Associate Professor Jing Chi staff profile picture

Contact details +64 (06) 356 9099  ext. 84048

Associate Professor Jing Chi PhD (Reading), CFA

Associate Professor / Director International Programmes

School of Economics and Finance

Jing came to Massey from the University of Reading in England, where she had been teaching and completing her PhD in Finance. Her work experience includes employment in the Investment Banking Department of Huatai Securities Company in China and in the London Stock Exchange. Jing received her PhD from the University of Reading in 2003 and became a CFA charterholder in 2005. She currently teaches 125.340 Investment Analysis and 125.342 Investment Planning, and supervises Master's and PhD students.


Roles and Responsibilities

  • 2013 Being invited and served on the program committee for 2013 Asian Finance Association Annual Conference
  • 2011 Being invited and served on the program committee for FMA 2011 Asian conference
  • 2009 Being invited and served on the program committee for FMA 2009 Asian conference
  • 2007 Being invited and served on the program committee for FMA 2007 Annual Conference
  • 2006 Being invited and served as the Special Edition Co-editor of RIBAF (Research in International Business and Finance) Special Issue on Corporate Governance and Regulation within China's Financial Markets

 

Acted as a Referee for (on-going):

  • Journal of Banking and Finance (A* ranked in ABDC)
  • The Financial Review (A ranked in ABDC)
  • International Journal of Hospitality Management (A ranked in ABDC)
  • International Review of Financial Analysis (B ranked in ABDC)
  • Journal of Economics and Business (B ranked in ABDC)
  • Review of Pacific Basin Financial Markets and Policies (B ranked in ABDC)
  • Research in International Business and Finance (B ranked in ABDC)
  • Emerging Markets Finance and Trade (B ranked in ABDC)
  • Financial Markets and Portfolio Management (B ranked in ABDC)
  • Pacific Accounting Review (B ranked in ABDC)
  • Accounting Research Journal (B ranked in ABDC)
  • International Review of Economics and Finance (B ranked in ABDC)
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Professional

Contact details

  • Ph: 84048
    Location: 2.11, Business Studies West
    Campus: Turitea

Qualifications

  • PhD (2003)

Research Expertise

Research Interests

  • IPOs
  • Corporate finance
  • Corporate governance 

Thematics

Resource Development and Management

Area of Expertise

Field of research codes
Banking, Finance and Investment (150200): Business and Management (150300): Commerce, Management, Tourism And Services (150000): Corporate Governance and Stakeholder Engagement (150303): Finance (150201)

Keywords

  • 2013 National Tertiary Teaching Excellence Award
  • 2013 The Massey University Vice-Chancellor's Award for Teaching Excellence
  • 2012 The Richard Buchanan College of Business Teaching Excellence Award at Massey University
  • 2012 The Women's Research Award at Massey University

 

Research Projects

Summary of Research Projects

Position Current Completed
Project Leader 1 1

Completed Projects

Project Title: Initial Public Offerings (IPOs) Performance in the ChiNext Market

We study IPO underpricing and long-run performance of ChiNext, a newly-established Growth Enterprise Board in China. Using a sample of 281 ChiNext IPOs during October 2009 - December 2011, we find the initial average market adjusted abnormal return (MAAR) is 33.5%. The average 12-month buy-and-hold abnormal return (BHAR) is -45.7% for those IPOs listed prior to 2011. Although the average MAARs of ChiNext is significantly higher than IPOs listed on the Main Board, it is not significantly different from the Small and Medium Enterprise (SME) Board IPOs during the sample period. However, the ChiNext average BHARs are significantly lower than those on both the SME and Main Boards. Regression findings support the information asymmetry hypothesis (high uncertainty of ChiNext IPOs) and the behavioural theory (market sentiment) on underpricing for ChiNext IPOs, and we find that ChiNext IPO underperformance is consistent with the significant deterioration of their operating performance after listing and investors' speculative trading behaviour on these new issues.
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Date Range: 2013 - 2013

Funding Body: Massey University

Project Team:

