Linghao Zhang

[1] Lori Qingyuan Yue, Linghao Zhang and Yusaku Takeda. "The Substitution Effect of Corporate Rhetorical Nationalism on Corporate Social Responsibility: Evidence from Chinese Firms". (R&R Round 1, Strategic Management Journal)

Corporate rhetorical nationalism may serve as a substitute for corporate social responsibility. By redirecting attention from their social welfare efforts toward national interests, firms make it more difficult for stakeholders to monitor these contributions and can justify reduced support for immediate stakeholders by emphasizing contributions to broader national goals.

[2] Obaid Ur Rehman, Linghao Zhang, Kai Wu* and Wen Li. "Bank Signals and Bond Spreads: Price Discovery in Lending Rate Liberalization". (Under Review)

This paper shows that lending rate liberalization in China significantly altered corporate bond credit spreads by better pricing firm-specific risk, thereby influencing firms’ financing costs and banks’ lending behavior.

[3] Yu Zhao, Linghao Zhang and Dongmin Kong*. "The Unintended Consequence of Opening Up: Foreign Shareholder Entry and Analyst Forecast Errors". (Under Review)

This study uses a staggered Difference-in-Differences design on data from 2009 to 2024 to show that foreign capital entry into Chinese brokerages significantly increases analyst forecast errors due to reduced analyst effort and strategic resource reallocation, suggesting that institutional friction in relationship-based economies outweighs the technical advantages of foreign ownership.

[4] Linghao Zhang, Qiubo Li, Yiwen Ma, Shaoran Li*. "Building Trust, Hiring More: The Role of Privacy Policies in Workforce Growth". (Under Review)

This study examines how the voluntary adoption of Data and Privacy Security Protection System (DPSPS) by Chinese firms leads to increased employment, countering fears of technological unemployment. We find that DPSPS implementation not only creates demand for specialized technical personnel but also improves firm performance, encouraging further hiring in the era of big data and AI.

[5] Linghao Zhang, Yi Liu, Kai Wu*. "Navigating Uncertainty: Banking Liberalization and Analyst Forecast Accuracy". (Under Review)

China's two interest rate liberalization reforms of removing the upper and lower limits on loan interest rates will have opposite effects on the accuracy of analysts' forecasts. This highlights how macro policies can affect firms and ultimately lead to changes in analyst behavior.

[6] Jiaqi Qin, Linghao Zhang*. "Economic Policy Uncertainty and Industrial Robot Adoption: Evidence from China". (Preparing to Submit)

Increased EPU leads to a significant increase in robot penetration. This paper challenges the traditional real options view that uncertainty delays investment, supports the growth options theory and the Oi-Hartman-Abel effect in the context of advanced technology adoption, and emphasizes the importance of considering investment characteristics when studying the uncertainty-investment relationship.

[7] Haoyu Gao, Linghao Zhang and Yujing Wang*. "Central Bank Financial Stability Communication and Risks in Private Lending: Micro-Evidence Based on Expected Channels (In Chinese)". (Preparing to Submit)

This study investigates the impact of central bank financial stability communication on informal lending markets by utilizing text analysis and a dataset of 2.7 million legal judgment documents to track regional risk levels. The findings reveal that positive communication significantly mitigates lending risks by lowering interest rates and collateral demands for creditors while simultaneously boosting debtors' confidence and repayment performance.

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