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Zhaoxia
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Dynamic Adjustment of Financial Policy
Chapter 1 of this thesis uses a more robust market timing measure to test the relation between market timing and capital structure. A persistent impact of market timing on leverage is found. Moreover, the market timing measure is not a proxy for other firm characteristics, such as growth opportunities. This chapter also shows that equity issues at the IPO affect capital structure persistently, but equity issues in hot markets do not significantly reduce leverage more than those in cold markets. Though these results seem inconsistent with the static trade-off theory, we have to be cautious in rejecting the theory because the underlying capital structure will change after a firm goes public. T...
Interdisciplinary Research and Applications in Bioinformatics, Computational Biology, and Environmental Sciences
"This book presents cutting-edge research in the field of computational and systems biology, presenting studies ranging from the atomic/molecular level to the genomic level and covering a wide spectrum of important biological problems and applications"--Provided by publisher.
Financial Dependence and Innovation
This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the innovation activities of privately-held and publicly-traded firms. We find that public firms in external finance dependent industries generate patents of higher quantity, quality, and novelty compared to their private counterparts, while public firms in internal finance dependent industries do not have a significantly better innovation profile than matched private firms. The results are robust to various empirical strategies that address selection bias. The findings suggest that public listing is beneficial to the innovation of firms in industries with a greater need for external capital.
Progress in Advanced Computing and Intelligent Engineering
This book features high-quality research papers presented at the International Conference on Advanced Computing and Intelligent Engineering (ICACIE 2017). It includes sections describing technical advances in the fields of advanced computing and intelligent engineering, which are based on the presented articles. Intended for postgraduate students and researchers working in the discipline of computer science and engineering, the proceedings also appeal to researchers in the domain of electronics as it covers hardware technologies and future communication technologies.
Product Market Competition and Financial Decisions During a Financial Crisis
We find that, in the presence of the “flight to quality” during the 2007-2008 financial crisis, firms that depended less on external financing (or internal finance dependent firms) prior to the crisis were able to secure additional financing and increased investments, while external finance dependent firms significantly contracted their external financing and investments. Internal finance dependent firms' increased investments during the crisis were associated with higher market share growth, while external finance dependent competitors lost their market share. Moreover, the increased investments and market share growth of internal finance dependent firms during the crisis were pronounced in competitive industries and among firms with similar products. The results indicate that firms' financial decisions during the financial crisis are interrelated with their product market dimensions.
The Sensitivity of Cash Savings to the Cost of Capital
We show theoretically and empirically that in the presence of a time-varying cost of capital (COC), firms have a hedging motive to reduce the overall COC over time by saving cash when COC is relatively low. The sensitivity of cash savings to COC is especially pronounced with respect to the cost of equity and for firms with greater correlation between COC and financing needs for future investments. Both financially constrained and unconstrained firms respond to low COC by saving cash out of external capital issuance in excess of current financial needs.
GB/T 42949-2023 Translated English of Chinese Standard (GB/T 42949-2023, GBT42949-2023)
This document describes a test method for the colour fastness to rotational rubbing of leather. This document is applicable to the determination of colour fastness to rotational rubbing of various types of leather and leather products.
The Internationalization of China’s Equity Markets
China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index.
