CV

YING GAN

Department of Business Economics, Erasmus School of Economics,

Erasmus University Rotterdam

Burgemeester Oudlaan 50, 3062 PA Rotterdam, The Netherlands

Phone: +31 (0) 638987103, e-Mail: gan@ese.eur.nl

Employment

November 2019 – present

Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands

Associate Professor (with tenure) of Financial Accounting

September 2014 – November 2019

Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands

Assistant Professor of Financial Accounting

Education

October 2011 – August 2014

WHU – Otto Beisheim School of Management, Germany

Ph.D. in Finance, graduation with summa cum laude

Dissertation: Essays on CEO Succession and Clawback Provisions

Ph.D. supervisor: Prof. B. Burcin Yurtoglu

January 2014 – July 2014

HEC Paris, France

Visiting Ph.D. student at the Department of Accounting and Management Control

January 2012 – June 2012

University of Chicago Booth School of Business, USA

Ph.D. courses attended: Theory of Financial Decisions II and III (Prof. Diamond, Prof. Rajan, Prof. Sufi, Prof. Zingales), Applied Econometrics (Prof. Hansen)

MBA course attended: Financial Accounting (Prof. Christensen)

April 2007 – September 2011

Trier University, Germany

Graduation in Economics (M.Sc. equivalent)

Awards

2019 Top Talent Researcher Award, Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands

Research Interests

Financial reporting quality, financial regulation, CEO compensation, Mergers and acquisitions

Publications

Not all clawbacks are the same: Consequences of strong vs. weak clawback provisions

Journal of Accounting and Economics August 2018, Volume 66, Issue 1, pp 291-317

(with Michael H.R. Erkens and B. Burcin Yurtoglu)

We develop a Clawback Strength Index and show that while some firms adopt unambiguous and strong clawback provisions, others adopt weak ones. We find that strong clawback adopters experience improvements in financial reporting quality, fewer CEO turnovers, and lower CEO pay. We advance two possible explanations: First, clawback strength may be primarily responsible for the improvements in reporting quality. Second, strong clawbacks may yield benefits because they are part of a broader reform package. While our findings on reporting quality and CEO turnover are consistent with both explanations, our results on CEO pay support only the broader reform explanation.

Escape from the USA: Government debt-to-GDP ratio, country tax competitiveness, and US-OECD cross-border M&As 

Journal of International Business Studies September 2019, Volume 50, Issue 7, pp 1156–1183

(with Buhui Qiu)

We study how differences in target country-US tax competitiveness influence acquirers’ share price reactions to US cross-border acquisitions, the tax savings after acquisition completion, and the US cross-border acquisition deal flows. We employ two-stage least-squares regressions and use the fitted component of the government-debt-to-GDP ratio difference between the US and a target country as a proxy for the target country-US tax-competitiveness difference. Using a sample of US acquisitions of targets in other OECD countries, in which around one-tenth of the target firms are publicly listed firms while the rest are private and subsidiary firms, our findings suggest that tax arbitrage (a) increases the shareholder wealth of US acquirers and (b) is likely an important driver of US-OECD cross-border acquisition deal flows.

Media mentions

Columbia Law School’s Blog on Corporations and the Capital Markets

http://clsbluesky.law.columbia.edu/2018/07/18/the-consequences-of-strong-v-weak-clawback-provisions/

https://clsbluesky.law.columbia.edu/2022/06/29/rolling-back-dodd-frank-investors-and-banks-responses-to-financial-market-deregulation/

Working papers

Rolling back Dodd-Frank: Investors’ and banks’ responses to financial market deregulation

(with Michael H.R. Erkens)

Best paper award at the 2022 Southeast Region Meeting of the American Accounting Association)

Studying key events related to the repeal of Dodd-Frank policies we find that banking deregulation can create shareholder value. We document positive stock returns for banks around these events. The returns are larger for small banks with assets below $10 billion suggesting that their shareholders expect greater benefits. Furthermore, we observe improvements in capital strength and accounting performance, an expansion in external financing and lending activity, and positive asset growth for only small banks. The eased regulation for large banks with assets above $50 billion likely made small banks more willing to grow again and cross the $10 billion threshold.

Welcome back? Consequences of CEO reappointments 

(with Michael H.R. Erkens and Herve Stolowy)

Best Paper Award at the 2019 CCGAR research camp on Auditing and Accounting, Southwestern University of Finance and Economics (Chengdu, China)

We examine firm outcomes when former CEOs return to the CEO position (Returning CEOs). We observe negative announcement returns surrounding the reappointment and a positive association between the rehiring decision and CEO power and corporate governance issues. These findings suggest that the Returning CEO was powerful enough to capture the boards’ succession decision or the firm was lacking suitable candidates. Furthermore, our results also indicate that shareholders expect either a decline or no improvements in firm performance following the reappointment. However, we document improvements in firm performance when the Returning CEO is powerful.  Finally, firms led by Returning CEOs pay a lower compensation premium, especially when they are powerful. Both results indicate that powerful Returning CEOs do not merely capitalize on their power, and that their motivation to lead the company rather than any rent extraction incentives were the main reason for reassuming the leadership position.

Inventor CEOs in China

(with Jing Huang, Donghui Li and Zunxin Zheng)

This study provides new evidence on the complementary roles that top executives and the government play in corporate innovation. Using novel Chinese patent data and information on 1,820 unique Inventor CEOs in China, we show that the presence of an Inventor CEO in a state-owned enterprise (SOE) is associated with a higher number and quality of patents than in a non-SOE. Furthermore, we find that Inventor CEOs receive a pay premium when they hold the chairperson title as well. This result points to their high negotiating power stemming from their innovation skills and dual executive role. We also find that firms with Inventor CEOs experience greater analyst coverage suggesting that analysts attach a positive future firm value when top executives have innovation experience.