Research Outputs

Journal

Wang, Q., Anderson, H., & Chi, J. (2018). VC political connections and IPO earnings management. Emerging Markets Review.
[Journal article]Authored by: Anderson, H., Chi, J.
Wang, Q., Anderson, HD., & Chi, J. (2017). The impact of VC backing on the corporate governance of Chinese IPOs. Pacific Accounting Review. 29(3), 330-355
[Journal article]Authored by: Anderson, H., Chi, J.
Anderson, HD., Chi, J., & Wang, Q. (2017). Political ties and VC exits: Evidence from China. China Economic Review. 44, 48-66
[Journal article]Authored by: Anderson, H., Chi, J.
Xie, F., Chi, J., & Liao, J. (2016). From share issue privatisation to non-tradable share reform: a review of privatisation in China. Asian-Pacific Economic Literature. 30(2), 90-104
[Journal article]Authored by: Chi, J., Liao, J.
Chi, J., Liao, J., & Chen, X. (2016). Politically connected CEOs and earnings management: evidence from China. Journal of the Asia Pacific Economy. 21(3), 397-417
[Journal article]Authored by: Chi, J., Liao, J.
Anderson, H., Chi, J., & Wang, QS. (2015). IPO Performance on Chinas Newest Stock Market (ChiNext). Chinese Economy. 48(2), 87-113
[Journal article]Authored by: Anderson, H., Chi, J.
Chi, J., Liao, J., & Qian, L. (2015). The long-run performance of Chinese private firm IPOs. Accounting and Finance Research. 4(4), 1-12
[Journal article]Authored by: Chi, J., Liao, J.
Chi, J., Yang, J., & Young, M. (2014). Mutual funds' holdings and listed firms' earnings management: Evidence from China. Journal of Multinational Financial Management. 28, 62-78
[Journal article]Authored by: Chi, J., Young, M.
Chi, J., Yang, JJ., & Young, MR. (2014). Mutual funds’ holdings and listed firms’ dividend payouts: Evidence from China. Accounting and Finance Research. 3(3), 84-106 Retrieved from http://dx.doi.org/10.5430/afr.v3n3p84
[Journal article]Authored by: Chi, J., Young, M.
Chi, J., Liao, J., & Li, F. (2014). The success of China’s non-tradable share reform. Corporate Ownership and Control. 11(4 Continued 3), 355-369
[Journal article]Authored by: Chi, J.
Yang, J., Chi, J., & Young, M. (2014). Mutual fund investment strategies and preferences. Chinese Economy. 47(1), 5-37
[Journal article]Authored by: Chi, J., Young, M.
Wirth, C., Chi, J., & Young, M. (2013). The Economic Impact of Capital Expenditures: Environmental Regulatory Delay as a Source of Competitive Advantage?. Journal of Business Finance and Accounting. 40(1-2), 115-141
[Journal article]Authored by: Chi, J., Wirth, C., Young, M.
Yang, J., Chi, J., & Young, M. (2012). A review of earnings management in China and its implications. Asian-Pacific Economic Literature. 26(1), 84-92
[Journal article]Authored by: Chi, J., Young, M.
Wirth, C., Chi, J., & Young, M. (2011). Do resource consent announcements provide valuable information? Evidence from New Zealand. Pacific Accounting Review. 23(3), 262-285 Retrieved from http://www.emeraldinsight.com/journals.htm?articleid=17004098&show=abstract
[Journal article]Authored by: Chi, J., Wirth, C., Young, M.
Anderson, HD., Chi, J., Ing-Aram, C., & Liang, L. (2011). Stock dividend puzzles in China. Journal of the Asia Pacific Economy. 16(3), 422-447
[Journal article]Authored by: Anderson, H., Chi, J.
Chi, J., Sun, Q., & Young, M. (2011). Performance and characteristics of acquiring firms in the Chinese stock markets. Emerging Markets Review. 12(2), 152-170
[Journal article]Authored by: Chi, J., Young, M.
Yang, J., Chi, J., & Young, M. (2011). A review of corporate governance in China. Asian-Pacific Economic Literature. 25(1), 15-28
[Journal article]Authored by: Chi, J., Young, M.
Cao, W., Chen, J., & Chi, J. (2010). Bank firm relationship and firm performance under a state-owned bank system: Evidence from China. Banks and Bank Systems. 5(3), 68-79
[Journal article]Authored by: Chen, J., Chi, J.
Chi, J., Wang, C., & Young, M. (2010). Long-run outperformance of chinese initial public offerings. Chinese Economy. 43(5), 62-88
[Journal article]Authored by: Chi, J., Young, M.
Chi, J., McWha, M., & Young, M. (2010). The performance and the survivorship of New Zealand IPOs. International Review of Financial Analysis. 19(3), 172-180
[Journal article]Authored by: Chi, J., Young, M.
Chi, J., Tripe, DW., & Young, MR. (2010). Do exchange rates affect the stock performance of Australian banks?. International Journal of Banking and Finance. 7(1), 35-50 Retrieved from http://epublications.bond.edu.au/cgi/viewcontent.cgi?article=1019&context=ijbf
[Journal article]Authored by: Chi, J., Tripe, D., Young, M.
Chen, J., Chi, J., & Zhu, S. (2009). Acquiring capacity and acquiring behaviour of Chinese firms. Journal of Entrepreneurial Finance and Business Ventures. 12(4), 87-104
[Journal article]Authored by: Chen, J., Chi, J.
Chang, E., Chen, C., Chi, J., & Young, MR. (2008). IPO underpricing in China: New evidence from the primary and secondary markets. Emerging Markets Review. 9, 1-16
[Journal article]Authored by: Chi, J., Young, M.
Chi, J., & Zeng, G. (2008). Corporate governance and firm performance: Evidence from the Chinese stock markets. Corporate Ownership & Control. 5(4), 471-480
[Journal article]Authored by: Chi, J.
Li, K., Hu, Y., & Chi, J. (2007). Major sources of production improvement and innovation growth in Chinese enterprises. Pacific Economic Review. 12(5), 683-710
[Journal article]Authored by: Chi, J.
Chi, J., & Young, M. (2007). Corporate governance and regulation in China: Openness and challenges. Research in International Business and Finance. 21(3), 361-365
[Journal article]Authored by: Chi, J., Young, M.
Chi, J., & Padgett, C. (2006). Operating performance and its relationship to market performance of Chinese initial public offerings. The Chinese Economy. 39(5), 28-50
[Journal article]Authored by: Chi, J.
Chen, C., Chen, W., & Chi, J. (2006). Underpricing and operating performance of Chinese B-share initial public offerings. The Chinese Economy. 39(5), 51-67
[Journal article]Authored by: Chi, J.
Chi, J., Li, K., & Young, M. (2006). Financial integration in East Asian equity markets. Pacific Economic Review. 11(4), 513-526
[Journal article]Authored by: Chi, J., Young, M.
Chi, J., & Padgett, C. (2005). The performance and long-run characteristics of the Chinese IPO market. Pacific Economic Review. 10(4), 451-469
[Journal article]Authored by: Chi, J.
Chi, J., & Padgett, C. (2005). Short-run underpricing and its characteristics in Chinese initial public offering (IPO) markets. Research in International Business and Finance. 19(1), 71-93
[Journal article]Authored by: Chi, J.

