Corporate Governance and Financial Reporting

This dissertation comprises three essays on governance and financial reporting.
The first essay examines how the Holding Foreign Companies Accountable Act (HFCAA) influenced U.S.-listed Chinese companies, highlighting their substantial underperformance during the HFCAA’s legislative and effective periods. The findings suggest that investors incurred unrecovered losses tied to delisting risks, underscoring the importance of audit transparency in cross-border listings
The second essay re-examines short-selling activity around financial restatements. Contrary to the established inverted U-shaped pattern, the evidence indicates that short sellers largely respond to publicly released negative information—such as analyst downgrades and poor earnings—rather than relying on undisclosed insights.
The third essay explores how discussions of racial diversity relate to subsequent Diversity, Equity, and Inclusion (DEI) commitments. Firms that emphasize racial diversity in official communications appear more likely to adopt meaningful DEI initiatives, reflecting the broader role of transparent and inclusive governance practices.
Together, these essays illuminate critical governance challenges—ranging from regulatory compliance to investor protection and corporate inclusivity—in contemporary financial markets.