2005
Xin Chang and Sudipto Dasgupta
Nanyang Business School, Nanyang Technological University and Chinese University of Hong Kong, ABFER, CEPR, and ECGI
Downloads 540 (76,188)
Citation 6

Abstract:

Loading...

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

15.

Sustainable Finance: ESG/CSR, Firm Value, and Investment Returns

Nanyang Business School Research Paper No. 22-17, Asia-Pacific Journal of Financial Studies, Forthcoming
Number of pages: 55 Posted: 09 Jun 2022 Last Revised: 05 Aug 2022
Nanyang Business School, Nanyang Technological University, Hong Kong Baptist University, Southwestern University of Finance and Economics and Nanyang Business School, Nanyang Technological University
Downloads 511 (82,130)

Abstract:

Loading...

Sustainable Finance, corporate social responsibility, CSR, ESG, Firm Value, Stock Returns, Bond Returns

16.

Employee Inside Debt and Acquirer Returns

Number of pages: 49 Posted: 07 Jan 2011 Last Revised: 06 Aug 2021
Nanyang Business School, Nanyang Technological University, Nanyang Business School, Nanyang Technological University, Australian National University (ANU) - College of Business and Economics and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 498 (84,163)
Citation 4

Abstract:

Loading...

Pension Deficit, Inside Debt, Merger and Acquisition, Announcement Return, Monitoring by Employees

17.

Managerial Entrenchment and Firm Value: A Dynamic Perspective

Number of pages: 36 Posted: 18 Jan 2010 Last Revised: 03 Aug 2013
Xin Chang and Hong Feng Zhang
Nanyang Business School, Nanyang Technological University and Deakin University - Deakin Business School
Downloads 453 (94,225)
Citation 2

Abstract:

Loading...

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

18.

Financial Constraints, Mispricing and Corporate Investment

Number of pages: 43 Posted: 14 Mar 2008 Last Revised: 18 Mar 2009
The Hong Kong Polytechnic University, University of Queensland, Monash University - Department of Accounting and Finance and Nanyang Business School, Nanyang Technological University
Downloads 433 (99,282)

Abstract:

Loading...

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

19.

The Effects of Financial Constraints on Corporate Policies in Australia

Number of pages: 39 Posted: 12 Oct 2005
Nanyang Business School, Nanyang Technological University, University of Melbourne - Department of Finance, The Hong Kong Polytechnic University and Deakin University - Deakin Business School
Downloads 425 (101,511)
Citation 2

Abstract:

Loading...

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

20.

Institutional Investor Horizons, Information Environment, and Firm Financing Decisions

Number of pages: 70 Posted: 19 Apr 2012 Last Revised: 11 Apr 2022
Nanyang Business School, Nanyang Technological University, City University of Hong Kong (CityU) - Department of Accountancy, Hong Kong Baptist University and Faculty of Business Administration, University of Macau
Downloads 414 (104,658)
Citation 4

Abstract:

Loading...

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

21.

How Do Misvalued Firms Deploy Internal Cash Flow?

Nanyang Business School Research Paper No. 21-42
Number of pages: 44 Posted: 18 Jan 2012 Last Revised: 29 Jun 2022
Nanyang Business School, Nanyang Technological University, The Hang Seng University of Hong Kong, The Hong Kong Polytechnic University and Jinan University - Management School
Downloads 399 (109,220)

Abstract:

Loading...

Cash flow, misvaluation, market inefficiencies, financial constraints, corporate policies

22.

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

Number of pages: 37 Posted: 06 Oct 2009
Xin Chang, Lewis Tam and George Wong
Nanyang Business School, Nanyang Technological University, Faculty of Business Administration, University of Macau and The Hong Kong Polytechnic University
Downloads 351 (126,037)
Citation 1

Abstract:

Loading...

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

23.

The Real Impact of Stock Market Mispricing - Evidence from Australia

Number of pages: 33 Posted: 13 Oct 2005
Nanyang Business School, Nanyang Technological University, Faculty of Business Administration, University of Macau, University of Melbourne - Department of Finance and The Hong Kong Polytechnic University
Downloads 347 (127,601)
Citation 1

Abstract:

Loading...

Market Inefficiency, Equity Dependence, Investment, Australian Firms.

24.

Corporate Taxes and Corporate Social Responsibility

Nanyang Business School Research Paper No. 20-18
Number of pages: 61 Posted: 29 Sep 2020 Last Revised: 28 Nov 2022
Nanyang Business School, Nanyang Technological University, Southwestern University of Finance and Economics, Faculty of Business Administration, University of Macau and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 340 (130,515)

Abstract:

Loading...

corporate income taxes, corporate social responsibility (CSR), ESG, sustainability, fiscal policy

25.

