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Gerhard Kling

Bio: Gerhard Kling is an academic researcher from University of Aberdeen. The author has contributed to research in topics: Debt & Market liquidity. The author has an hindex of 16, co-authored 57 publications receiving 963 citations. Previous affiliations of Gerhard Kling include SOAS, University of London & King's College, Aberdeen.


Papers
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Journal ArticleDOI
TL;DR: Li et al. as mentioned in this paper analyzed asset appropriation by principal shareholders in China and uncover the following relationships: (1) outsiders in the board of directors, audit without non-clean opinion, and dispersed ownership prevent operational tunneling; (2) belonging to a business group and issuing B or H share exacerbate asset appropriation.
Abstract: We analyze asset appropriation by principal shareholders in China and uncover the following relationships: (1) outsiders in the board of directors, audit without non-clean opinion, and dispersed ownership prevent operational tunneling; (2) belonging to a business group and issuing B or H share exacerbate asset appropriation Institutional ownership does not prevent the embezzlement of assets and is endogenous, as investors select companies with good governance Besides governance mechanisms, stock characteristics matter in that larger firms exhibit less tunneling, whereas highly leveraged firms experience the opposite We find a decline of tunneling in 2001, which might be due to economic reforms

184 citations

Journal ArticleDOI
TL;DR: Wang et al. as discussed by the authors used daily survey data on Chinese institutional investors' forecasts to measure investors' sentiment and found that share prices and investor sentiment do not have a long-run relation; however, in the short-run, the mood of investors follows a positive-feedback process.

116 citations

Journal ArticleDOI
TL;DR: In this article, the authors present the first systematic investigation of the effects of climate-related vulnerability on firms' cost of capital and access to finance and sheds light on a hitherto under-appreciated cost of climate change for climate vulnerable developing economies.

76 citations

Journal ArticleDOI
TL;DR: In this paper, the authors explore pathways to power from the perspective of the French corporate elite and compare those who enter the 'field of power' with those who fail to reach this final tier.
Abstract: This paper explores pathways to power from the perspective of the French corporate elite. It compares those who enter the 'field of power' with those who fail to reach this final tier. Adopting an innovative econometric approach, we develop and test three hypotheses. These underline the pivotal role of external networks and the strategic advantage of hyper-agency in maintaining power; and indicate that social origin remains a powerful driver in determining success. Birthright and meritocracy emerge as two competing institutional logics which influence life chances. Higher-status agents benefit from mutual recognition which enhances their likelihood of co-option to the extra-corporate networks that facilitate hyper-agency. The objectification of class-based differences conceals their arbitrary nature while institutionalizing the principles informing stratification. We re-connect class analysis with organizational theory, arguing that social origin exerts an enduring influence on selection dynamics which inform processes of hierarchical reproduction in the corporate elite and society at large.

76 citations

Journal Article
TL;DR: Wang et al. as discussed by the authors examined the calendar effects in Chinese stock market, particularly monthly and daily effects, and found that Fridays are profitable in Shanghai stock market and that the Shanghai stock exchange exhibits significantly higher monthly returns in February and November.
Abstract: Our paper examines the calendar effects in Chinese stock market, particularly monthly and daily effects. The Shanghai Stock Exchange exhibits significantly higher monthly returns in February and November. This can be explained by the fact that the Chinese year-end is in February. Using individual stock returns, we observe the change of the calendar effect over time. In Shanghai, the year-end effect was strong in 1991 – but disappeared later. Studying weekly effects, we found that Fridays are profitable. Chinese investors are “amateur speculator” who often embezzles business fund for private trading; thus, these funds have to be paid back before weekends

69 citations


Cited by
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Book
01 Jan 1981

704 citations

01 Jul 1973
Abstract: Abstract : A study is reported of the variations in organizational commitment and job satisfaction, as related to subsequent turnover in a sample of recently-employed psychiatric technician trainees. A longitudinal study was made across a 10 1/2 month period, with attitude measures collected at four points in time. For this sample, job satisfaction measures appeared better able to differentiate future stayers from leavers in the earliest phase of the study. With the passage of time, organizational commitment measures proved to be a better predictor of turnover, and job satisfaction failed to predict turnover. The findings are discussed in the light of other related studies, and possible explanations are examined. (Modified author abstract)

497 citations

Journal ArticleDOI
TL;DR: The Q-theory of investment as discussed by the authors states that a firm's investment rate should rise with its Q. This theory also explains why some firms buy other firms, and it has been argued that the typical firm wastes some cash on M&As, but not on internal investment, i.e., the Free-Cash Flow story works, but explains a small fraction of mergers only, and 3.
Abstract: The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory also explains why some firms buy other firms. We find that 1. A firm's merger and acquisition (M&A) investment responds to its Q more -- by a factor of 2.6 -- than its direct investment does, probably because M&A investment is a high fixed cost and a low marginal adjustment cost activity, 2. The typical firm wastes some cash on M&As, but not on internal investment, i.e., the 'Free-Cash Flow' story works, but explains a small fraction of mergers only, and 3. The merger waves of 1900 and the 1920's, `80s, and `90s were a response to profitable reallocation opportunities, but the `60s wave was probably caused by something else.

473 citations