Affiliation: | The author is from the Department of Finance, College of Management, National Taiwan University, Taiwan. He wishes to thank Shao-Chi Chang, Dosoung Choi, Kim Wai Ho, Frank C. Jen, Cheng-few Lee, Andrew W. Stark (editor), and especially an anonymous referee, as well as seminar participants at the 2004 FMA Annual Meeting for helpful comments and suggestions. He would also like to thank Kim Wai Ho and Kueh Hwa Ik for providing some of the data used in this study. Hung-Sheng Chen, Chia Wei Huang and Wenchun Lin provided very capable research assistance. |