Details about Tao Chen

Access statistics for papers by Tao Chen.

Last updated 2025-03-15. Update your information in the RePEc Author Service.

Short-id: pch1228

Working Papers

2017

1. Financial Flexibility and Corporate Cash PolicyAbstract: Debt capacity creates financial flexibility and collateral-based debt capacity is the least sensitive to cash flow shocks. Using variation in real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on firms¡¯ cash policies. We find strong evidence that increases in debt capacity lead to smaller corporate cash reserves and declines in the marginal value of cash holdings. We further find that the decrease in cash holdings is more pronounced in firms with higher hedging needs, greater investment opportunities, financial constraints, better corporate governance and lower local real estate price volatility
   Working Papers, Hong Kong Institute for Monetary Research

2012

2. Financial Innovation: The Bright and the Dark Sides
   Working Papers, Hong Kong Institute for Monetary Research View citations (74)
   See also Journal Article Financial innovation: The bright and the dark sides, Journal of Banking & Finance, Elsevier (2016) View citations (122) (2016)

Journal Articles

2024

1. What influences demand for Buy Now, Pay Later credit?
   Economics Letters, 2024, 242, (C)

2023

2. Analyst coverage, executive compensation and corporate risk‐taking: Evidence from property–casualty insurance firms
   Journal of Risk & Insurance, 2023, 90, (4), 899-939
3. Bank deregulation and corporate environmental performance
   World Development, 2023, 161, (C) View citations (10)
4. Dual Ownership and Risk-Taking Incentives in Managerial Compensation*
   Review of Finance, 2023, 27, (5), 1823-1857 View citations (1)

2022

5. Finance and Firm Volatility: Evidence from Small Business Lending in China
   Management Science, 2022, 68, (3), 2226-2249 View citations (8)
6. Globalization and U.S. Corporate Tax Policies: Evidence from Import Competition
   Management Science, 2022, 68, (8), 6145-6162 View citations (4)
7. The Unintended Consequence of Land Finance: Evidence from Corporate Tax Avoidance
   Management Science, 2022, 68, (11), 8319-8342 View citations (7)

2021

8. Does credit rating conservatism matter for corporate tax avoidance?
   Accounting and Finance, 2021, 61, (4), 5681-5730 View citations (2)
9. Tariff uncertainty and firm innovation: Evidence from the U.S.–China Permanent Normal Trade Relation
   Journal of Empirical Finance, 2021, 62, (C), 12-27 View citations (3)

2020

10. Institutional shareholders and corporate social responsibility
    Journal of Financial Economics, 2020, 135, (2), 483-504 View citations (206)

2019

11. Marginal cost of risk-based capital and risk-taking
    Journal of Banking & Finance, 2019, 103, (C), 130-145 View citations (6)

2017

12. Does Information Asymmetry Affect Corporate Tax Aggressiveness?
    Journal of Financial and Quantitative Analysis, 2017, 52, (5), 2053-2081 View citations (43)
13. How does analysts' forecast quality relate to corporate investment efficiency?
    Journal of Corporate Finance, 2017, 43, (C), 217-240 View citations (58)
14. Windfalls of emperors' sojourns: Stock market reactions to Chinese firms hosting high-ranking government officials
    Strategic Management Journal, 2017, 38, (8), 1668-1687 View citations (17)

2016

15. Financial innovation: The bright and the dark sides
    Journal of Banking & Finance, 2016, 72, (C), 28-51 View citations (122)
    See also Working Paper Financial Innovation: The Bright and the Dark Sides, Working Papers (2012) View citations (74) (2012)

2015

16. Do analysts matter for governance? Evidence from natural experiments
    Journal of Financial Economics, 2015, 115, (2), 383-410 View citations (221)
17. Institutions, board structure, and corporate performance: Evidence from Chinese firms
    Journal of Corporate Finance, 2015, 32, (C), 217-237 View citations (28)