Book

Chi, J., & Young, MR. (2006). The development of financial derivatives markets in an expanded EU. In JA. Batten, & C. Kearney (Eds.) International Finance Review, Volume 6. Emerging European Financial Markets: Independence and Integration Post-Enlargement. (pp. 215 - 234). Oxford, UK: Elsevier JAI
[Chapter]Authored by: Chi, J., Young, M.
Chi, J., & Young, MR. (2005). Developing a financial derivatives market in China. In TA. Fetherston, & JA. Batten (Eds.) Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century. (pp. 339 - 359). Amsterdam, The Netherlands: Elsevier
[Chapter]Authored by: Chi, J., Young, M.

Thesis

Wirth, C. (2011). Capital market implications of resource consent information in New Zealand listed company announcements. (Doctoral Thesis, Massey University, Palmerston North, New Zealand)
[Doctoral Thesis]Authored by: Wirth, C.Edited by: Chi, J., Young, M.
Chi, J. (2003). The performance and characteristics of the Chinese IPO market. (Doctoral Thesis, University of Reading)
[Doctoral Thesis]Authored by: Chi, J.

Conference

Anderson, H., Chi, J., & Liao, J.Foreign strategic ownership and minority shareholder protection: Evidence from China. Paper presented at the meeting of http://www.victoria.ac.nz/sacl/financial-markets-and-corporate-governance-conference-2017/keynote-speakers-and-programme/fmcg-outline-programme.pdf. Wellington, New Zealand
[Conference Paper]Authored by: Anderson, H., Chi, J., Liao, J.
Liao, J., Chi, J., & Chen, X.Political connected CEOs and earnings management: Evidence from China. . Wollongong, Australia
[Conference Paper]Authored by: Chi, J., Liao, J.
Wei, Y., Chen, J., Chi, J., & Wirth, CG.Cash tunnelling in Chinese firms. . Sydney, Australia
[Conference Paper]Authored by: Chen, J., Chi, J., Wirth, C.
Wei, Y., Chen, J., & Chi, J.An examination of relation between accounting ratios and corporate fraud. . Tokyo, Japan
[Conference Paper]Authored by: Chen, J., Chi, J.
Yang, JJ., Chi, J., & Young, M. (2013). Mutual funds' stock holdings and listed firms' dividend pay-outs in China. 2013 FMA Asian Meeting. (pp. 1 - 47). : 2013 FMA Asian Meeting
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Yang, JJ., Chi, J., & Young, M. (2012). Mutual funds and listed firms' earnings management in China. 2012 FMA Annual Meeting. (pp. 1 - 51). : 2012 FMA Annual Meeting
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Yang, JJ., Chi, J., & Young, MR. (2011). Mutual funds’ investment strategies and their preferences: Evidence from China. 2011 FMA Annual Conference. (pp. 1 - 45). : 2011 FMA Annual Conference
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Yang, JJ., Chi, J., & Young, MR. (2011). Mutual funds' investment strategies and their preferences: Evidence from China. Asian Finance Association (AsianFA) 2011 International Conference. : Asian Finance Association (AsianFA) 2011 International Conference: Frontiers in Finance: Asia-Pacific and Beyond
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Wirth, C., Chi, J., & Young, M. (2011). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage?. In . Finance, & CG. Conference (Eds.) Finance and Corporate Governance Conference. (pp. 1 - 35).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Wirth, C., Young, M.
Wirth, C., Chi, J., & Young, M.(2011). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic avantage?. . Melbourne, VIC, Australia
[Conference Paper]Authored by: Chi, J., Wirth, C., Young, M.
Wirth, C., Chi, J., & Young, M. (2011, April). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage?. Presented at Finance and Corporate Governance Conference. Melbourne, VIC, Australia.
[Conference Oral Presentation]Authored by: Chi, J., Wirth, C., Young, M.
Wirth, C., Chi, J., & Young, M. (2011, April). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage?. Presented at 2011 Financial Management Association [FMA] Asian Conference. Queenstown, New Zealand.
[Conference Oral Presentation]Authored by: Chi, J., Wirth, C., Young, M.
Wirth, C., Chi, J., & Young, M.(2011). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage?. . Queenstown, New Zealand
[Conference Paper]Authored by: Chi, J., Wirth, C., Young, M.
Wirth, C., Chi, J., & Young, M. (2011). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage?. In FM. Association (Ed.) Financial Management Association Conference. (pp. 1 - 35).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Wirth, C., Young, M.
Anderson, HD., Chi, J., Ing-aram, C., & Liang, L.Stock dividend puzzles in China.
[Conference Oral Presentation]Authored by: Anderson, H., Chi, J.
Anderson, H., Chi, J., Ing aram, C., & Liang, L. (2011). Stock dividend puzzles in China. In NZF. Colloquium (Ed.) 15th New Zealand Finance Colloquium. (pp. 1 - 49). : 15th New Zealand Finance Colloquium
