Welcome to Sheng Xiao's website!

Associate Professor of Economics and Finance, Bill and Vieve Gore Business School, Westminster College (Salt Lake City, USA)

Accreditation and Assessment Committee Chair, Bill and Vieve Gore Business School

Email: sxiao@westminstercollege.edu;  Phone: 1-801-832-2633; Address:Gore 103, 1840 S 1300 E, Salt Lake City, UT 84105

Research interests: Corporate governance, political economy,venture capital,innovation, international business, Chinese economy

Sheng Xiao's CV is available here

Sheng Xiao's Research


Papers in English:
  • Refereed Journal Papers
(You can click the titles to view the papers at the publishers' websites. ALL of these journals are indexed in Social Science Citation Index (SSCI) by Thomson Reuters.)

1. Rong, Zhao and Sheng Xiao, 2016Innovation-related diversification and firm value Forthcoming in European Financial Management
---Best PaperAcademy of Management Annual Meeting 2014 (Philadelphia).

2. Xiao, Sheng and Shan Zhao, 2014. How do agency problems affect firm performance?  Evidence from China. European Journal of Finance 20, 803-828. (Working paper version: please click here).

3.Xiao, Sheng and Shan Zhao, 2012.
Financial development, government ownership of banks, and firm innovation. Journal of International Money and Finance 31, 880-906.(Working paper version:please click here)

4. Huang, Linqiang and Sheng Xiao, 2012. How does government ownership affect firm performance?A simple model of privatization in transition economies. Economics Letters 116, 480-482.(Online Technical Appendix (proofs): please click here.)

5. Rousseau, Peter L. and Sheng Xiao, 2008. Change of control and the success of China's share issue privatization. China Economic Review 19, 605-613.(Working paper version: please click here).

6. Rousseau, Peter L. and Sheng Xiao, 2007. Banks, stock markets, and China’s “great leap forward”. Emerging Markets Review 8, 206-217.(Working paper version: please click here
) (Ranking among "the top 25 hottest articles in Emerging Markets Review between October and December 2007")
  • Refereed Conference Proceedings and Book Chapter

7. Rong, Zhao and Sheng Xiao, 2014. Innovation-related diversification and firm value, In John Humphreys (Ed.), Best Paper Proceedings of Seventy-fourth Annual Meeting of the Academy of Management (ISSN 1543-8643). (Note: this is a 6-page abridged version of the full paper. This version does NOT have any tables in it).

8. Xiao, Sheng and Xiangyi Zhou, 2013. Venture capital investments in China: reputation, syndication and valuation. In Douglas Cumming, Wenxuan Hou et al. (Eds.) The Experiences and Challenges in the Development of the Chinese Capital Market. Palgrave Macmillan, pp.74-96.

Refereed Papers in Chinese:
(You can click the titles to view the papers at the publishers' websites)

  Zhou, Xiangyi, Wenxiu Sun and Sheng Xiao. 2014. Is there "'grandstanding" in the venture capital industry in China? Quarterly Journal of Finance 8,88-126. (CSSCI-indexed; CSSCI: Chinese Social Science Citation Index)

10. Zhou, Xiangyi, Yuhang Wei and Sheng Xiao, 2013. The Impact of Fund Flows on Private Equity Value--Evidence from China.
Journal of Shanxi Finance and Economics University. (CSSCI_Indexed)

11. Xiao, Sheng and Shan Zhao, 2003. Corporate diversification, firm performance and ownership structure. Chinese Management Review 6, 79-91.

12.Xiao, Sheng, 2000. The impact of the information technology revolution on modern finance. Journal of Sichuan University 32, 51-56.
(CSSCI-indexed)(One of the first papers to discuss online banks and online security exchange platforms in the Chinese language).


1. “Do independent expert directors matter?”(With Ronald Masulis, Christian Ruzzier and Shan Zhao)
---Semi-finalist for Best Paper Award, Financial Management Association Meeting (FMA) 2013
---Presented by Sheng Xiao at FMA 2013 (Chicago).
---Presented by Shan Zhao at AFFI 2013 (Lyon, France).
---Presented by Sheng Xiao at Corporate Governance Symposium at University of Delaware on November 9, 2012. (Only 4 papers out of 76 submissions were accepted for presentation)
---Featured in "A New Kind of Captured Board" (by Ann C. Mule and Charles M. Elson) in Directors and Boards, First Quarter, 2014.
---Featured in "A Study Links Expert Directors to Value" (by Katie Wagner), a report in Agenda, a Financial Times Publication on December 3, 2012.
--Presented by Sheng Xiao at seminars at University of Minnesota at Morris, University of New South Wales, University of Sydney, and University of Technology at Sydney in 2012.
---Presented by Christian Ruzzier at seminars at Argentine Association of Political Economy (Mar del Plata, Argentina), IAE Business School (Buenos Aires, Argentina) and Business School of the Universidad Catolica (Santiago, Chile) in 2012. To be presented by Christian Ruzzier at
Second Argentine Congress on Governance in Organization in Buenos Aires, Argentina in 2013.

2. "Corporate Risk-Taking, Foreign Institutional Ownership and the Role of Country-level Corporate Governance" (with Donghui Li, Zhe An and Garland Huang) (Under R&R)
---Presented by Garland Huang at Financial Management Association Annual Meeting 2014 (Nashville)
---SSRN top ten download list (April 2014)
---To be presented at 30th Australasian Finance and Banking Conference in Sydney in December 2017.

