Informational differences among institutional investors in an increasingly institutionalized market

Studying the informativeness of institutional trades, this paper examines informational differences among institutional investors in the Taiwan stock market. Evidence shows that the net trades of (domestic) mutual funds impound information superior to the net trades of foreign investors and securities dealers, regardless of the selected formation and holding periods. The information advantage of mutual funds does not result from their trading persistence but from their stock-picking skill. The advantage is positively related to information asymmetry proxied by the smallness of firms, even after controlling for the risks associated with institutional equity preferences.     

A narrative review of Asian female travellers: looking into the future through the past

Following the rise of tourism in Asia, a growing female travel market has been observed in the region. Nevertheless, limited research has considered the travel experience of Asian women. In response to the dearth of research on Asian female travellers, this study employs a narrative synthesis approach through a postcolonial feminist lens to review the extant literature on Asian female travellers, with the aim to contribute to a cultural understanding of the historical and contemporary travel practices of Asian women. Based on this review, it is evident that Asian women’s travel behaviour is influenced by cultural identities and gender stereotypes. However, existing literature has also demonstrated the agency of Asian women in resisting discriminatory gender practices in tourism, which is represented in the transformation of the identity of Asian female travellers. Accordingly, an agenda for future research is proposed and some implications for the industry are discussed. This study addresses the western-centric and androcentric criticisms in tourism field and provides an alternative reading of women’s travel behaviour from an Asian perspective. This study has contributed to the critical tourism scholarship in Asia and has built an important foundation for future research on Asian female travellers, an area that is not well investigated.     

Partner nationality, market-focus and IJV performance: A contingent approach

This study examines how Taiwanese firms engaging in various types of international joint ventures (IJVs) have performed in China, and how different types of market-focus affect IJVs’ performance. Based on the IJV classification scheme suggested by [Makino S., & Beamish P. W. (1998). Performance and survival of joint ventures with non-conventional ownership structures. Journal of International Business Studies, 29(4): 797–818], this study outlines and examines three categories of IJVs, according to partner nationality: Taiwan-Taiwan (T-T) JVs, Taiwan-Local (T-L) (China) JVs, and Taiwan-Foreign (T-F) (third-country) JVs. We propose two hypotheses, with associated sub-hypotheses, to examine the major effects of partner nationality on performance, as well as the moderating effects of local market-focus on the relationship between partner nationality and performance. Through the analysis of 236 Taiwanese JVs in China, we find that (1) T-L JVs perform better than T-T JVs and T-F JVs; (2) T-L JVs focusing on the local market do not perform better than those focusing on foreign markets; and (3) T-F JVs focusing on foreign markets perform better than those focusing on the local market.