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Academic Journal
Finance

“The choice between rights and underwritten equity offerings: Evidence from Chinese Stock Markets”

We study the choice and valuation effects of alternative flotation methods using a sample of Chinese firms that must meet the return on equity (ROE) thresholds set by the government to raise equity capital. The ROE requirement, although changed over time, seems to play an important role on the valuation and performance of seasoned equity offerings. The analysis of 219 rights and 75 underwritten offerings between 2000 and 2004 shows that Chinese firms that are not qualified for the flotation method with a higher ROE requirement suffer the most at announcement and experience significantly lower buy-and-hold abnormal returns than those that are qualified. Our results suggest that the freedom to choose their preferred flotation method may be valuable to firms that meet the higher ROE requirement. Finally, our probit models identify several determinants of the choice of flotation methods.
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Li Dang and Jimmy Yang "The choice between rights and underwritten equity offerings: Evidence from Chinese Stock Markets" Journal of Multinational Financial Management 235-253 pages 2013 View on: Google Scholar

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Academic Journal
Management

“The coevolution of new organizational forms”

This paper outlines an alternative theory of organization-environment coevolution that generalizes a model of organization adaptation first proposed by March (1991), linking firm-level exploration and exploitation adaptations to changes in the population of organizations. The theory considers organizations, their populations, and their environments as the interdependent outcome of managerial actions, institutional influences, and extra-institutional changes (technological, sociopolitical, and other environmental phenomena). In particular, the theory incorporates potential differences and equifinal outcomes related to country-specific variation. The basic theses of this paper are that firm strategic and organization adaptations coevolve with changes in the environment (competitive dynamics, technological, and institutional) and organization population and forms, and that new organizational forms can mutate and emerge from the existing population of organizations. The theory has guided a multicountry research collaboration on strategic and organization adaptations and the mutation and emergence of new organizational forms from within the existing population of organizations.
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Tim Carroll, Chris Long and Arie Lewin "The coevolution of new organizational forms" Organization Science INFORMS 535-550 pages 1999 View on: Google Scholar

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Academic Journal
Strategy & Entrepreneurship

“The Dynamics of Advice-Giving by Venture Capital Firms: Antecedents of Managerial Cognitive Effort”

This study investigates what leads managers to allocate constrained
the cognitive effort towards new versus familiar aspects of a business. We
explore this question in the context of venture capitalists’ (VCs) advice-giving
to their portfolio companies on business topics on which they have
advised other ventures in the past, versus on topics new to the VC that
may be outside their areas of expertise. We use both demand-side
(venture-driven) and supply-side (VC-driven) perspectives to build a novel
theory about the antecedents of cognitive effort underlying advice-giving.
By empirically testing our theory using a novel dataset, we find that both
perspectives explain important aspects of advice-giving dynamics for VCs.
This supports the idea that VCs, facing dynamic environments and capacity
constraints, definitely respond to stimuli from ventures, but also that VCs
change their behavior as they accumulate experience in ways that reflect
expanding confidence in their ability to add value and concerns about overextension
of their efforts, depending on the valence of VC experience. Our
findings provide novel insights to the antecedents of cognitive effort and to
research on the VC-venture relationship by exploring the dynamics of how
these advice-giving relationships evolve over time as VCs gain experience.
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Violetta Gerasymenko and J.P. Eggers "The Dynamics of Advice-Giving by Venture Capital Firms: Antecedents of Managerial Cognitive Effort" Journal of Management 2017 View on: Google Scholar

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Academic Journal
Accounting

“The Effect of Aggregation of Accounting Information via Segment Reporting on Accounting Conservatism"”

In a sample of US multiple-segment firms, we document a negative association between aggregation via segment reporting and timely loss recognition. A higher level of aggregation, as reflected in a firm’s reported organizational structure (the definition and characteristics of its segments), causes a multiple-segment firm to exhibit less cross-segment variation in profitability than a matched control portfolio of single-segment firms. We find that firms that engage in more aggregation report accounting numbers that provide less timely information about economic losses. We also observe that firms that provide more disaggregated segment data subsequent to adopting SFAS 131 experienced an increase in timely loss recognition. This result implies that higher quality segment reporting leads to an increase in timely loss recognition, which, per extant research, is associated with better governance.
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Logan Steele, Daniel Bens and Steven Monahan "The Effect of Aggregation of Accounting Information via Segment Reporting on Accounting Conservatism"" European Accounting Review 237-262 pages 2018 View on: Google Scholar

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Academic Journal
Finance

“The Effect of Gender Diversity on Angel Group Investment”

We examine the impact that gender diversity has on angel group investment behavior for a sample of 183 group-years between 2000 and 2006. Our evidence suggests that gender diversity is a significant predictor of group investment behavior, and that the proportion of women angels in the group has a negative though nonlinear effect on investment likelihood. These data are most consistent with a situational interpretation that women invest differently when they are in the small minority compared with other situations. These results have important implications for the availability of funds for women entrepreneurs and call for greater participation of women investors in the angel marketplace.
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John Becker Blease and Jeff Sohl "The Effect of Gender Diversity on Angel Group Investment" Entrepreneurship, Theory and Practice 709-733 pages 2011 View on: Google Scholar

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