Hoa Luong - Academia.edu (original) (raw)

Papers by Hoa Luong

International Journal of Managerial Finance, 2021

PurposeThis paper investigates the influence of tournament incentives, measured by Chief Executiv... more PurposeThis paper investigates the influence of tournament incentives, measured by Chief Executive Officer (CEO) pay slice (CPS), on the acquisition decisions of Australian firms.Design/methodology/approachThis study applies ordinary least squares regression analyses to a sample of 1,429 acquisition observations announced by 986 unique Australian firms spanning the 2001–2015 period. Event study methodology was employed to capture the market reaction to acquisition announcements. Multinomial logit models, a two-stage least squares instrumental variable (IV) approach and propensity score matching (PSM) technique were performed for robustness and endogeneity correction purposes.FindingsThe results suggest that CPS has a positive and significant relationship with the announcement period abnormal return realised by acquirers, implying that executives are motivated to exert best efforts and support the CEO in making value-creating acquisitions. Further analyses reveal that management team...

Pacific-Basin Finance Journal, 2019

This is a PDF file of an article that has undergone enhancements after acceptance, such as the ad... more This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

This paper analyses the influence of market optimism and CEO relative compensation on takeover pr... more This paper analyses the influence of market optimism and CEO relative compensation on takeover premiums and bidder performance. Consistent with the US and UK studies, the findings reveal that bid premiums are significantly higher if the deal initiated in high market optimism. The correlation between market optimism and bidder announcement returns is significantly positive, while its association with one year and two-year post announcement returns are in an inverse direction. We evidence the insignificant difference between bid premiums offered by CEOs who are paid a high relative compensation compared with that of deals undertaken by CEOs with low relative compensation. CEOs with high relative pay experience lower short-term returns around announcement and enjoys higher returns in one year, which is in sharp contrast to other markets. In the two years’ time, the outperforming effects become marginal and insignificant. Regarding the interaction between market optimism and CEO relative compensation, higher bid premiums are observed when CEOs with high relative pay take action in high optimism market, whereas higher short-term returns and lower long-term returns are presented if CEOs with low relative compensation process a deal in a strong market. The findings support a combination of neoclassical theory, misvaluation theory, and efficient contracting to be applied in the Australian context

Procedia Engineering, 2017

SPIE Proceedings, 2014

Scientists have predicted that carbon's immediate neighbors on the periodic chart, boron and nitr... more Scientists have predicted that carbon's immediate neighbors on the periodic chart, boron and nitrogen, may also form perfect nanotubes, since the advent of carbon nanotubes (CNTs) in 1991. First proposed then synthesized by researchers at UC Berkeley in the mid 1990's, the boron nitride nanotube (BNNT) has proven very difficult to make until now. Herein we provide an update on a catalyst-free method for synthesizing highly crystalline, small diameter BNNTs with a high aspect ratio using a high power laser under a high pressure and high temperature environment first discovered jointly by NASA/NIA JSA. Progress in purification methods, dispersion studies, BNNT mat and composite formation, and modeling and diagnostics will also be presented. The white BNNTs offer extraordinary properties including neutron radiation shielding, piezoelectricity, thermal oxidative stability (> 800˚C in air), mechanical strength, and toughness. The characteristics of the novel BNNTs and BNNT polymer composites and their potential applications are discussed.

International Journal of Managerial Finance, 2021

PurposeThis paper investigates the influence of tournament incentives, measured by Chief Executiv... more PurposeThis paper investigates the influence of tournament incentives, measured by Chief Executive Officer (CEO) pay slice (CPS), on the acquisition decisions of Australian firms.Design/methodology/approachThis study applies ordinary least squares regression analyses to a sample of 1,429 acquisition observations announced by 986 unique Australian firms spanning the 2001–2015 period. Event study methodology was employed to capture the market reaction to acquisition announcements. Multinomial logit models, a two-stage least squares instrumental variable (IV) approach and propensity score matching (PSM) technique were performed for robustness and endogeneity correction purposes.FindingsThe results suggest that CPS has a positive and significant relationship with the announcement period abnormal return realised by acquirers, implying that executives are motivated to exert best efforts and support the CEO in making value-creating acquisitions. Further analyses reveal that management team...

Pacific-Basin Finance Journal, 2019

This is a PDF file of an article that has undergone enhancements after acceptance, such as the ad... more This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

This paper analyses the influence of market optimism and CEO relative compensation on takeover pr... more This paper analyses the influence of market optimism and CEO relative compensation on takeover premiums and bidder performance. Consistent with the US and UK studies, the findings reveal that bid premiums are significantly higher if the deal initiated in high market optimism. The correlation between market optimism and bidder announcement returns is significantly positive, while its association with one year and two-year post announcement returns are in an inverse direction. We evidence the insignificant difference between bid premiums offered by CEOs who are paid a high relative compensation compared with that of deals undertaken by CEOs with low relative compensation. CEOs with high relative pay experience lower short-term returns around announcement and enjoys higher returns in one year, which is in sharp contrast to other markets. In the two years’ time, the outperforming effects become marginal and insignificant. Regarding the interaction between market optimism and CEO relative compensation, higher bid premiums are observed when CEOs with high relative pay take action in high optimism market, whereas higher short-term returns and lower long-term returns are presented if CEOs with low relative compensation process a deal in a strong market. The findings support a combination of neoclassical theory, misvaluation theory, and efficient contracting to be applied in the Australian context

Procedia Engineering, 2017

SPIE Proceedings, 2014

Scientists have predicted that carbon's immediate neighbors on the periodic chart, boron and nitr... more Scientists have predicted that carbon's immediate neighbors on the periodic chart, boron and nitrogen, may also form perfect nanotubes, since the advent of carbon nanotubes (CNTs) in 1991. First proposed then synthesized by researchers at UC Berkeley in the mid 1990's, the boron nitride nanotube (BNNT) has proven very difficult to make until now. Herein we provide an update on a catalyst-free method for synthesizing highly crystalline, small diameter BNNTs with a high aspect ratio using a high power laser under a high pressure and high temperature environment first discovered jointly by NASA/NIA JSA. Progress in purification methods, dispersion studies, BNNT mat and composite formation, and modeling and diagnostics will also be presented. The white BNNTs offer extraordinary properties including neutron radiation shielding, piezoelectricity, thermal oxidative stability (> 800˚C in air), mechanical strength, and toughness. The characteristics of the novel BNNTs and BNNT polymer composites and their potential applications are discussed.