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This study employs an innovative dynamic switching test system to investigate the dynamic switching characteristics of three p-GaN HEMT devices. The dynamic switching characteristics are different from the previous research on the dynamic resistance characteristics of GaN devices, and the stability of GaN devices can be analyzed from the perspective of switching characteristics. Based on the theory of dynamic changes in threshold opening voltage and capacitance caused by electrical stress, the mechanism of dynamic switching characteristics of GaN HEMT devices is studied and analyzed in detail. The test results have shown that electrical stress induces trap ionization within the device, resulting in fluctuations in electric potential and ultimately leading to alterations in two critical factors of the dynamic switching characteristics of GaN HEMT devices, the parasitic capacitance and the threshold voltage. The dynamic changes in capacitance before and after electrical stress vary among devices, resulting in different dynamic switching characteristics. The test system is capable of extracting the switching waveform for visual comparison and quantitatively calculating the changes in switching parameters before and after electrical stressing. This test provides a prediction for the drift of switch parameters, offering pre-guidance for the robustness of the optimized application scheme. [ABSTRACT FROM AUTHOR]

We investigate how language similarity between acquirers and targets affects post-M&A performance using a large sample of M&A transactions in China. We hypothesize and find that acquirers achieve higher post-M&A operating performance when they acquire targets that share the same native languages. We provide evidence that language similarity enhances post-M&A performance via the communication channel. Additionally, we show that the impact of language similarity is more pronounced when acquirers are not controlled by government agencies and when they are not related parties of targets. This study indicates an important role of native language similarity on post-M&A performance. [ABSTRACT FROM AUTHOR]

Using the green finance policies (GFPs) in China as a shock to capital allocation, we find that the implementation of GFPs improves audit quality for green firms. Specifically, green firms are likely to receive favorable audit opinions, pay lower audit fees, and generate higher-quality financial reports after the implementation of GFPs. When examining the mechanisms through which GFPs affect audit risk for green firms, we find that green firms are likely to experience lower financial risks and have access to more bank loans at a lower cost after the implementation of GFPs. Further analysis shows that the main results are more pronounced when GFPs are better enforced, where auditors face more government intervention, and where firms are financially constrained. Overall, we document that GFPs decrease financial risk for green firms and have a positive spillover to auditors by mitigating audit risk. [ABSTRACT FROM AUTHOR]

We examine how government ownership in banks affects earnings management to determine whether competing political or agency interests prevail. Using bank ownership data for 171 Chinese commercial banks from 2006 to 2018, we find more accruals management in government‐owned banks, especially to reduce earnings. This effect is stronger in banks with less influence from controlling shareholders, more concentrated ownership structures, and in more developed provinces. Overall, our results find support for the agency view, where managers in government‐owned banks use accruals management to reduce social and political responsibilities, leading to increases in their promotion prospects. [ABSTRACT FROM AUTHOR]

This article documents fund usages of insider share pledge loans based on transactions data and subsequent corporate activities in Chinese firms. We find that the market has expanded 111 times since 2003, reaching 2.9 trillion RMB by 2017. The expansion is driven by share pledges for financing firms, including focal listed firms and other firms. Among transactions for financing focal listed firms (17.4 percent), 87 percent of the funds flow into the firms. Each 1 percent increase in controlling shareholders' ownership is associated with a 7.8–11.7 percent increase in the likelihood of pledging shares to finance the focal listed firms and an additional 2.1–5.7 percent for financially constrained firms. The stock market reacts to transactions for financing focal listed firms with abnormal returns around 0.26–0.65 percent and an additional 0.29–4.37 percent for financially constrained firms. These patterns do not exist for share pledges for other purposes or by noncontrolling shareholders. [ABSTRACT FROM AUTHOR]