Corporate Environmental Risk and the Customer-Supplier Relationship

Number of pages: 46 Posted: 05 Dec 2014 Last Revised: 28 Jun 2018
Lancaster University - Department of Accounting and FinanceLancaster University - Management School, Nanyang Business School, Nanyang Technological University, Hong Kong Baptist University, Central University of Finance and Economics (CUFE) - School of Economics and The Hong Kong Polytechnic University
Downloads 278 (161,562)

Abstract:

Loading...

corporate social responsibility, product market competition, environmental risk, customer-supplier relationship

26.

Bank Lines of Credit as a Source of Long-term Finance

Nanyang Business School Research Paper #22-02
Number of pages: 59 Posted: 04 Oct 2015 Last Revised: 19 Oct 2022
Nanyang Business School, Nanyang Technological University, Tsinghua University - School of Economics and Management and University of New South Wales, Sydney
Downloads 264 (169,607)
Citation 2

Abstract:

Loading...

Lines of Credit, Long-term Credit Line Drawdowns, Corporate Liquidity Management, Long-term Financing, Bridge Loans

27.

P-Hacking in Experimental Accounting Studies

Nanyang Business School Research Paper No. 21-01
Number of pages: 59 Posted: 12 Jan 2021 Last Revised: 16 Aug 2021
Xin Chang, Huasheng Gao and Wei Li
Nanyang Business School, Nanyang Technological University, Fanhai International School of Finance, Fudan University and Shanghai University of Finance and Economics
Downloads 252 (177,592)
Citation 1

Abstract:

Loading...

P-hacking; Experimental accounting; NHST; Statistical significance; Hypothesis testing

28.

Financial Constraints and Stock Returns - Evidence from Australia

Number of pages: 30 Posted: 31 Oct 2008 Last Revised: 20 Feb 2010
University of Melbourne - Department of Finance, Nanyang Business School, Nanyang Technological University, University of Queensland and The Hong Kong Polytechnic University
Downloads 239 (187,006)

Abstract:

Loading...

Financial Constraints, Stock Returns, Australian Firms

29.
Downloads 237 (188,521)
Citation 4

Monte Carlo Simulations and Capital Structure Research

International Review of Finance, Vol. 11, No. 1
Number of pages: 49 Posted: 25 Jan 2011
Xin Chang and Sudipto Dasgupta
Nanyang Business School, Nanyang Technological University and Chinese University of Hong Kong, ABFER, CEPR, and ECGI
Downloads 234 (190,296)

Abstract:

Loading...

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 Chang and Sudipto Dasgupta
Nanyang Business School, Nanyang Technological University and Chinese University of Hong Kong, ABFER, CEPR, and ECGI
Downloads 3 (948,219)

Abstract:

Loading...

30.

Internal Control Weaknesses and Corporate Environmental Performance: Evidence from Toxic Chemical Pollutants

Nanyang Business School Research Paper No. 20-26
Number of pages: 53 Posted: 14 Dec 2020 Last Revised: 26 Oct 2021
Nanyang Business School, Nanyang Technological University, Hong Kong Baptist University, University of Essex, EBS and The Australian National University-Research School of Accounting
Downloads 229 (194,739)

Abstract:

Loading...

Corporate Environmental Performance; Corporate Waste Management; Toxic Waste; Internal Control over Financial Reporting; Environmental Effects of Accounting

31.

Local Political Corruption and Financial Reporting Conservatism

Number of pages: 57 Posted: 19 Aug 2019 Last Revised: 01 Aug 2022
Nanyang Business School, Nanyang Technological University, Sun Yat-sen University (SYSU), Sun Yat-sen University (SYSU), Sun Yat-sen University (SYSU) and The Chinese University of Hong Kong (CUHK) - Department of Finance
Downloads 226 (197,204)

Abstract:

Loading...

Political Corruption, Anti-corruption Campaign, Conditional Accounting Conservatism, Political Costs, Financial Reporting, Earnings Shielding Strategy

32.

Equity Financing, Equity Lending, and Price Pressure: The Case of DRIP Arbitrage

Nanyang Business School Research Paper No. 20-03
Number of pages: 64 Posted: 06 Apr 2020 Last Revised: 10 Mar 2021
Deakin University - Department of Finance, Nanyang Business School, Nanyang Technological University, NEOMA Business School and Erasmus University Rotterdam (EUR)
Downloads 180 (242,110)

Abstract:

Loading...

Equity lending; Short selling; Equity Financing; Price pressure; Dividend reinvestment plan

33.

Conglomerate Structure and Capital Market Timing

Financial Management, Forthcoming
Number of pages: 53 Posted: 15 Dec 2009 Last Revised: 29 Aug 2013
Nanyang Business School, Nanyang Technological University, Georgetown University - McDonough School of Business, Nanyang Business School, Nanyang Technological University and Faculty of Business Administration, University of Macau
Downloads 166 (259,427)

Abstract:

Loading...

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

34.

