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Chang Xin
Professor of Finance
Nanyang Business School

Professor Xin (Simba) CHANG from the Division of Banking and Finance is a researcher primarily focusing on corporate finance, particularly on capital structure, corporate innovation, green finance and corporate social and environmental responsibility. He is passionate about understanding the determinants and consequences of companies’ financial decisions. He has published extensively in top-tier business journals such as Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and the Accounting Review. His research findings were used by the Securities and Exchange Commission (SEC) of the U.S. to support the new regulation rule, and gained media coverage in Business Week, Forbes, Harvard Business Review, and many others. Before returning to NTU in 2017, he held tenured positions as a Senior Lecturer at the University of Melbourne, and a University Reader and John Maynard Keynes Fellow in Financial Economics at the Judge Business School of the University of Cambridge. At the school level, he is serving as an Associate Dean in Research from May 2020, managing the PhD programmes. Currently, he is also an associate editor for the International Review of Finance and Asia-Pacific Journal of Financial Studies.

Research Statement

What are the determinants and consequences of companies’ financial decisions? This question is of fundamental importance to academic researchers, investors, policy-makers and corporate managers, and lies at the core of my research program. Rooted in financial economics, my research primarily focuses on corporate finance, particularly on capital structure, corporate innovation, sustainable finance, and empirical research methodology.

Research One-liner

By studying the determinants and consequences of companies’ financial decisions, I straddle disciplinary boundaries by linking corporate finance to investment, economics, accounting and management issues.

  1. Xin Chang and Sudipto Dasgupta, 2009, Target Behavior and Financing: How Conclusive is the Evidence? Journal of Finance, Vol. 64, No 4, pp. 1767-1796.  This paper challenges the findings from a few decades of work on capital structure.
  2. Xin Chang, Kangkang Fu, Angie Low, and Wenrui Zhang, 2015, Non-executive Employee Stock Options and Corporate Innovation, Journal of Financial Economics, Vol. 115, Issue 1, pp. 168-188. The Securities and Exchange Commission (SEC) of the U.S. has used our paper to justify the new provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding the disclosure of hedging by employees, officers and directors.
  3. Xin Chang, Yangyang Chen, Sarah Qian Wang, Kuo Zhang, Wenrui Zhang, 2019, Credit Default Swaps and Corporate Innovation, Journal of Financial Economics, Vol 134, pp.474-500. This paper reveals the bright effect of financial innovation on technological innovation.
Latest Projects
  1. MOE AcRF Tier 1 grant, “Does It Make Economics Sense to be Environmental Responsible? Corporate Environmental Liabilities and Financing Decisions”, Principal Investigator (2018)
  2. MOE AcRF Tier 1 Research Integrity Grant, “Evidence for P-hacking in Experimental Business Research and Potential Remedies”, Principal Investigator (2019).
  3. MOE AcRF Tier 1 Thematic Grant, “How Smart are Blockchain-based Smart Contracts? Evidence from the Finance Industry”, Principal Investigator (2019).
Advice to young researchers

Stay Curious and Never Stop Learning.

Other affiliation(s)

Expert Areas
Corporate finance, Equity Valuation, Financial Accounting

Research Interests
Capital Structure, Corporate governance, Corporate Innovation, Corporate Social and Environmental Responsibility, Employee Compensation, Financial Innovation, Mergers and Acquisitions, Political Corruption

Research Category
Accounting, Business & Management
Research Sub-category
Accounting, Business and Management, Financial Engineering & Risk Management
NISTH Assigned Topic Groupings
Circular economy & waste reduction, Responsible banking
Affiliated Sustainable Development Goals
GOAL 6: CLEAN WATER AND SANITATION – Clean, accessible water for all is an essential part of the world we want to live in.
GOAL 7: AFFORDABLE AND CLEAN ENERGY – Energy is central to nearly every major challenge and opportunity.
The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030.
Last Updated
08 Apr 2020
Last Updated
13 Sep 2020