The Impact of Target Capital Structure and Market Mispricing on Takeover Financing: Empirical Evidence from China (2016)
Journal Article
Li, J., & Gao, S. S. (2016). The Impact of Target Capital Structure and Market Mispricing on Takeover Financing: Empirical Evidence from China. Global Review of Accounting and Finance, 7(2), 80-92

The dynamic trade-off theory and the market timing theory of capital structure are applied to analyze 5,923 Chinese takeover events from 2007 to 2014 with a view to identifying the influence of target capital structure (TCS), market mispricing and th... Read More about The Impact of Target Capital Structure and Market Mispricing on Takeover Financing: Empirical Evidence from China.

Emerging market financial services development: the case of leasing in Poland and China (2014)
Journal Article
Jaworski, P. M., Sliwinski, A., & Gao, S. S. (2014). Emerging market financial services development: the case of leasing in Poland and China. International Journal of Innovation and Learning, 15, 365-382. https://doi.org/10.1504/IJIL.2014.062473

The aim of this paper is to present Polish and Chinese developments in this area in the period of 1999–2009 for the former and 2005–2008 the latter and then to compare both markets for 2007 and 2008 using different metrics. The time horizon is limite... Read More about Emerging market financial services development: the case of leasing in Poland and China.

Do greenhouse gas emissions affect financial performance? – an empirical examination of Australian public firms (2013)
Journal Article
Wang, L., Li, S., & Gao, S. S. (2013). Do greenhouse gas emissions affect financial performance? – an empirical examination of Australian public firms. Business Strategy and the Environment, https://doi.org/10.1002/bse.1790

Previous studies that have attempted to relate corporate environmental performance to financial performance have generated conflicting results. This paper presents the findings of a study on the relationship between greenhouse gas (GHG) emissions and... Read More about Do greenhouse gas emissions affect financial performance? – an empirical examination of Australian public firms.

Markowitz efficiency and size effect: evidence from the UK stock market (2013)
Journal Article
Hwang, T., Gao, S. S., & Owen, H. (2013). Markowitz efficiency and size effect: evidence from the UK stock market. Review of Quantitative Finance and Accounting, https://doi.org/10.1007/s11156-013-0390-8

Academics and practitioners have frequently debated the relationship between market capitalization and expected return. We apply the Markowitz efficient frontier approach to develop a portfolio performance measure that compares the return of a portfo... Read More about Markowitz efficiency and size effect: evidence from the UK stock market.

A two-pass model study of the CAPM: evidence from the UK stock market. (2012)
Journal Article
Hwang, T., Gao, S. S., & Owen, H. (2012). A two-pass model study of the CAPM: evidence from the UK stock market. Studies in economics and finance, 29, 89-104. https://doi.org/10.1108/10867371211229118

Purpose – There has been considerable debate on the linear relationship between systematic risk and return. The purpose of this study is to investigate whether security return can be explained by systematic risk.

Design/methodology/approach – Thi... Read More about A two-pass model study of the CAPM: evidence from the UK stock market..

Dividend tunneling and joint expropriation: empirical evidence from China's capital market (2012)
Journal Article
Lv, H., Li, W., & Gao, S. S. (2012). Dividend tunneling and joint expropriation: empirical evidence from China's capital market. European Journal of Finance, 18, 369-394. https://doi.org/10.1080/1351847X.2011.579741

This paper examines the association between cash dividends and the shareholders balancing mechanism (SBM) using the exogeneity and endogeneity assumptions of corporate ownership structure. This paper identifies, in the case of China, whether paying c... Read More about Dividend tunneling and joint expropriation: empirical evidence from China's capital market.

Fraudulent Financial Reporting: Corporate Behavior of Chinese Listed Companies (2011)
Book Chapter
Zhu, J., & Gao, S. S. (2011). Fraudulent Financial Reporting: Corporate Behavior of Chinese Listed Companies. In Research in Accounting in Emerging Economies; Accounting in Asia (61-82). Emerald. https://doi.org/10.1108/s1479-3563%282011%290000011008

Purpose – This study investigates the nature, types, and methods of fraudulent financial reporting committed by Chinese listed companies with a view to understanding corporate behavior relating to management fraud in China. Such an understanding is i... Read More about Fraudulent Financial Reporting: Corporate Behavior of Chinese Listed Companies.

An analysis of China's derivatives market and accounting for derivatives (2009)
Book Chapter
Huang, H., & Gao, S. (2009). An analysis of China's derivatives market and accounting for derivatives. In Financial Sector Reform and the International Integration of China (134-148). Routledge

An analysis of China's derivatives market and accounting for derivatives.

Lease Finance in Emerging Markets: An Eastern European Study (1996)
Journal Article
Gao, S. S., & Herbert, W. E. (1996). Lease Finance in Emerging Markets: An Eastern European Study. Managerial Finance, 22(12), 39-53. https://doi.org/10.1108/eb018597

The emergence of lease markets in Eastern Europe provides a new menu of opportunities for inward foreign leasing investment by Western Multinational Enterprises (MNEs). The Eastern European markets, like other emerging markets, exhibit high expected... Read More about Lease Finance in Emerging Markets: An Eastern European Study.