Chang Gong

I am an Assistant Professor of Finance at the Institut Mines-Télécom Business School.

I am also a research fellow at the laboratory LITEM of Université Paris-Saclay

Primary fields of research:

  • Empirical Corporate Finance

  • Managers Behaviours

  • Labour and Finance

  • Digital Finance

Email: chang.gong@imt-bs.eu

chang.gong2@edu.escp.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.


  • “How do Financial Expert CEOs Adjust Capital Structure?”

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.

Work in Progress:

“Do Female Executives Acquire Greener Targets?”

Seminar/Workshop Participation:

  • 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)

Research Assistant For: