Xin (Simba) Chang

Reader in Financial Economics at Cambridge Judge Business School Executive Education

Schools

Cambridge Judge Business School Executive Education

Expertise

Biography

Cambridge Judge Business School Executive Education

Reader in Financial Economics

BEng (Tsinghua University), MPhil (Graduate School of People''s Bank of China), PhD (Hong Kong University of Science and Technology (HKUST))

Research interests

Corporate finance, especially capital structure, mergers and acquisitions, and equity valuation.

Subject group: Finance

Previous appointments

Xin Chang was appointed as a tenured Associate Professor at Nanyang Business School of Nanyang Technological University (NTU), and as a Lecturer and tenured Senior Lecturer at the University of Melbourne.

Awards & honours

Best Paper on Corporate Finance Award, TCFA''s (The Chinese Finance Association), 2013
Division of Banking and Finance Teacher of the Year, Nanyang Technological University, 2013
Best Paper Award, World Business Ethics Forum, 2012
Best Professor in Financial Management, Asia''s Best B-School Awards, 2012
MBA Teacher of the Year, Nanyang Technological University, Nanyang Technological University, 2011
Best Paper Award, SFM Conference, 2011
Division of Banking and Finance Researcher of the Year, Nanyang Technological University, 2009
Best Paper Award, SFM Conference, 2008
Peter Brownell Award for best publication in Accounting and Finance, 2007
Dean''s Certificate for Excellence in Teaching, University of Melbourne, 2007
Dean''s Award for Research Excellence, University of Melbourne, 2006

Selected publications

Here are a selection of Xin Chang''s publications. Please see the "Selected publications" tab above for a more comprehensive list.

Chang, X., Fu, K., Low, A. and Zhang, W. (2015) "Non-executive employee stock options and corporate innovation." Journal of Financial Economics, 115(1): 168-188 (DOI: 10.1016/j.jfineco.2014.09.002)

Chang, X. and Zhang, H.F. (2015) "Managerial entrenchment and firm value: a dynamic perspective." Journal of Financial and Quantitative Analysis, 50(5): 1083-1103 (DOI: 10.1017/S0022109015000423)

Chang, X., Dasgupta, S., Wong, G. and Yao, J. (2014) "Cash flow sensitivities and the allocation of internal cash flow." Review of Financial Studies, 27(12): 3628-3657 (DOI: 10.1093/rfs/hhu066)

Chang, X. and Dasgupta, S. (2009) "Target behavior and financing: how conclusive is the evidence?" Journal of Finance, 64(4): 1767-1796 (DOI: 10.1111/j.1540-6261.2009.01479.x)

Chang, X., Dasgupta, S. and Hilary, G. (2009) "The effect of auditor quality on financing decisions." The Accounting Review, 84(4): 1085-1117 (DOI: 10.2308/accr.2009.84.4.1085)

Chang, X., Dasgupta, S. and Hilary, G. (2006) "Analyst coverage and financing decisions." Journal of Finance, 61(6): 3009-3048 (DOI: 10.1111/j.1540-6261.2006.01010.x)

Journal articles

Chang, X., Dasgupta, S. and Hilary, G. (2006) "Analyst coverage and financing decisions." Journal of Finance, 61(6): 3009-3048 (DOI: 10.1111/j.1540-6261.2006.01010.x)

Chang, X., Tan, T.J., Wong, G. and Zhang, H. (2007) "Effects of financial constraints on corporate policies in Australia." Accounting and Finance, 47(1): 85-108 (DOI: 10.1111/j.1467-629X.2007.00200.x)

Chang, X., Tam, L.H.K., Tan, T.J. and Wong, G. (2007) "The real impact of stock market mispricing - evidence from Australia." Pacific Basin Finance Journal, 15(4): 388-408 (DOI: 10.1016/j.pacfin.2006.06.003)

Chang, X., Gygax, A.F., Oon, E. and Zhang, H.F. (2008) "Audit quality, auditor compensation and initial public offering underpricing." Accounting and Finance, 48(3): 391-416 (DOI: 10.1111/j.1467-629X.2008.00275.x)

