This paper examines how the number of banking relationships affects the interaction between managerial ownership and firm performance, and sheds light on the conditions under which banking relationships play a role in alleviating shareholder-manager conflicts. Our results provide several...

In this survey article, after delineating its historical origin of the Efficient Market Hypothesis (EMH), the authors summarize from the methodological perspective the empirical findings from 1960s through 1990s bearing on the EMH under the headings "supporting empirical findings as documented...

In a previous study based on a matched sample analysis, it is found that in Taiwan top management turnover rate for the listed firms in the presence of a proxy contest is much higher than the ones without a proxy contest. In other words, the hypothesis of job security has gained empirical...

The present study examines the introduction of partial auction on speed of price adjustment in the Initial Public Offering's (IPO) aftermarket in Taiwan. From a paired comparison between before/after introducing partial auction sub-samples of the IPO firms, as expected, it is found that the...