Guosong Xu is an Assistant Professor of Finance at Rotterdam School of Management at Erasmus University.

Research interests: 
Corporate Finance, Behavioral Finance, Climate

Department of Finance, RSM
Mandeville Building T08-50, Burgemeester Oudlaan 50
3062 PA Rotterdam

Links to SSRN and RSM official page


Assimilation Effects in Financial Markets
Journal of Financial and Quantitative Analysis, Accepted, with Eliezer Fich

The Role of Internal M&A Teams in Takeovers
Review of Finance, 2021, with Nihat Aktas, Audra Boone, Alexander Witkowski, and Burcin Yurtoglu

Determinants and Value Effects of Early Announcements in Takeovers 
Journal of Corporate Finance, 2018, with Nihat Aktas and Burcin Yurtoglu
Best AFFI 2017 Conference Paper; Media coverage: Les Echos 

Working Papers:

Friends in Media
Best Paper in Corporate Finance at the SFS Cavalcade North America 2021

We test the independence of news content from financial journalists’ social networks and the real effects of journalist connections in the financial markets.

Conferences: EFA, EFA Doctoral Tutorial, SFS Cavalcade, FIRS

Do Salient Climatic Risks Affect Shareholder Voting?
with Eliezer Fich
Media coverage: The FinReg Blog of Duke University; Drexel News Blog; Finance Digest; Investment Week; Global Banking & Finance Review; Wealth Professional; Corporate INTL; IDN Connected; Business in The News; UK Today

We find that shareholders in locations recently hit by hurricanes significantly increase their support for environmental proposals. More favorable voting following a hurricane strike has real consequences: Climate-related proposals are more likely to pass, and when they do, firm performance weakens.

Conferences: AFA, SFS Cavalcade, Paris December Finance Meeting

Green Greed? Evidence from Corporate Donations to Anti-Climate Politicians
with Eliezer Fich
Media coverage: LSE Business Review; Corp-INTL; Luxury Advisor 

Firms with better environmental scores donate more to climate-obstructionist politicians. Ownership by brown institutional investors is a channel underlying this result. We also explore the value implications of corporate greed with respect to the environment.

Conferences: EFA 2022, Owners as Strategists 2022

How Do Tax Increases Affect Investment Allocation within Multinationals?
with Antonio De Vito and Martin Jacob
Media coverage: LSE Business Review 

We study how tax increases transmit across countries through multinationals’ internal networks of subsidiaries. We find that local business units cut capital investment in response to foreign tax increases. Two channels can explain these spillovers: production linkages and financial constraints. Aggregate investment and employment decline with higher exposure to foreign tax increases.

Conferences: Berlin-Vallendar Tax Conference, European Central Bank

Investment under Uncertainty: Do Firm Boundaries Matter?
with Jingyuan Mo

We examine how firms’ vertical structure affects investment under output price uncertainty. Exploiting the oil exploration and production industry, we find that vertically integrated producers cut investments significantly more than do standalone producers under exogenous oil price uncertainty shocks. This finding is consistent with the real option model of investment.