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This paper examines the absence of the book‐to‐market equity (BM) effect in the Taiwan stock market, applying the BM decomposition proposed by Daniel and Titman (2006 ). First, we do not observe a significantly negative correlation between future stock return and intangible return on research‐and‐development‐intensive firms in Taiwan, which is inconsistent with the US evidence documented by Daniel and Titman. Second, undervaluation of research‐and‐development‐intensive firms possibly leads to the absence of the BM effect. Those firms, most of which have low BM, perform well not only in the past, but also in the future, thereby obscuring the BM effect. 相似文献
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Literature argues that the source of growth for high‐tech industries emanates from technological progress, while that for low‐tech industries comes from technical efficiency improvement. Also, some empirical studies have shown that technological progress is often accompanied by deterioration in technical efficiency. The focus in this study is to discuss a methodology and test the above two hypotheses with regard to Korean manufacturing data from 1970 to 1997. The study found that the 2.5 per cent average annual rate of technological progress during this period was the major contributor to total factor productivity (TFP) growth in Korean manufacturing whereas technical efficiency grew by a modest 1.1 per cent per annum. The analysis also showed that technological progress was responsible for TFP growth in both high‐tech and low‐tech industries and that both technological progress and technical efficiency improvement co‐existed in the case of Korean manufacturing industries. 相似文献
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We investigate the employment consequences of private equity buyouts. We find evidence of higher job creation, on average, at the establishments operated by targets of politically connected private equity firms than at those operated by targets of nonconnected private equity firms. Consistent with an exchange of favors story, establishments operated by targets of politically connected private equity firms increase employment more during election years and in states with high levels of corruption. In additional analyses, we provide evidence of specific benefits experienced by target firms from their political connections. Our results are robust to tests designed to mitigate selection concerns. 相似文献
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We analyze the effect of initial public offerings (IPOs) on industry competitors and provide evidence that companies experience negative stock price reactions to completed IPOs in their industry and positive stock price reactions to their withdrawal. Following a successful IPO in their industry, they show significant deterioration in their operating performance. These results are consistent with the existence of IPO‐related competitive advantages through the loosening of financial constraints, financial intermediary certification, and the presence of knowledge capital. These aspects of competitiveness are significant in explaining the cross‐section of underperformance as well as survival probabilities for competing firms. 相似文献
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Using a product differentiation model, this paper discusses the issue of transnational firms evading tariffs and investing directly in a host country (through foreign direct investment (FDI)). Where product quality is differentiated between foreign and host country firms and assuming a firm's quality requirement is a long‐term strategy and is not affected by a foreign firm's trade decision, we obtain the following findings. First, whether or not a host country firm produces high or low quality products, raising the quality requirement for foreign products will increase the possibility of a foreign firm choosing FDI instead of exporting a product to the host country. Second, raising the quality requirement for domestic products will lower the possibility of foreign firms choosing FDI without regard to the product's quality. Finally, given a competitor in the host country, in FDI, a foreign high‐quality product‐producing firm has an advantage over a low‐quality product‐producing firm. We also find that even when firms' quality decisions are affected by a foreign firm's trade decision, most of the above results will still hold. 相似文献
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The objective of the present study is to investigate the market valuation of Research and Development (R&D) investments in the Taiwanese stock market from July 1988 to June 2002. The motivation stems from Taiwan's recent economic transition from a labor‐intensive, then to a capital‐intensive, and currently to a technology‐based economy. The results support not only the existence, but also the persistence of R&D‐associated mispricing. More importantly, it has become stronger as the electronics industry gradually dominates the economy. First, R&D‐intensive stocks tend to outperform stocks with little or no R&D. Second, the R&D‐intensity effect cannot fully be attributed to firm size. Third, the R&D‐intensity effect is more pronounced for firms in the electronics industry after 1996. 相似文献
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Investor Protection and Corporate Governance: Evidence from Worldwide CEO Turnover 总被引：11，自引：0，他引：11
Recent research asserts that an essential feature of good corporate governance is strong investor protection, where investor protection is defined as the extent of the laws that protect investors' rights and the strength of the legal institutions that facilitate law enforcement. The purpose of this study is to test this assertion by investigating whether these measures of investor protection are associated with an important role of good corporate governance: identifying and terminating poorly performing CEOs. Our tests indicate that strong law enforcement institutions significantly improve the association between CEO turnover and poor performance, whereas extensive investor protection laws do not. In addition, we find that in countries with strong law enforcement, CEO turnover is more likely to be associated with poor stock returns when stock prices are more informative. Finding that strong law enforcement institutions are associated with improved CEO turnover‐performance sensitivity is consistent with good corporate governance requiring law enforcement institutions capable of protecting shareholders' property rights (i.e., protecting shareholders from expropriation by insiders). Finding that investor protection laws are not associated with improved CEO turnover‐performance sensitivity is open to several explanations. For example, investor protection laws may not be as important as strong law enforcement in fostering good governance, the set of laws we examine may not be the set that are most important in promoting good governance, or measurement error in our surrogate for extensive investor protection laws may reduce the power of our test of this variable. 相似文献
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CHIA‐HUNG SUN 《The Manchester School》2008,76(3):336-348
In this paper, we explore whether seller reputation can help alleviate asymmetric information in Internet online auctions, using Taiwanese data. This study reveals that the influence of seller reputations on prices is statistically significant, indicating little cultural difference in online auction behaviors, especially the attitude towards seller reputation. Although negative scores do not affect auction prices in full sample regressions, the impact of negative scores becomes statistically significant in the separated sample (low‐reputation auctions). Bidders are cautious about sellers who have not built enough reputation. 相似文献
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Longer life expectancy and declining birth rates have contributed to an aging population in many countries. This paper addresses the relationship between mental health and employment status among the elderly in Taiwan. A simultaneous equation system is developed that accommodates the discrete and censored nature of the two endogenous variables. Using data from a nationwide survey of the elderly in Taiwan, we find that older adults with mental illness are less likely to work, while those currently working are less prone to mental illness compared to their unemployed cohort. 相似文献