Asymmetric responses to news in volatilities and correlations are important characteristics of many financial asset returns. This study investigates the asymmetries on spot and futures and extends the work of Kroner and Sultan (1993) using the Asymmetric Dynamic Conditional Correlation (ADCC)...

Based on agency theory [Jensen and Meckling: 1976, Journal of Financial Economics 3: 305–360] how managerial stock ownership affects the survival of initial public offerings (IPOs) is explored in this paper. A sample of 560 IPOs listed in Taiwan is examined using the accelerated failure time...

Four new determinants of initial/long-run IPO (initial public offering) returns from the perspectives of market conditions are proposed in this paper. The associated effects are examined by using the samples of Taiwan's high-tech IPO companies. Our empirical findings are consistent with the...

This paper investigates the causal relationships between sentiment and returns under different market scenarios. In contrast to previous studies that subjectively identify the bullish and bearish markets, we apply a threshold model to detect the extreme level of investors’ sentiment...

<title>Abstract</title> Recent financial crises resulted from systemic risk caused by idiosyncratic distress. In this research, taking Taiwan stock market as an example and collecting data from 2000 to 2010 which contained the 2001 dot-com bubble and the 2007--2009 financial crisis, we adopt the CoVaR model to...

The paper tests the relationship between corporations' dependence on external financing and their level of corporate information disclosure, and the relationship between the cost of capital and the level of corporate information disclosure in the Integrated Circuit (IC) industry in Taiwan. Using...

This study investigates the relationship between earnings management and equity liquidity, positing that as incentives arise for the manipulation of firm performance through earnings management (due partly to conflicts of interest between firm insiders and outsiders), greater earnings management...

The paper tests the relationship between corporations' dependence on external financing and their level of corporate information disclosure, and the relationship between the cost of capital and the level of corporate information disclosure in the Integrated Circuit (IC) industry in Taiwan. Using...

This paper applies agency theory to explore the relationship between insider stock ownership and firm performance, particularly in terms of technical efficiency. Insiders are further classified into executives, outside directors, and large shareholders to conduct a detailed study. Six-year...