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Dr Xin (Simba) Chang

Xin (Simba) Chang

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

We aim to examine the disciplinary role of corporate pension deficits in the market for corporate control. We conjecture that companies with larger pension deficits are less likely to engage in diversifying mergers, experience higher merger announcement returns, pay lower premiums to targets, and use a higher percentage of cash in their payment. These results should be more evident for acquirers with pension plans that are dominated by actively working employees or collectively bargained by employees. Our findings would indicate that corporate pension deficits provide employees with strong incentives to monitor managerial performance and influence managers to make value-enhancing investment decisions.

Project Update - August 2017

Project Update - April 2017

Project Update - July 2016

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NEW VACANCIES - CERF research Assistants/Associates

Dec 19, 2019

We are looking to recruit a Research Assistant/Associate to work at the Cambridge Endowment for Research in Finance (CERF) based in Central Cambridge at the University of Cambridge Judge Business School.

CERF Fellow Dr. Bang Dang Nguyen - paper will be presented at the AFA Annual Meeting 2020 in San Diego

Sep 26, 2019

Political Connections and Firm Value: Evidence from Close Gubernatorial Elections, joint with Q.A. Do (SciencesPo Paris) and Yen-Teik Lee (Curtin University), is accepted and will be presented at the AFA Annual Meeting 2020 in San Diego.

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