[Conference Paper in Published Proceedings]Authored by: Anderson, H., Chi, J.
Wirth, C., Chi, J., & Young, M. (2011). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage?. 15th New Zealand Finance Colloquium Proceedings. (pp. 1 - 35). New Zealand: 15th New Zealand Finance Colloquium
[Conference Paper in Published Proceedings]Authored by: Chi, J., Wirth, C., Young, M.
Chi, J., Qian, S., & Young, MR. (2009). Performance and characteristics of acquiring firms in the Chinese stock markets. European Financial Management Association Annual Conference. (pp. 1 - 39).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Chi, J., Qian, S., & Young, MR. (2009). Performance and characteristics of acquiring firms in the Chinese stock markets. Financial management Association Annual Conference. (pp. 1 - 35).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Chi, J., McWha, M., & Young, MR. (2008). The performance and the survivorship of New Zealand IPOs. Proceedings of the Asian Finance Association-Nippon Finance Association International Conference. (pp. 1 - 33).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Chi, J., Tripe, DW., & Young, MR. (2007). Do exchange rates affect the stock performance of Australian banks?. 12th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference. (pp. 1 - 24).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Tripe, D., Young, M.
Chi, J., Tripe, DW., & Young, MR. (2007, September). Do exchange rates affect the stock performance of Australian banks?. Presented at 12th Finsia-Melbourne Centre for Financial Studies Banking and Finance Conference. RMIT University, Melbourne, VIC, Australia.
[Conference Oral Presentation]Authored by: Chi, J., Tripe, D., Young, M.
Chang, X., Chen, C., Chi, J., & Young, MR. (2007, July). IPO underpricing in China: New evidence from the primary and secondary markets. Presented at Accounting and Finance Association of Australia and New Zealand Conference. Gold Coast, QLD.
[Conference Oral Presentation]Authored by: Chi, J., Young, M.
Chang, E., Chen, C., Chi, J., & Young, M. (2008). IPO underpricing in China: New evidence from the primary and secondary markets. Emerging Markets Review. Vol. 9 (pp. 1 - 16).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Chi, J., Wang, C., & Young, MR. (2007, July). The long-run out-performance of the Chinese IPOs. Presented at 15th Annual Conference on Pacific Basin Finance, Economics, Accounting and Management. Ho Chi Minh, Vietnam.
[Conference Oral Presentation]Authored by: Chi, J., Young, M.
Chi, J., Wang, C., & Young, MR. (2007). The long-run out-performance of the Chinese IPOs. Proceedings of the 15th Annual Conference on Pacific Basin Finance, Economics, Accounting and Management. (pp. 1 - 35).
[Conference Paper in Published Proceedings]Authored by: Chi, J., Young, M.
Li, K., Hu, Y., & Chi, J. (2006). Innovation and productivity in Chinese enterprises. 6th Annual Hawaii International Conference on Business: Proceedings.
[Conference Paper in Published Proceedings]Authored by: Chi, J.
Chi, J.(2006). Session chair: Initial public offerings. . Auckland, NZ
[Conference Other]Authored by: Chi, J.
Chi, J.(2006). Discussant: 'Share-only IPOs vs unit IPOs : Empirical evidence for the Hong Kong stock exchange'. . Auckland, NZ
[Conference Other]Authored by: Chi, J.
Chi, J.(2006). Discussant: 'The performance of Yankee issuers' original IPOs. . Auckland, NZ
[Conference Other]Authored by: Chi, J.
Chi, J., & Padgett, C. (2005). The performance and long-run characteristics of the Chinese IPO market. Financial Management Association Annual Meeting. (pp. 1 - 34). Chicago, IL
[Conference Paper in Published Proceedings]Authored by: Chi, J.
Chi, J., & Padgett, C. (2005, October). The performance and long-run characteristics of the Chinese IPO market. Presented at Academy of Financial Services Annual Conference. Chicago, IL.
[Conference Oral Presentation]Authored by: Chi, J.
Chi, J., & Padgett, C. (2004). The operating performance of the Chinese initial public offering (IPO) market and its relationship with the market performance of IPOs. 2004 FMA Annual Meeting. (pp. 1 - 37). New Orleans, LA
[Conference Paper in Published Proceedings]Authored by: Chi, J.
Chi, J., & Young, MR.(2004). Developing a financial derivatives market in China. Paper presented at the meeting of 17th Australasian Finance and Banking Conference. Sydney, Australia
[Conference Paper]Authored by: Chi, J., Young, M.
Chi, J., & Padgett, C. (2004, October). The operating performance of the Chinese initial public offering (IPO) market and its relationship with the market performance of IPOs. Presented at 18th Annual Meeting of the Academy of Financial Services. New Orleans, LA.
[Conference Oral Presentation]Authored by: Chi, J.

