Purpose –This study uses stochastic dominance (SD) theory to examine whether the traditional festival, such as the Spring Festival (often in February), affects the patterns of monthly anomaly for the Taiwan Stock Exchange (TWSE). The paper aims to discuss these issues....

This study is the first to use stochastic dominance theory to compare the performance of passive and active trading strategies for the Taiwan Stock Index Futures. In total, we test nine common trading strategies, including buy-and-hold (passive) and eight technical trading strategies (active)....

This study examines the impact of stock repurchases on a repurchasing firm's stock returns on the Taiwan Stock Exchange (TWSE). It is clear that significant negative abnormal returns are observed most days prior to the announcement day and that significant positive abnormal returns are detected...

This paper examines the impact of increased transparency on market quality for stocks listed on the Taiwan Stock Exchange in the pre- and post-period of enhanced transparency starting from January 1, 2003. The Taiwan Stock Exchange discloses unexecuted orders of the five best bid and ask prices...

This study examines direct investments of Taiwan firms in China (DIC) and firm performance consequences from industrial perspectives. It is found that a U-shaped relationship exists for electronic firms but an inverted-S-shaped relationship exists for non-electronic firms. The empirical results...

This study uses stochastic dominance theory, which is distribution free, to evaluate eight foreign exchange hedging strategies for six currencies in terms of US Dollar from 1990 to 2007. Our results show that 'always hedge' is the best performing strategy for European currencies such as British...

This study examines the determinants of types of bonds at the initial public offerings (IPOs) for the Taiwan Stock Exchange (TWSE). From an industrial perspective, R&D expenditures are mainly positively related to issuing straight bonds and future growth opportunities to convertible bonds for...

This paper employs the Kalman filter to explore the impact of term structure variables in the hedging of Japanese Government Bonds (JGBs) with treasury futures. The term structure factors (level parameter 0 β , slope parameter 1 β , and curvature parameter, 2 β ) are based on Nelson and...

We use quarterly data of 1213 Chinese firms from the first quarter of 2006 to the end of 2012 to examine the relationship between trade credit and bank credit. In particular, we investigate how the relation is affected during the 2008–2009 global financial crises. Several findings are noted....