Chang, X., Dasgupta, S. and Hilary, G. (2009) "The effect of auditor quality on financing decisions." The Accounting Review, 84(4): 1085-1117 (DOI: 10.2308/accr.2009.84.4.1085)

Chang, X. and Dasgupta, S. (2009) "Target behavior and financing: how conclusive is the evidence?" Journal of Finance, 64(4): 1767-1796 (DOI: 10.1111/j.1540-6261.2009.01479.x)

Chang, X., Lin, S.H., Tam, L.H.K. and Wong, G. (2010) "Cross-sectional determinants of post-IPO stock performance: evidence from China." Accounting and Finance, 50(3): 581-603 (DOI: 10.1111/j.1467-629X.2009.00333.x)

Chang, X., Hilary, G., Shih, C.M. and Tam, L.H.K. (2010) "Conglomerate structure and capital market timing." Financial Management, 39(4): 1307-1338 (DOI: 10.1111/j.1755-053X.2010.01114.x)

Chan, H., Chang, X., Faff, R. and Wong, G. (2010) "Financial constraints and stock returns - evidence from Australia." Pacific Basin Finance Journal, 18(3): 306-318 (DOI: 10.1016/j.pacfin.2010.02.004)

Chang, X. and Dasgupta, S. (2011) "Monte Carlo simulations and capital structure research." International Review of Finance, 11(1): 19-55 (DOI: 10.1111/j.1468-2443.2011.01126.x)

Chang, X., Dasgupta, S., Wong, G. and Yao, J. (2014) "Cash-flow sensitivities and the allocation of internal cash flow." Review of Financial Studies, 27(12): 3628-3657 (DOI: 10.1093/rfs/hhu066)

Chang, X., Fu, K., Low, A. and Zhang, W. (2015) "Non-executive employee stock options and corporate innovation." Journal of Financial Economics, 115(1): 168-188 (DOI: 10.1016/j.jfineco.2014.09.002)

Chang, X. and Zhang, H.F. (2015) "Managerial entrenchment and firm value: a dynamic perspective." Journal of Financial and Quantitative Analysis, 50(5): 1083-1103 (DOI: 10.1017/S0022109015000423)

Chang, X., Shekhar, C., Tam, L.H.K. and Yao, J. (2016) "Industry expertise, information leakage, and the choice of M&A advisors." Journal of Business Finance and Accounting , 43(1-2): 191-225 (DOI: 10.1111/jbfa.12165)

Chang, X., Shekhar, C., Tam, L.H.K. and Yao, J. (2016) "The information role of advisors in mergers and acquisitions: evidence from acquirers hiring targets'' ex-advisors." Journal of Banking and Finance, 70: 247-264 (DOI: 10.1016/j.jbankfin.2016.05.006)

Chang, X., Chen, Y. and Zolotoy, L. (2017) "Stock liquidity and stock price crash risk." Journal of Financial and Quantitative Analysis (forthcoming)

How to make cashflow work for you 13 March 2017

Understanding cashflow patterns could help not only your own business but also the wider economy, says researcher Dr Xin Chang. Entrepreneur Ed …

Options NOT ownership equal innovation 9 June 2016

If you want employees to innovate you give them ownership, right? Wrong. New research suggests that offering stock options, rather than shares, …

Hiring ex-advisors of target firms pays off for acquirers 12 May 2016

Acquiring firms that hire targets’ former advisors pay lower takeover premiums and reduce the likelihood of competing bids, says study co-authored by …

Cambridge Business Magazine: Stock options to non-executive employees can boost innovation 1 August 2016

A paper published co-authored by Dr Xin (Simba) Chang, University Senior Lecturer in Finance at Cambridge Judge Business School, found that firms …

Cambridge Business Magazine: It pays to hire your target’s former advisers 1 July 2016

Acquiring firms that hire targets’ former advisors pay lower takeover premiums and reduce the likelihood of competing bids, says study co-authored by …

Harvard Business Review: When treating workers well leads to more innovation 3 November 2015

A paper published in the Journal of Financial Economics earlier this year found that firms that offered stock options to non-executive employees …