ABSTRACT This paper extends the current literatures on the relation between fund expenses and fun... more ABSTRACT This paper extends the current literatures on the relation between fund expenses and fund flows using data from Taiwan. Our findings for the Taiwan market differ from previous studies on the U.S. market. Specifically, we find no support for the notion of “out of sight, out of mind”. For Taiwan mutual funds, net flows and inflows are negatively related to operating expenses but not front-end loads. The discrepancy between our results and those reported for the U.S. market may be attributed to the fee structure in Taiwan, where operating expenses are much higher than front-end loads and seem to have a bigger impact on fund performance. The negative relation between net flows (inflows) and operating expenses is more pronounced for funds with high institutional investor participation and funds charging high operating expenses. However, investor types show no significant impact on the relations between front-end loads and various measures of fund flows.
Abstract We examine the impact of cross-border mergers and acquisitions (CBMA the decrease in tra... more Abstract We examine the impact of cross-border mergers and acquisitions (CBMA the decrease in trade credit is larger in comparison to domestic M&As. The findings are robust to the alternative measure of trade credit and remain intact after accounting for endogeneity. Further analysis suggests that CBM&A acquirers incur higher risk post-CBM&As, and our findings support the risk-exposure hypothesis.
... C'7o~g C'~zeng University, Taiwan Sung Ko Li, Assistant Professor, Hong Kong Baptis... more ... C'7o~g C'~zeng University, Taiwan Sung Ko Li, Assistant Professor, Hong Kong Baptist University, Hong Kong J. Howard Finch, UC ... 2 Sherman and Gold (1985), Vassiloglou and Giokas (1990),Aly, Grabowski, Pasurka, and Rangan (1990), and Elyasiani and Mehdian (1990 ...
ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related... more ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related terms during recent oil price surges. Using data from the U.S. and Canadian stock markets, we show that there is a tendency for companies in both markets to add oil or petroleum to their corporate names when oil prices are high. Results show that U.S. investors react more positively for firms that add oil-related terms to their names. Name changes trigger short-term positive and long-term negative returns in the Canadian market. Our results add supports of the literature that investors are potentially influenced by corporate name changes associated with market wide sentiments.
In this study, the impact of regression tendency and order bias on the calculated average residua... more In this study, the impact of regression tendency and order bias on the calculated average residuals and around the event period is examined. The findings indicate that the abnormal return calculated with unadjusted parameters may lead to a misestimation of the true average residual. However, the bias due to regression tendency and order bias may not change the essential conclusions
Review of Quantitative Finance and Accounting, 2010
This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underprici... more This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underpricing, in which IPO underpricing is caused by asymmetric information between issuers and investment bankers. Muscarella and Vetsuypens (J Financ Econ 24:125–135, 1989) find that lead-manager IPOs are significantly more underpriced than non-self-marketed IPOs and conclude that their empirical results do not support Baron’s model. We
... Domestic banks may even continue to supply credit to firms during times of distress, followin... more ... Domestic banks may even continue to supply credit to firms during times of distress, followinggovernment guidance. Foreign banks do not play as much of a monitoring role as local banks do. ... The average number of relationships with foreign banks declines from 2.98 to ...
Journal of International Financial Markets, Institutions and Money, 2015
ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related... more ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related terms during recent oil price surges. Using data from the U.S. and Canadian stock markets, we show that there is a tendency for companies in both markets to add oil or petroleum to their corporate names when oil prices are high. Results show that U.S. investors react more positively for firms that add oil-related terms to their names. Name changes trigger short-term positive and long-term negative returns in the Canadian market. Our results add supports of the literature that investors are potentially influenced by corporate name changes associated with market wide sentiments.
ABSTRACT This paper extends the current literatures on the relation between fund expenses and fun... more ABSTRACT This paper extends the current literatures on the relation between fund expenses and fund flows using data from Taiwan. Our findings for the Taiwan market differ from previous studies on the U.S. market. Specifically, we find no support for the notion of “out of sight, out of mind”. For Taiwan mutual funds, net flows and inflows are negatively related to operating expenses but not front-end loads. The discrepancy between our results and those reported for the U.S. market may be attributed to the fee structure in Taiwan, where operating expenses are much higher than front-end loads and seem to have a bigger impact on fund performance. The negative relation between net flows (inflows) and operating expenses is more pronounced for funds with high institutional investor participation and funds charging high operating expenses. However, investor types show no significant impact on the relations between front-end loads and various measures of fund flows.
Review of Quantitative Finance and Accounting, 2010
This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underprici... more This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underpricing, in which IPO underpricing is caused by asymmetric information between issuers and investment bankers. Muscarella and Vetsuypens (J Financ Econ 24:125–135, 1989) find that lead-manager IPOs are significantly more underpriced than non-self-marketed IPOs and conclude that their empirical results do not support Baron’s model. We
Review of Quantitative Finance and Accounting, 2008
The research productivity of board members of the top academic finance journals—Journal of Financ... more The research productivity of board members of the top academic finance journals—Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Financial Management—is investigated. Discipline specific benchmarks for substantial research excellence are determined and an evaluation of influential finance journals is presented. Publication in Journal of Finance is the most notable benchmark for selection to the editorial board of any of the finance journals evaluated. The results imply that publishing one article in Journal of Finance, Journal of Financial Economics or Review of Financial Studies in a 5-year period coupled with additional appearances in the broader top tier finance journals would be representative of exceptional research achievement.
