Ligang Zhong
University of Windsor
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Publication
Featured researches published by Ligang Zhong.
Chinese Economy | 2016
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
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
Kee-Hong Bae; Lynnette D. Purda; Michael Welker; Ligang Zhong
Journal of Empirical Finance | 2016
Xiaoya (Sara) Ding; Yang Ni; Ligang Zhong
Pacific-basin Finance Journal | 2017
Fangzhao Zhou; Yunqi Fan; Yunbi An; Ligang Zhong
Journal of International Financial Markets, Institutions and Money | 2017
Nancy D. Ursel; Ligang Zhong
International Review of Financial Analysis | 2017
Sabri Boubaker; Lamia Chourou; Ligang Zhong
Journal of Accounting and Public Policy | 2017
Ligang Zhong; Lamia Chourou; Yang Ni
Archive | 2016
Lamia Chourou; Luo He; Ligang Zhong
Journal of International Financial Markets, Institutions and Money | 2015
Lynnette D. Purda; Fatma Sonmez; Ligang Zhong