3. "Ownership structure and corporate risk taking: evidence from an emerging economy" (With Shan Zhao)
---Presented at ASSA Annual Meeting in Chicago in January 2017

4. “Ownership structure and corporate innovation” (With Chen Lin and Shan Zhao)

5.“Asymmetric information in automobile insurance markets:new evidence from China” (With Juanjuan Meng and Linqiang Huang)

"How does financial development affect income inequality? Evidence from 105 countries" (with Bixuan Sun)
---Presented by Bixuan Sun at Missouri Valley Economic Association Annual Meeting in Memphis, TN on October 25, 2012.

7. "Creditor rights and innovations: new evidence from a natural experiment" (with Shan Zhao)

8. “Corporate subsidiary locations, politics and firm value” (With Yunsen Chen, Jianqiao Huang, and Ziye Zhao)
---To be presented at Paris Financial Management Meeting in December 2017.

9. “How does political uncertainty affect stock prices? New evidence from prediction markets” (With Raymond Bertheaud)
---To be presented at Missouri Valley Economic Association Annual Meeting in Kansas City, MO in October 2017.

10. “Common ownership and corporate governance”

11. “How does industrial policy affect venture capital performance? Evidence from China” (With Xiangyi Zhou and Kun Chen)
---Presented by Xiangyi Zhou at Financial Intermediation and Market Research Summer Conference in Beijing in July 2017 

12. “The causal impact of mandatory auditor rotation on earnings management and firm performance” (With Chuntao Li and Yi Zhao)

13.  “The effects of within-firm pay inequality on firm performance” (With Yunsen Chen and Dengjin Zheng)

14. “China shakes the world: How do China's local political leadership turnovers affect global commodity markets?” (With Gangzhi Fan and Jianchao Fan)

In addition, as a co-principal-investigator, I am working on a research project on corporate governance in China, which is sponsored by China National Natural Science Foundation. I am also working on research projects on venture capital investments. My research on venture capital investments is supported by Westminster College's Research Assistant Support Fund, Westminster College's Gore Course Release Fund (2013-2014) and University of Minnesota's Faculty Research Enhancement Fund (2011-2013) , etc. 


1. European Financial Management Association Annual Meeting 2014 (Rome, Italy): Discussion on Post-IPO Withdrawal Outcomes (Boeh and Dunbar 2014): click here

2. FMA 2013 (Chicago): Discussion on Contractual revisions in compensation: Evidence from merger bonuses to target CEOs
(Fich, Rice and Tran 2013): click here

3. FMA 2013 (Chicago): Discussion on Board Changes and CEO Turnover: The Unanticipated Effects of the Sarbanes-Oxley Act (Dah, Frye and Hurst 2013): click here

4. FMA 2013 (Chicago): Discussion on How does Executive Compensation affect Pension Choice? (Thompson 2013): click here

5. Pairs Financial Management Conference 2013 (Paris, France): Discussion on Cash holding in growing firms: Evidence from of French IPOs (Gama 2013): click here

6. European Journal of Finance Conference on Chinese Capital Markets 2011 (Durham, UK): Discussion on Domestic and Foreign Institutional Investor Behavior in China (Liu, Bredin, Wang and Yi 2011): click here

7. Emerging Markets Finance Conference 2011 (London, UK): Discussion on Bank Efficiency, Financial Depth and Economic Growth (Koetter, Hasan, Lensink and Meesters 2011): click here

8. Corporate Governance Workship 2009 (Copenhagen, Denmark): Discussion on Ownership types, CEO and Chairman Political Connections, and Long-run Post-IPO Performance: Evidence from China (Yu 2009): click here.


I gratefully acknowledge the generous financial support to my research from the following institutions:
  • National Natural Science Foundation of China
--National Natural Science Fund (2013--present)
  • Westminster College
--Naomi Fallentine Weyher Endowment (2016)
--Gore Summer Research Grant (2016)
--Undergraduate Summer Research Fund (2016)
--Gore Course Release Fund (2014)
  • University of Minnesota:
---Faculty Research Enhancement Fund (2009-2013)
---Morris Academic Partner Fund (2012-2013)
---Faculty Mentoring Enrichment Fund (2011-2012)
---Research Assistant Fund (2011-2013)
---International Travel Grant (2011).
  • Furman University:
---Red Hughes Chair Endowment Fund (2006-2009)
---Faculty Development Grant (2007-2008).
  • Chinese Economist Society
--Gregory Chow Fellowship (2007)
  • World Bank's Research Grant (2006).
  • Vanderbilt University:
---College of Arts and Science Summer Research Grant (2005)
---Kirk Dornbush Summer Research Grant (2003).

  • Journal of Banking and Finance
  • Journal of International Money and Finance
  • Entrepreneurship Theory and Practice
  • Applied Economics
  • Journal of Productivity Analysis
  • China Economic Review
  • Journal of Business Ethics
  • International Review of Economics and Finance
  • Emerging Markets Trade and Finance
  • Explorations in Economic History
  • Economics Bulletin
  • Journal of Economic and Administrative Sciences
  • Journal of Utah Academy of Science, Arts and Letters

For Sheng Xiao's Educational Background, please see  here.

For Sheng Xiao's Employment History, please see here.

For Furman University's Study Abroad in China Program in 2007, which was directed by Sheng Xiao, please see here.

For Sheng Xiao's family, please see here.