Research
Working Papers:
Corporate Social Responsibility and Post-merger Labour Restructuring (Job Market Paper)
- Top three papers, for the Best PhD Paper Award in EFMA (2023)
Abstract: Using a unique panel of target firms in European countries, this paper examines how corporate social responsibility (CSR) affects employment policies after acquisitions. Surprisingly, I find that acquirers with greater CSR performance are more likely to lay off employees in target firms. My findings are primarily driven by the Social component of the CSR rating. I further document a positive impact of acquirers’ social performance on target firms’ labour productivity, technical efficiency, and staff costs. In addition, I show that socially responsible firms enjoy higher announcement returns, especially when they do more layoffs. These results are consistent with the cost-saving channel that higher labour costs induced by the implementation of CSR policies decrease the optimal level of employment in acquired targets. Overall, my paper suggests that socially responsible firms do not lose sight of value maximization when making layoff decisions.
Selected Presentations: FMA Special PhD Paper Presentations (2023); FMA Doctoral Consortium (2023); FMA (2023); Boca Corporate Finance and Governance (2023); ECGI Young Scholars Workshop (2023); Nova Finance PhD Final Countdown (2023); Conference on CSR, the Economy and Financial Markets (2023); Journal of Corporate Finance SI Conference (JCF, 2023); EFiC Conference (2023); Durham Conference for Finance Job Market Papers (2023); EFMA Doctoral Seminar (2023); EFMA (2023); FMA Europe Doctoral Consortium (2023); FMCG PhD Symposium (2023); RES Annual Conference (2023); Asia-Pacific Financial Markets Conference (CAFM, 2022); Paris Financial Management Conference (PFMC, 2022); New Zealand Finance Meeting (NZFM, 2022); Australasian Finance and Banking Conference (AFBC, 2022); YSBC Sustainable Finance Conference (2022); Conference on Mergers, Innovation & the Labour Market (2022); Bayes Business School Finance Research Day (2022)
Employment Protection and Organizational Structure, with Giacinta Cestone and Francisco Urzua
Abstract: This paper investigates the role of Internal Labor Markets (ILMs) in weakening the impact of employment protection regulations on business group organizations.
Presentations: Bayes Business School Research Day (2024)
Does Knowledge Protection Spur Common Ownership? Evidence from the Inevitable Disclosure Doctrine, with Jiaying Li
Abstract: This paper provides direct evidence that information sharing serves as an important motive for common ownership.
Presentations: LBS Trans-Atlantic Doctoral Conference (2023); NBIM-Oxford Conference on Common Ownership (2023); SGF Conference PhD Session (2023); RES Annual Conference (2023); Bayes Business School Finance Research Day (2021)
Does Local Political Corruption Spur Corporate Carbon Emissions, with Lihang Chen
Abstract: This paper examines whether and how political corruption affects corporate carbon emissions. We find that firms located in highly corrupt areas produce more corporate carbon emissions.
Presentations: Bayes Business School Finance Research Day (2023); YSBC Sustainable Finance Conference (2023)
Professional services
Ad-hoc Referee: Journal of Corporate Finance ( x 2 )