Tianyu Zhang - Profile on Academia.edu (original) (raw)

Tianyu Zhang

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Shanghai Jiaotong University

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Papers by Tianyu Zhang

Research paper thumbnail of Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms

Journal of Financial Economics, 2007

Almost 27% of the CEOs in a sample of 790 newly partially privatized firms in China are former or... more Almost 27% of the CEOs in a sample of 790 newly partially privatized firms in China are former or current government bureaucrats. Firms with politically connected CEOs underperform those without politically connected CEOs by almost 18% based on three-year post-IPO stock returns and have poorer three-year post-IPO earnings growth, sales growth, and change in returns on sales. The negative effect of the CEO's political ties also show up in the first-day stock return. Finally, firms led by politically connected CEOs are more likely to appoint other bureaucrats to the board of directors rather than directors with relevant professional backgrounds.

Research paper thumbnail of Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms

Journal of Financial Economics, 2007

Almost 27% of the CEOs in a sample of 790 newly partially privatized firms in China are former or... more Almost 27% of the CEOs in a sample of 790 newly partially privatized firms in China are former or current government bureaucrats. Firms with politically connected CEOs underperform those without politically connected CEOs by almost 18% based on three-year post-IPO stock returns and have poorer three-year post-IPO earnings growth, sales growth, and change in returns on sales. The negative effect of the CEO's political ties also show up in the first-day stock return. Finally, firms led by politically connected CEOs are more likely to appoint other bureaucrats to the board of directors rather than directors with relevant professional backgrounds.

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