About
Biography
I joined Surrey Business School as a Lecturer in Finance in March 2022. Prior to this, I was a Lecturer in Finance at Keele University Business School and a Teaching Associate and Research Assistant at the University of Birmingham Business School. I hold a PhD degree in Accounting and Finance and a MSc in Investments from the University of Birmingham.
My current research areas are empirical issues in corporate finance and corporate governance, with an emphasis on corporate cash holdings, government intervention, board structure and private equity. I am interested in supervising PhD students with interests that overlap with my research areas.
I am a Fellow of the Higher Education Academy (FHEA).
ResearchResearch interests
My current research areas are empirical issues in corporate finance and corporate governance, with an emphasis on corporate cash holdings, government intervention, board structure and private equity.
Research interests
My current research areas are empirical issues in corporate finance and corporate governance, with an emphasis on corporate cash holdings, government intervention, board structure and private equity.
Teaching
MAN3097 Financial Risk Management (BSc)
MANM376 International Finance Project (MSc)
MANM443 International Corporate Finance Project (MSc)
Publications
In this paper, we investigate the impact of government control on investors’ valuation of cash held by listed firms in China. We find strong and robust evidence that government control leads to a lower value of cash. Further evidence suggests that this negative impact is associated with significant agency costs of political expropriation rather than low financial constraints of the soft-budget effect. Moreover, our extended analyses reveal that the negative impact of government control on the value of cash depends on regional institutional development. In particular, in regions with high institutional development, government control reduces the value of cash, while in areas that are less developed, this negative impact is attenuated to some extent. Overall, our findings shed new light and add a further dimension to the literature, broadening our understanding of the impact of government intervention on the listed firms under its control.
Additional publications
Yu, X., & Wang, P. (2020). Government control and the value of cash: Evidence from listed firms in China. Review of Quantitative Finance and Accounting, 55(4), 1341-1369. View full publication
Xiao, D., & Yu, X. (Accepted). How do credit ratings affect corporate investment efficiency? International Journal of Finance and Economics. View full publication