Other

Wirth, C., Chi, J., & Young, M. (2010). The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage. In Corporate Finance: Valuation, Capital Budgeting & Investment Policy(pp. 1 - 35). : Social Science Research Network
[Working Paper]Authored by: Chi, J., Wirth, C., Young, M.

Supervision and Teaching

Summary of Doctoral Supervision

Position Current Completed
Supervisor 2 2
Co-supervisor 1 2

Courses Coordinated

Current Doctoral Supervision

Supervisor of:

  • Lu Wang - Doctor of Philosophy
    Control privatization in China
  • Jennifer Xie - Doctor of Philosophy
    China's non-tradable share reform and its impact on Chinese listed firms

Co-supervisor of:

  • Zixiong Sun - Doctor of Philosophy
    Essays in managerial corporate finance in Chinese market

Completed Doctoral Supervision

Supervisor of:

  • 2016 - Qing Wang - Doctor of Philosophy
    Political Ties and Venture Capital: Evidence from China
  • 2012 - Jingjing Yang - Doctor of Philosophy
    The examination of the relationship between mutual funds' holdings and listed firms in China

Co-supervisor of:

  • 2015 - Yi Wei - Doctor of Philosophy
    Three essays on corporate fraud in Chinese listed companies
  • 2011 - Carolyn Wirth - Doctor of Philosophy
    Capital market implications of resource consent information in New Zealand listed company announcements

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