ABSTRACT This paper extends the current literatures on the relation between fund expenses and fun... more ABSTRACT This paper extends the current literatures on the relation between fund expenses and fund flows using data from Taiwan. Our findings for the Taiwan market differ from previous studies on the U.S. market. Specifically, we find no support for the notion of “out of sight, out of mind”. For Taiwan mutual funds, net flows and inflows are negatively related to operating expenses but not front-end loads. The discrepancy between our results and those reported for the U.S. market may be attributed to the fee structure in Taiwan, where operating expenses are much higher than front-end loads and seem to have a bigger impact on fund performance. The negative relation between net flows (inflows) and operating expenses is more pronounced for funds with high institutional investor participation and funds charging high operating expenses. However, investor types show no significant impact on the relations between front-end loads and various measures of fund flows.
Abstract We examine the impact of cross-border mergers and acquisitions (CBMA the decrease in tra... more Abstract We examine the impact of cross-border mergers and acquisitions (CBMA the decrease in trade credit is larger in comparison to domestic M&As. The findings are robust to the alternative measure of trade credit and remain intact after accounting for endogeneity. Further analysis suggests that CBM&A acquirers incur higher risk post-CBM&As, and our findings support the risk-exposure hypothesis.
... C'7o~g C'~zeng University, Taiwan Sung Ko Li, Assistant Professor, Hong Kong Baptis... more ... C'7o~g C'~zeng University, Taiwan Sung Ko Li, Assistant Professor, Hong Kong Baptist University, Hong Kong J. Howard Finch, UC ... 2 Sherman and Gold (1985), Vassiloglou and Giokas (1990),Aly, Grabowski, Pasurka, and Rangan (1990), and Elyasiani and Mehdian (1990 ...
ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related... more ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related terms during recent oil price surges. Using data from the U.S. and Canadian stock markets, we show that there is a tendency for companies in both markets to add oil or petroleum to their corporate names when oil prices are high. Results show that U.S. investors react more positively for firms that add oil-related terms to their names. Name changes trigger short-term positive and long-term negative returns in the Canadian market. Our results add supports of the literature that investors are potentially influenced by corporate name changes associated with market wide sentiments.
In this study, the impact of regression tendency and order bias on the calculated average residua... more In this study, the impact of regression tendency and order bias on the calculated average residuals and around the event period is examined. The findings indicate that the abnormal return calculated with unadjusted parameters may lead to a misestimation of the true average residual. However, the bias due to regression tendency and order bias may not change the essential conclusions
Review of Quantitative Finance and Accounting, 2010
This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underprici... more This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underpricing, in which IPO underpricing is caused by asymmetric information between issuers and investment bankers. Muscarella and Vetsuypens (J Financ Econ 24:125–135, 1989) find that lead-manager IPOs are significantly more underpriced than non-self-marketed IPOs and conclude that their empirical results do not support Baron’s model. We
... Domestic banks may even continue to supply credit to firms during times of distress, followin... more ... Domestic banks may even continue to supply credit to firms during times of distress, followinggovernment guidance. Foreign banks do not play as much of a monitoring role as local banks do. ... The average number of relationships with foreign banks declines from 2.98 to ...
Journal of International Financial Markets, Institutions and Money, 2015
ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related... more ABSTRACT This paper examines the valuation effects of corporate name changes involved oil related terms during recent oil price surges. Using data from the U.S. and Canadian stock markets, we show that there is a tendency for companies in both markets to add oil or petroleum to their corporate names when oil prices are high. Results show that U.S. investors react more positively for firms that add oil-related terms to their names. Name changes trigger short-term positive and long-term negative returns in the Canadian market. Our results add supports of the literature that investors are potentially influenced by corporate name changes associated with market wide sentiments.
ABSTRACT This paper extends the current literatures on the relation between fund expenses and fun... more ABSTRACT This paper extends the current literatures on the relation between fund expenses and fund flows using data from Taiwan. Our findings for the Taiwan market differ from previous studies on the U.S. market. Specifically, we find no support for the notion of “out of sight, out of mind”. For Taiwan mutual funds, net flows and inflows are negatively related to operating expenses but not front-end loads. The discrepancy between our results and those reported for the U.S. market may be attributed to the fee structure in Taiwan, where operating expenses are much higher than front-end loads and seem to have a bigger impact on fund performance. The negative relation between net flows (inflows) and operating expenses is more pronounced for funds with high institutional investor participation and funds charging high operating expenses. However, investor types show no significant impact on the relations between front-end loads and various measures of fund flows.
Review of Quantitative Finance and Accounting, 2010
This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underprici... more This paper reexamines the validity of Baron’s (J Financ 37:955–976, 1982) model of IPO underpricing, in which IPO underpricing is caused by asymmetric information between issuers and investment bankers. Muscarella and Vetsuypens (J Financ Econ 24:125–135, 1989) find that lead-manager IPOs are significantly more underpriced than non-self-marketed IPOs and conclude that their empirical results do not support Baron’s model. We
Review of Quantitative Finance and Accounting, 2008
The research productivity of board members of the top academic finance journals—Journal of Financ... more The research productivity of board members of the top academic finance journals—Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Financial Management—is investigated. Discipline specific benchmarks for substantial research excellence are determined and an evaluation of influential finance journals is presented. Publication in Journal of Finance is the most notable benchmark for selection to the editorial board of any of the finance journals evaluated. The results imply that publishing one article in Journal of Finance, Journal of Financial Economics or Review of Financial Studies in a 5-year period coupled with additional appearances in the broader top tier finance journals would be representative of exceptional research achievement.
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