This article examines the evidence of herd behaviour and stock price co-movement within high-tech stocks in the Taiwan market. We study return dispersion, volatility dispersion and directional co-movement within the industry, finding their relations with high-tech mania and extreme markets. Our...

This work develops a theory of countercyclical bank mergers and finds supported empirical evidence in Taiwan. Procyclical (countercyclical) mergers tend to involve higher (lower) measures of merger activities during economic booms than downturns. Several previous studies suggest that bank...