Research

Dr. Yang Zhao studies the impact of corporate networks on various issues in corporate finance and corporate governance, which includes executive compensation, mergers and acquisitions, executive turnover and insider trading. His research finding suggest that director networks can create informational advantages, which improve companies' operational efficiency when information asymmetry is present. Moreover, directors can gain managerial power via director networks, which would give rise to corporate governance problems, such as entrenchment and excessive compensation.

Dr. Yang Zhao is also interested in the following areas of research:

• Corporate innovation
• Culture and corporate governance
• Executive compensation
• Director traits, experience and background
• Academic networks

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Teaching

ACC2007 - Corporate Finance

ACC3006 - International Financial Management

Publications

• Goergen M, Renneboog L, Zhao Y. Insider Trading and Networked Directors. Journal of Corporate Finance 2019, 56, 152-175.
• Renneboog L, Zhao Y. Director networks, turnover, and appointments. European Financial Management 2020, 26(1), 44-76.
• Mazouz K, Zhao Y. CEO Incentives, Takeover Protection and Corporate Innovation. British Journal of Management 2019, 30(2), 494-515.
• Geiler P, Renneboog L, Zhao Y. Beauty and Appearance in Corporate Director Elections. Journal of International Financial Markets, Institutions & Money 2018, 55, 1-2.
• Renneboog L, Zhao Y. CEO Networks and the M&A Market. In: Fetscherin,M, ed. CEO Branding: Theory and Practice. Routledge, 2015, pp.275-294.
• Renneboog L, Zhao Y. Director networks and takeovers. Journal of Corporate Finance 2014, 28, 218-234.
• Renneboog L, Zhao Y. The Governance of Director Networks. In: Wright,M;Siegel,DS;Keasey,K;Filatotchev,I, ed. Handbook of Corporate Governance. Oxford University Press, 2013, pp.200-221.
• Renneboog L, Zhao Y. Us knows us in the UK: On director networks and CEO compensation. Journal of Corporate Finance 2011, 17(4), 1132-1157.