This study develops a multiple-period, competitive rational expectations model for examining how competitive informed traders time their informed trading and how information is incorporated into prices. It is found that informed traders may choose either to trade early or late on their...

This paper presents a formal methodology, using a market-based risk neutral approach, to gauge the credit risk of guarantee issues in a Taiwanese bills finance company. In particular, the probability of default is endogenously determined. Evidence shows that the recovery rate plays an important...

Though the Financial Holding Company Act in Taiwan permits banks, securities firms and insurance companies to affiliate, identifying the influence on Taiwan's financial holding companies hasn't been discussed rigorously yet. This paper presents a formal methodology, using two-state Markov regime...

This study examines how the investment horizon of the institutional shareholders of a firm affects the stock performance of private equity placements. The results show that firms with long-term institutional investors receive significantly positive abnormal returns around the offering...

This study tries to investigate the performance of specific stylized mutual funds focusing on the matched professional abilities of fund managers, based upon their relative educational backgrounds. Using a 2001–2011 dataset on 1164 fund managers investing in the Taiwan Stock Exchange...