Browsing by Author "Li, Xiaodan"

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Founders and the decision of Chinese dual-class IPOs in the US
(2019-10-01)
Li, Xiaodan
;
Jiao, Yang
;
Yu, Min-Teh
;
Zhao, Yang
;
資訊管理與財務金融系註：原資管所+財金所
This study collects data on IPOs of U.S.-listed Chinese companies from 2000 to 2015 and explores why some of these firms deviate from the one share-one vote regime when going public. Our results identify "founder's influence" and "e-businesses" as two key determinants of dual-class IPOs that have not been found in the previous literature. The significance of the effect of fundraising for long-term investments as found in the literature and this study disappears when comparing these two new determinants together. We also provide empirical evidence that managers adopt a dual-class share structure in order to retain control and to diversify the risk of their own wealth, and that there is no significant performance difference between dual-class firms and single-class firms after IPOs.
Systemic risk, interconnectedness, and non-core activities in Taiwan insurance industry
(2018-05-01)
Chang, Carolyn W.
;
Li, Xiaodan
;
Lin, Edward M. H.
;
Yu, Min-Teh
;
交大名義發表
We employ three measures- marginal expected shortfall, SRISK index, and Conditional Value-at-Risk- to assess an insurer's exposure and contribution to systemic risk during the period 2005-2015. We then examine the primary factors posing the systemic risk and find that both non-core activities and interconnectedness of insurers are the significant and primary drivers. Our results differ from the findings in the U.S. insurance sector where firm size is the primary driver of insurers' exposure and contribution to systemic risk, as the findings in the global insurance sector where leverage is a significant driver of insurers' exposure, and both leverage and non-core activities are primary drivers of insurers' contribution to systemic risk. Our results further indicate that the size and significance of the interconnectedness effect on systemic risk increase as the share of insurance sector within the financial industry rises.