Work in progress

Cultural distance and abnormal stock returns of rivals: International evidence from cross-border mergers and acquisitions

(with Li Donghui and Xin Gao)

We study how differences in the acquirer and target country’s national culture affects the abnormal returns of rivals of initial industry acquisition targets. Moreover, we examine whether national cultural distance plays a weaker role when rivals are subsequently acquired by acquirers from culturally distant countries. We conduct our analyses by using a comprehensive sample of more than 50,000 cross-border M&A transactions announced between 1980 and 2021.

Evaluation consequences and drivers of Chinese outbound M&As

(with Sophie Huang and Buhui Qiu)

We study how differences in corporate governance influence Chinese cross-border acquisition deal flows and the share price reactions to Chinese cross-border acquisitions. Furthermore, we study whether the share price reactions are influenced by asset transferring and firm innovation motives of the Chinese acquirer. We conduct our analyses by using a unique sample of more than 2,000 Chinese outbound M&A transactions announced between 1993 and 2019.

Research visits

2023 University of Houston

2023 (scheduled)                            Rotman School of Management, Toronto, Canada

2020 (postponed due to Covid)      George Washington University, Washington, DC, USA

2019                                         The University of Sydney, Sydney, Australia

2017                                             The University of Sydney, Sydney, Australia

2016                                         The University of Sydney, Sydney, Australia

2015                                             The University of Sydney, Sydney, Australia

Teaching

2015 – present

• Seminar Data Analytics (M.Sc.), Erasmus School of Economics, Erasmus University Rotterdam 

• Seminar Financial Accounting Research (M.Sc.), Erasmus School of Economics, Erasmus University Rotterdam

• Management Accounting (B.Sc.), Erasmus School of Economics, Erasmus University Rotterdam

• Finance and Accounting (M.Sc.), WHU – Otto Beisheim School of Management, Vallendar, Germany 

• Supervision of more than 100 master thesis students

2011 – 2017

The International Financial Crisis at ESSCA Angers, France (M.Sc.)

Service

Journal Referee: Journal of Accounting and Business Research, Long Range Planning, Journal of International Business Studies, Emerging Markets Review

Conference Referee: American Accounting Association, Canadian Academic Accounting Association, German Economic Association of Business Administration, Southeast Region Meeting of the American Accounting Association, Western Region Meeting of the American Accounting Association

University service at Erasmus School of Economics, Erasmus University Rotterdam 

• Bachelor thesis coordinator, department of Accounting, Auditing and Control (since 2021)

• Member of the Management Team, department of Accounting, Auditing and Control (since 2020)

• Career Orientation and Preparation department, collaborating with the program leader (2019)

• Chair of the program committee Accounting, Auditing and Control (since 2019)

• Member of the program committee Accounting, Auditing and Control (2016-2019)

• Member of the diversity board (since 2018)

Invited seminar presentations

April 2023 San Diego State University

May 2022            University of Wisconsin – La Crosse, La Crosse, U.S.

April 2021               VU Amsterdam, Amsterdam, The Netherlands

October 2019          The Chinese University of Hong Kong, Shenzhen, China

May 2019                University of Hamburg, Hamburg, Germany

October 2017                  The University of Sydney, Sydney, Australia

December 2016       Macquarie University, Sydney, Australia

November 2016      La Trobe University, Melbourne, Australia

December 2015       UNSW Business School, Sydney, Australia

April 2014               Universidad Carlos III de Madrid, Madrid, Spain

Conference presentations

American Accounting Association Annual Meeting, San Diego, U.S., August 2022

Southeast Region Meeting of the American Accounting Association, Orlando, U.S., May 2022

Western Region Meeting of the American Accounting Association, Long Beach, U.S., April 2022

Midwest Finance Association 71st Annual Meeting, Chicago, U.S., March 2022

Dutch Accounting Research Conference, University of Amsterdam, Amsterdam, The Netherlands, March 2022 (presentation is by invitation only, in total four papers were selected)

American Accounting Association Annual Meeting, Washington, DC, U.S., August 2018

Berlin Annual Accounting Conference, Berlin, Germany, February 2018

Workshop on European Financial Accounting, Florence, Italy, September 2017

FMA European Annual Conference, Lisbon, Portugal, June 2017

Australasian Finance and Banking Conference, Sydney, Australia, December 2016

American Accounting Association Annual Meeting, Chicago, U.S., August 2015

European Financial Management Association Annual Meeting, Amsterdam, June 2015

American Accounting Association Annual Meeting, Atlanta, U.S., August 2014

Academy of Management Annual Meeting, Philadelphia, U.S., August 2014 

Journal of International Accounting Research Conference, Hong Kong, June 2014

European Accounting Association 2014 Annual Meeting, Tallinn, Iceland, May 2014

Other

Citizenship: German

Languages: German (native), English (fluent), Chinese (fluent in speaking)

References

Shen Rui

Associate Professor of Accounting

Shenzhen Finance Institute, School of Management and Economics

The Chinese University of Hong Kong, Shenzhen

ruishen@cuhk.edu.cn

Baohua Xin

Associate Professor of Accounting

Rotman School of Management

University of Toronto

bxin@rotman.utoronto.ca

Yun Zhang

Associate Professor of Accountancy

GW School of Business

George Washington University

yunzhang@gwu.edu