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Thomas To

Thomas To

MAppFin Macquarie; BCom Hons UTS
PhD Candidate

The University of Sydney
NSW 2006 Australia


Thomas To is a PhD candidate in Finance at the  University of Sydney, Business School. Thomas's main research interests lie in  the areas of corporate finance and corporate governance. He holds a Masters  degree in Applied Finance from Macquarie University and a Honours degree in  Commerce from the University of Technology, Sydney.

Thesis working title

Three essays in empirical corporate finance

The thesis consists of three essays on empirical corporate finance. The first essay studies how financial analysts affect corporate investment decisions. The second essay investigates the relationship between extrinsic information asymmetry and the choice of payment method in takeovers. The third essay examines the impact of CDS trading and short sellers on the profitability of bankers' insider trades.

Supervisor: Eliza Wu, Marco Navone


Journal Article/s

To T, Treepongkaruna S and Wu E 2018 Forthcoming 'Are all insiders on the inside? Evidence from the initiation of CDS trading and short selling in the financial sector', Journal of International Financial Markets, Institutions and Money [Link]


Conference Paper/s

Hasan I, Navone M, To T and Wu E 2017 'Tournament incentives and acquisition performance', 2017 SFS Finance Cavalcade Asia-Pacific, Beijing, China, 15th December 2017

Navone M, To T and Wu E 2017 'Analyst coverage and the quality of corporate investment decisions', Financial Management Association Conference, Boston, United States, 14th October 2017