The Determinants of COVID-19 Morbidity and Mortality across Countries

Forthcoming at Scientific Reports
Number of pages: 42 Posted: 14 Apr 2021 Last Revised: 28 Mar 2022
Singapore University of Social Sciences, Nanyang Business School, Nanyang Technological University, Central University of Finance and Economics (CUFE) - School of Economics and University of Queensland - Business School
Downloads 140 (297,789)
Citation 1

Abstract:

Loading...

COVID-19; Pandemic; Morbidity and Mortality; Cross-country Determinants

35.

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 Chang and Bruce D. Grundy
The Hong Kong Polytechnic University, Nanyang Business School, Nanyang Technological University and RSFAS Australian National University
Downloads 134 (307,979)

Abstract:

Loading...

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

36.

Macroeconomic Conditions, Financial Constraints, and Firms’ Financing Decisions

Journal of Banking and Finance, Forthcoming
Number of pages: 47 Posted: 15 Sep 2018 Last Revised: 21 Dec 2018
Nanyang Business School, Nanyang Technological University, Tsinghua University - School of Economics and Management and Chinese University of Hong Kong, ABFER, CEPR, and ECGI
Downloads 133 (309,781)
Citation 2

Abstract:

Loading...

Capital Structure, Debt Maturity, Financial Constraints, Macroeconomic Conditions, Market Timing

37.

Stock Price Crash Risk and Firms’ Operating Leverage

Journal of Financial Stability, Forthcoming, Nanyang Business School Research Paper No. 22-22
Number of pages: 49 Posted: 05 Oct 2022 Last Revised: 23 Nov 2022
Nanyang Business School, Nanyang Technological University, The Hang Seng University of Hong Kong - Department of Economics and Finance, The Hang Seng University of Hong Kong and The Hong Kong Polytechnic University
Downloads 129 (322,573)

Abstract:

Loading...

Crash risk, Operating leverage, Cost structure, Opacity, Operating deleveraging, Cost Stickiness

38.

Demand Uncertainty, Inventory, and the Cost Structure

Nanyang Business School Research Paper No. 21-43
Number of pages: 53 Posted: 01 Dec 2021 Last Revised: 03 Dec 2021
Nanyang Business School, Nanyang Technological University, The Hang Seng University of Hong Kong and The Hong Kong Polytechnic University
Downloads 127 (320,642)

Abstract:

Loading...

Inventory policy; Cost structure; Demand uncertainty; Congestion costs; Inventory-carrying costs; Operating leverage

39.

Does Corporate Social Responsibility Facilitate Public Debt Financing?

Number of pages: 55 Posted: 30 Aug 2019 Last Revised: 10 Jul 2022
Xin Chang, Bin Xu and Yung Chiang Yang
Nanyang Business School, Nanyang Technological University, University of Leeds and affiliation not provided to SSRN
Downloads 115 (344,321)

Abstract:

Loading...

public debt, debt ownership structure, corporate social responsibility, financial constraints

40.

Multiplicative Risk Prudence

Number of pages: 8 Posted: 28 Sep 2005
George Wong and Xin Chang
The Hong Kong Polytechnic University and Nanyang Business School, Nanyang Technological University
Downloads 104 (368,770)
Citation 1

Abstract:

Loading...

Multiplicative risk, Risk prudence, Precautionary saving

41.

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

Number of pages: 54 Posted: 14 May 2016 Last Revised: 12 Jul 2018
Nanyang Business School, Nanyang Technological University, University of Melbourne, Faculty of Business Administration, University of Macau and Jinan University - Management School
Downloads 87 (413,077)
Citation 2

Abstract:

Loading...

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

42.

Local Political Preference and Green Municipal Bonds

Number of pages: 54 Posted: 21 Nov 2022
Xiaoxiong Hu and Xin Chang
NEOMA Business School and Nanyang Business School, Nanyang Technological University
Downloads 13 (830,126)

Abstract:

Loading...

Green bonds; Greenium; Municipal bonds; Political value; Partisanship; Environmental sustainability; Green finance; Climate finance; Socially responsible investment

43.

CEO Locality and Corporate Social Responsibility

Number of pages: 64 Posted: 28 Nov 2022
Dianna Chang, Xin Chang and Weichen Yan
Singapore University of Social Sciences, Nanyang Business School, Nanyang Technological University and School of Economics and Management, Beihang University
Downloads 12 (819,703)

Abstract:

Loading...

corporate social responsibility; sustainable finance; CEO locality; place attachment; firm performance

Other Papers (1)

Total Downloads: 225
1.

Institutional Investor Horizons, Information Environment, and Firm Financing Decisions

Number of pages: 69 Posted: 15 Mar 2012 Last Revised: 15 Aug 2019
Nanyang Business School, Nanyang Technological University, City University of Hong Kong (CityU) - Department of Accountancy, Hong Kong Baptist University and Faculty of Business Administration, University of Macau
Downloads 225 (179,390)

Abstract:

Loading...

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