Finance Seminar（2017-17）

Topic: Limits to Autocracy: An Analysis of China’s Renationalization

Speaker: Zhangkai Huang, Tsinghua University

Time: Wednesday, 13 September, 10:00-11:30

Place: Room 217, Guanghua Building 2

Abstract:

We document large-scale reversal of privatization in China—local governments taking back shares in a quarter of previously privatized firms. Politicians who are not affiliated with any of the dominant political factions are more likely to waver under pressure and adopt renationalization. The failure to adhere to the privatization scheme reduces productivity and raises labor redundancy and firm leverage. The policy reversal casts doubt on the notion that autocracies have advantages in policy implementation: politicians without factional affiliation are disadvantaged in the promotion process and are more sensitive to unemployment pressure.

Introduction:

Professor Zhangkai HUANG is an Associate Professor of Finance in the School of Economics and Management at Tsinghua University. He got his Ph.D. in Finance from Said Business School of University of Oxford in 2003, Masters in Finance from University of Essex in 1999, and BA in Business from Guangdong University of Foreign Studies in 1998.

Professor Huang’s main research area is corporate finance; he is carrying out research projects in capital structure, privatization, and private equity. Professor Huang currently teaches postgraduate and MBA courses in Corporate Finance and Capital Market, Mergers, Acquisitions and Corporate Restructuring.

His publications include Journal Articles " Price effect on Restricted Shares Lifted "、" An empirical study on the cash dividend increase announcement effect of public companies with rights offerings "、" Marketability, Control, and the Pricing of Block Shares "、" The Earnings Quality Effect of Reform of Non-tradable Shares "、" The Research on the First-day Underpricing of Convertible Bonds "、" The Competition between Bank Branches and between State-owned Banks and their Influence on Economic Growth "、" Structure Analysis of Board of Directors of Listed Companies in China "、" Financial intermediaries: Literature Review and the Latest Development "、" An Empirical Study on The Pricing of Block Shares in China "、" Non-Credible Privatization "、" Ultimate Privatization and Change in Firm Performance ".

Before joining Tsinghua, Professor Huang was Lecturer of Finance of Lancaster University between 2002 and 2003, and Assistant Professor of Finance of Guanghua School of Management in Peking University between 2003 and 2009. He has been Associate Professor of Finance of School of Economics and Management in Tsinghua University since 2009.

//www.sem.tsinghua.edu.cn/zh/huangzhk

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