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Debt choice, growth opportunities and corporate investment: evidence from China

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Financial Innovation 2020年第1期6卷 645-666页

作者： Ning Ding Kalimullah Bhat khalil jebran School of Finance Dongbei University of Finance and EconomicsDalianChina School of Business Administration Dongbei University of Finance and EconomicsDalianChina

The study aims to investigate how relying on short-term debt may help Chinese listed firms to make efficient investment decisions and reduce overinvestment problem for low-growth *** study uses a large set of panel data of nonfinancial Chinese listed firms over the period 2007–2017 and,using the robust twostage generalized method of moments,which is robust to unobserved heterogeneity of individual firms and addresses endogeneity *** show a positive relationship between growth and investment;this association is enhanced by leverage,especially for high-growth *** supports the view that short-term debt helps Chinese firms to make optimal use of leverage and therefore make better investment ***,the results reveal that leverage plays a disciplining and monitoring role to reduce overinvestment incentive for low-growth ***,the study suggests that shareholders should consider short-term debt to mitigate the debt overhang problem and restrict the opportunistic behavior of managers,which can lead to efficient investment *** also provides foreign investors insights about capital structure in China,and how it can help them make better investment decisions.

关键词： Chinese firms Leverage Growth Investment

Dynamics of oil price shocks and stock market behavior in Pakistan:evidence from the 2007 financial crisis period

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Financial Innovation 2017年第1期3卷 25-36页

作者： khalil jebran Shihua Chen Gohar Saeed Alam Zeb School of Accounting Dongbei University of Finance and EconomicsDalianChina School of Business Administration Dongbei University of Finance and EconomicsDalianChina PARD(Pakistan Academy of Rural Development) PeshawarPakistan Department of Management Studies University of MalakandMalakandPakistan

Background:The aim of this study is to investigate the effect of the oil price and its volatility on the stock market of Pakistan before and after the 2007 financial crisis ***:The analyses are carried out on daily data for the period from July 31,2000 to July 31,*** study uses several econometric techniques for the analyses,namely,the Johansen-Juselius cointegration test,generalized autoregressive conditional heteroskedasticity(GARCH)model,exponential generalized autoregressive conditional heteroskedasticity(EGARCH)model,variance decomposition method,and impulse response ***:The results of the cointegration method indicate a significant long-run association between stock market and oil prices in the pre-crisis *** EGARCH model shows that oil price returns have a significant effect on stock market returns in both sub-periods,while the result for the GARCH model is significant only in the postcrisis *** find a significant effect of oil price volatility on the stock market in both sub-periods from the GARCH ***,the EGARCH model shows an asymmetric effect of oil price volatility on the stock market in the pre-crisis *** decomposition shows that stock market variations are mostly explained by ***,the impulse response function results show that oil price shocks affected the stock market adversely in the pre-crisis period but positively in the postcrisis ***:This study suggests that economic policymakers and investors should consider the oil price as an important factor affecting stock market returns.

关键词： Oil price shocks EGARCH GARCH Financial crises Pakistan

Determinants of corporate cash holdings in tranquil and turbulent period:evidence from an emerging economy

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Financial Innovation 2019年第1期5卷 42-53页

作者： khalil jebran Amjad Iqbal Kalim Ullah Bhat Muhammad Arif Khan Mustansar Hayat School of Accounting Dongbei University of Finance and EconomicsDalianChina School of Management Fudan UniversityShanghaiChina Faculty of Management and Economics Dalian University of TechnologyDalianChina

Using a sample of 280 firms listed on the Pakistan Stock Exchange,we empirically investigate factors that determine corporate cash holdings in different periods from 2005 to *** divide the sample into three sub-periods—pre-crisis,crisis,and post-crisis—and apply a panel data model to estimate the *** results suggest that financial crises affect firms’cash holdings ***,findings show that financial crisis has influenced the relationship of size and leverage with cash *** particular,cash flow,liquidity,and tangibility are major determinants of cash holdings in the *** present important implications for corporate managers,academicians,and policymakers.

关键词： Cash holdings Financial crisis Pakistan Emerging economy

Examining volatility spillover between Asian stock markets

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China Finance and Economic Review 2016年第2期5卷 23-36页

作者： khalil jebran Amjad Iqbal Department of Management Studies University of MalakandPakistan School of Accounting Dongbei University of Finance and EconomicsChina

This study examined the volatility spillover effects between Asian stock markets,i.e.,Pakistan,India,Sri Lanka,China Mainland,Japan and China Hong *** daily data was considered from the period 4^(th) January,1999 to 1^(st) January,2014,consisting 5 trading days from Monday to *** volatility spillover between stock markets was captured by using GARCH(generalized auto regressive conditional heteroskedasticity)*** empirical analyses show evidence of significant bidirectional spillover of return and volatility between China Mainland and *** results also show significant bidirectional volatility transmission between the following equity markets;China Hong Kong and Sri Lanka,China Mainland and Sri *** significant unidirectional transmissions of stock market volatility are found to be flowing from;India to China Mainland,Sri Lanka to Japan,Pakistan to Sri Lanka,China Hong Kong to India and *** results are important for economic policy makers in order to safeguard the financial sector from international financial *** investors can use this information for making efficient portfolio which will reduce their risk and enhance their returns.

关键词： volatility spillover Asian stock markets GARCH model time series analyses