The beta value, an indicator of systematic risk, is used to estimate the costs of equity and the evaluation of a stock's reasonable price. It is useful to airlines because their capital assets and operations are relatively sensitive to systematic risks. To obtain better estimates, it is useful...

This paper examines the long-term stock performance of asset purchasers and the determinants of cross-sectional differences in performance. Our findings show that buyers’ stocks, on average, underperform following purchases. Buy-and-hold abnormal returns of buyers acquiring related assets are...

This paper examines the determinants of the signaling effect of acquiring lines of credit (LCs) on borrower stock returns by testing the economic conditions and lending competition hypotheses. The economic conditions hypothesis is tested by examining the loan cyclicality and handpicking effects....

Taiwan implemented the National Health Insurance system (NHI) in 1995. After the NHI, the insurance coverage expanded and the quality of healthcare improved, however, the healthcare costs significantly escalated. The objective of this study is to determine what factors have direct impact on the...

This study investigates the effect of banking system reform on the investment behavior of Chinese listed firms. We find that the politically-oriented investment problem for state-controlled listed companies is mitigated by the reform due to foreign participation in the management of Chinese...

This article examines the effect of family control on investment-cash flow sensitivity and distinguishes the effect between agency problems and asymmetric information. Using an unbalanced panel data of 1206 Taiwanese firms for the time period 1999 to 2008, we find that family control increases...