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      • KCI등재

        The Impact of Foreign Strategic and Corporate Investors on H-Share IPO Performance

        Paul Brockman,Louis T. W. Cheng,Tak Y. Leung 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.6

        Since 1993, foreign institutional investors (strategic and corporate) have been permitted to invest in Chinese companies listed in Hong Kong as H-shares. We examine the impact of strategic and corporate investors on H-shares before, during, and after their IPOs. We observe that strategic and corporate investors select their investment candidates based on specific pre- IPO firm characteristics. The certification effect of corporate investors generates a significantly positive effect on outside investor demand. In addition, the presence of foreign institutional investors, particularly strategic investors, and post-IPO performance are positively related. Overall, we document a positive effect of foreign institutional investors on H-firms.

      • CEO Reputation and Corporate Opacity

        Bok Baik,Paul Brockman,David B. Farber,Sam Lee 한국재무학회 2010 한국재무학회 학술대회 Vol.2010 No.05

        We examine the relation between CEO reputation and corporate opacity. CEOs with high reputations have incentives to protect their reputations by enhancing their firms’ information environment, thereby decreasing opacity. However, highly reputed CEOs can become distracted as a result of their notoriety and resort to rentseeking behavior (e.g., earnings management), thereby increasing opacity. Using multiple proxies for CEO reputation and an opacity index comprised of commonly used proxies for information asymmetry, we find that firms with highly reputed CEOs are associated with lower opacity, suggesting that CEOs act to protect their reputations by increasing the flow of information to the market. Results are robust to a changes specification. We also show that CEO reputation matters most when firms have relatively weak governance environments. We also examine this issue from an investor perspective and find that firm value is increasing in CEO reputation, suggesting that investors perceive that highly reputed CEOs improve the information environment. Overall, our paper provides empirical evidence on the economic consequences associated with CEO characteristics.

      • KCI등재

        Conference Call Tone and Stock Returns: Evidence from the Stock Exchange of Hong Kong

        S. McKay Price,Paul Brockman,Xu Li 한국증권학회 2017 Asia-Pacific Journal of Financial Studies Vol.47 No.5

        We investigate market reactions to manager and analyst tones during earnings conference calls using company transcripts from the Stock Exchange of Hong Kong (SEHK). This is the first study to examine the role of conference call tones outside of a US setting. Consistent with previous US-based results, we find that positive tones lead to higher stock returns. In contrast to US-based results, we show that investors place more emphasis on managerial tones than on analyst tones. We also find that stock market reactions to conference call tones are stronger for firms with a sophisticated investor base.

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