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Dive into the research topics where Ligang Zhong is active.

Publication


Featured researches published by Ligang Zhong.


Chinese Economy | 2016

The Effect of Access to Public Debt Market on Chinese Firms Leverage

Xiaoya (Sara) Ding; Meiying Wu; Ligang Zhong

Publicly traded firms in China rely heavily on equity financing and are constrained in debt financing. Gaining access to the public debt market substantially alleviates the constraint. The debt ratio of the firms that have access to the public debt market is approximately 14 percent higher than the firms without access. Everything else being equal, gaining access to the public debt market significantly increases the debt ratio by 3.44 percent, and this increase is concentrated in long-term debt. We further find that non-SOEs enjoy greater benefits from access to the public debt market than SOEs, as evidenced by an increase in their total debt ratio and long-term debt ratio. For SOEs, the increase in long-term debt is offset by the decrease in short-term debt, which results in no change in total debt ratio. Our findings suggest the importance of access to the public debt market for Chinese firms, especially for non-SOEs that do not have privileged access to capital as do the SOEs.


Applied Economics | 2017

What drives the high moments of hedge fund returns

H. Kent Baker; Imed Chkir; Ligang Zhong

ABSTRACT We study the high-moment distribution of hedge fund returns and identify factors that drive high-moment risk. Using hedge fund monthly returns, we find a strong correlation between the first four moments of returns (i.e. mean, standard deviation (SD), skewness, and kurtosis) and different characteristics of the funds such as leverage, liquidity, incentives, and strategy-related factors. We find that after controlling for other factors, incentives-related factors and a hedge fund’s specific strategy have the greatest impact on the distribution of fund returns. Our evidence also suggests investors allocate across hedge fund characteristics while placing greater emphasis on fund strategies and incentive factors.


Journal of International Business Studies | 2013

Credit rating initiation and accounting quality for emerging-market firms

Kee-Hong Bae; Lynnette D. Purda; Michael Welker; Ligang Zhong


Journal of Empirical Finance | 2016

Free float and market liquidity around the world

Xiaoya (Sara) Ding; Yang Ni; Ligang Zhong


Pacific-basin Finance Journal | 2017

Independent directors, non-controlling directors, and executive pay-for-performance sensitivity: Evidence from Chinese non-state owned enterprises

Fangzhao Zhou; Yunqi Fan; Yunbi An; Ligang Zhong


Journal of International Financial Markets, Institutions and Money | 2017

Why do firms pay high underwriting fees? SEO withdrawal, underwriter certification and CEO turnover

Nancy D. Ursel; Ligang Zhong


International Review of Financial Analysis | 2017

Does Institutional Investor Horizon Influence US Corporate Financing Decisions

Sabri Boubaker; Lamia Chourou; Ligang Zhong


Journal of Accounting and Public Policy | 2017

On the Association between Strategic Institutional Ownership and Earnings Quality: Does Investor Protection Strength Matter?

Ligang Zhong; Lamia Chourou; Yang Ni


Archive | 2016

Does Religiosity Enhance the Quality of Management Earnings Forecasts

Lamia Chourou; Luo He; Ligang Zhong


Journal of International Financial Markets, Institutions and Money | 2015

Financial institution credit assessment and implications for portfolio managers

Lynnette D. Purda; Fatma Sonmez; Ligang Zhong

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Xiaoya (Sara) Ding

University of San Francisco

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Yang Ni

Shanghai Jiao Tong University

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Yunbi An

University of Windsor

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