Theme: When does ownership matter? Evidence from China
Speaker: Professor Xiaoyun Yu, Associate Dean of Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Host:Associate Professor Hengguo Da, School of Accounting, Southwestern University of Finance and Economics
Time: 10:30 a.m.-12:00 a.m., October 17, 2025, Friday
Place: Room 650, Chengzheng Building, Liulin Campus
Sponsor: Research Team on Innovation of Financial and Accounting Theories and Methodologies with Chinese Characteristics in the New Era, Research Team on Major Basic Theories and Practical Innovation of Digital Economy, School of Accounting, Office of Scientific Research
Introduction of the speaker:
Professor Xiaoyun Yu is currently the Chair Professor of Finance and Associate Dean at the Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University, and a Research Fellow at the European Corporate Governance Institute(ECGI). She previously served as a Professor of Finance and Arthur M. Weimer Faculty Fellow at the Kelley School of Business, Indiana University.
Professor Yu’s research scope covers theoretical and empirical corporate finance, with her current research interests including information economics, security design, initial public offerings (IPOs), financial institutions and systems, and financial political economy. She has published more than 20 high-quality academic papers in internationally renowned journals such as Journal of Finance, Journal of Business, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Management Science. Professor Yu has also contributed important chapters to works such as Social Security Reform in China and Volume of Finance, Frontiers of Western Research in the Humanities and Social Sciences. Professor Yu has frequently received numerous research awards and grants, including the 2021 European Finance Association Review of Finance Pagano and Zechner Best Paper Award, the 2019 Best Paper Award at the 10th International Corporate Governance Symposium, the 2018 Xiyue Best Paper Award at the China International Conference in Finance (CICF), the 2016 Sun Yefang Financial Innovation Award, the 2013 Best Paper Award from the Chinese Finance Association (TCFA), the 2013 Best Paper Award at the China International Conference in Finance, and the 2012 Best Paper Award from the Financial Management Association International. The projects Professor Yu has participated in have received multiple rounds of funding from the National Natural Science Foundation of China.
Professor Yu’s research achievements have been widely reported in numerous media outlets, including CNBC, The New York Times, and The Wall Street Journal. Professor Yu is a member of the American Finance Association and the Western Finance Association, and also serves as a member of the program committee and co-chair for many internationally renowned financial academic conferences. In addition, Professor Yu serves as the Managing Editor of Pacific-Basin Finance Journal and International Review of Finance, and as an Associate Editor for Management Science, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Banking and Finance, and Journal of Empirical Finance.
Abstract:
In this lecture, Professor Yu studies the real effects of ownership activism through a corporate charter amendment event in China that expanded incumbent owners’ control rights without altering ownership structures. Enhanced control provisions lead to higher profitability, productivity, and innovation, especially in firms implementing more substantial amendments or targeting key areas such as decision-making and personnel management. Strengthened control also increases owner involvement in board activities. Improvements in governance and disclosure quality support the proposed mechanisms. Our findings highlight the crucial role of control rights—beyond ownership—in shaping corporate governance and firm performance.
