I am an Assistant Professor of Finance ( Maître de Conférences) at the Business School of Institut Mines-Télécom.
I am also an affiliated research fellow at the laboratory LITEM of Université Paris-Saclay
Primary fields of research:
Empirical Corporate Finance
Labour and Finance
Sustainable Finance
Digital Finance
Email: chang.gong@imt-bs.eu
You can download my CV here.
Working Papers:
“The Role of Financial Expert CEOs in Mergers & Acquisitions”
Presentations: 2022 AFA PhD Student Poster Session; 7th International Young Finance Scholars Conference (2021); 29th “Merton H. Miller” Doctorate Seminar, EFMA (2021)
Abstract: This paper studies how financial experience affects CEOs’ decisions on Mergers and Acquisitions (M&A). The paper finds that financial experts underperform in M&A. CEOs with financial experience are bad bargainers and create fewer synergies with targets. They engage in fewer deals and prefer public targets. The results suggest that financial expertise comes at the expense of having expertise in other dimensions. However, when CEOs have industry expertise, their financial expertise is the icing on the cake.
“Financial Expert CEOs and Speed of Leverage Adjustment?”
Presentations: 24th FMA European Conference (2021); Selected into FMA European Conference Corporate Finance “Elevator Pitch” Session (2021); 28th “Merton H. Miller” Doctorate Seminar, EFMA (2019)
Abstract: This paper studies the effect of CEOs with financial work experience on the firm’s dynamic capital structure adjustments. The paper finds that financial expert CEOs adjust leverage faster towards their targets. This positive effect is more pronounced when those CEOs are more powerful and when the firm faces high information asymmetry. Further evidence supports the existence of two possible channels through which the financial expert CEOs affects leverage adjustments: knowledge and ability. Overall, the results enhance our understanding of the managerial effects on corporate decisions and the dynamic trade-off theory of capital structure.
“Do Female Executives Acquire Greener Targets?”
Presentations: 26th FMA European Conference (2023); European Financial Management Association (EFMA) Conference, (2023); Conference of the French Finance Association (2023); World Finance Conference (2024)
Abstract: This paper examines the M&A behaviour of firms with female executives. Companies with female executives acquire greener targets than those with male executives. Female executives prefer less polluting private targets. The paper explores various measures of firm environmental performance, such as total toxic releases, environmental penalties, emissions-related words in 10-K filings, and green innovations. The study suggests that women executives pay close attention to ecological concerns as they make financial decisions, especially when selecting targets for mergers and acquisitions. Female executives tend to be more concerned about the environment than male executives. Additionally, the paper does not find that this prosocial behaviour is at the expense of shareholders’ value.
21st EIASM Workshop on Corporate Governance
2021 Corporate Finance “Elevator Pitch”, FMA European Conference
29th “Merton H. Miller” Doctorate Seminar, EFMA
28th “Merton H. Miller” Doctorate Seminar, EFMA
2nd Dauphine Finance Ph.D. Workshop (Invited Discussant)
Prof. Alberta Di Giuli and Prof. Alexandre Garel, Paris, FRANCE
Prof. Alberta Di Giuli and Prof. Santiago Barraza, Paris, FRANCE
Project “Global Giants”, Lancaster, UK
