• Journal of Korea Trade
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• v.24 no.6
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• pp.1-18
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• 2020

Purpose - This study investigates whether a listing effect exists in cross-border M&As and whether the effect can be attributed to the uncertainty of the GDP growth rate in the target firm's home country. We apply a joint variable analysis using M&A announcement data from the Korea Exchange (KRX), Shanghai Stock Exchange (SSE), and the Taiwan Stock Exchange (TWSE) from 2004 to 2013. We also conduct an event study using the measure of the uncertainty of the GDP growth rate (based on IMF statistics) in 55 target countries. Design/methodology - We measure the abnormal return (AR) using the market-adjusted model. We test the significance of the AR and the cumulative abnormal return (CAR) using a one-sample t-test. We examine the characteristics of the CARs depending on whether the target company is listed by applying a difference analysis using CAR as a test variable. In addition, we set CAR (-5, +5) as a dependent variable to identify the cause of the listing effect, and test both the financial characteristic variables of the acquirer and the collective characteristic variables of the merger as independent variables in the multiple regression analysis. Findings - First, we find the listing effect of cross-border M&As in the KRX, SSE, and TWSE, which represent the capital markets in Korea, China, and Taiwan, respectively. This listing effect persists during the global financial crisis and has a negative effect on the wealth of acquiring shareholders, especially when the target countries are emerging markets. Second, greater uncertainty regarding the target countries' economic growth in cross-border M&As has a negative effect on the wealth of acquiring firms' shareholders. Third, our empirical analysis demonstrates that the listing effect is attributable to the fact that firms listed in a target country with greater uncertainty of economic growth are more directly and greatly exposed to uncertain capital markets through stock markets, than are unlisted firms. Originality/value - This study is significant in that it presents a new strategic perspective in the study of cross-border M&As by demonstrating empirically that the listing effect is attributable to the uncertainty regarding the economic development of the target firms' home countries.

• The Journal of Asian Finance, Economics and Business
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• v.2 no.4
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• pp.5-11
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• 2015

This study is the first to analyze performance of Taiwanese domestic equity funds between January 2009 and October 2014, the period during which quantitative redirected capital flows toward developing economies and the Taiwanese Stock Exchange Weighted Index compounded at approximately 12.9% annually. Adopting methods endorsed by earlier research, we evaluated 15 Taiwanese equity funds' performance relative to market averages using the Sharpe (1966) and Treynor (1965) ratios and Jensen's alpha method (1968). To test market timing proficiency, we applied the Treynor and Mazuy (1966) and Henriksson and Merton (1981) regression analysis methods. Jensen's alpha method (1968) was used to measure fund managers' stock selection skills. Results revealed that funds significantly under-performed Taiwan's average annual market return and demonstrated no exceptional stock-selection skills and market timing proficiency during the era of quantitative easing.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.3025-3035
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• 2018

This study investigates the momentum phenomena of stocks listed on the taiwan stock exchange. The purpose of this study is to examine the differences in momentum phenomena among firm size, foreign investor ownership, individual investor ownership, and institutional investor ownership. The empirical results of the momentum phenomenon in the Taiwanese stock market are as follows. First, there is no momentum phenomenon during the whole sample period. Second, momentum profitability does not exist even if this study divides by firm size. However, the results are different if this study divides it by the investor ownership. Third, there is a significant positive momentum for firms with high individual ownership. Fourth, on the contrary, positive momentum was observed in firms with low institutional ownership. Finally, there was no momentum phenomenon when dividing by foreign ownership. This study has academic contribution in analyzing the momentum phenomenon in Taiwanese stock market considering the investor's ownership.

• The Journal of Economics, Marketing and Management
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• v.3 no.2
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• pp.9-20
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• 2015

Could blood type provide a key to wellness and even affect our personality? The theory that blood type is linked to personality (and other mental and physical qualities) is popular mainly in Japan, though it has carried over to Taiwan and South Korea. The present study is the result of a scientific research in which the relationship between two important variables, namely blood group a nd group participation, are determined in the research framework. Based on some collected data from manufacturing firms which are accepted firms in Tehran Stock Exchange, and through cluster sampling a sample was selected. 380 questionnaires were distributed to the personnel of production line, of the firms then the reliability and validity of the questionnaires through independence test and average ratio comparison of the two population were examined, and through Pearson's chi-square formula, the relationship between blood group (independent variable) and group participation (dependent variable) were tested, then through Schuprow coefficient, the prioritization of blood groups over group participation was identified and the following results were obtained: people group participation is affected by their personality features which is derived from their temperament, mood, and characteristics. The study also showed that people blood groups has an effect on their group cooperation, and among blood groups, blood group A has the greatest tendency to group participation and then blood group O, AB, B are prioritized respectively.

• Asian Journal for Public Opinion Research
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• v.1 no.3
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• pp.153-202
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• 2014

Aside from political leaders' popularity rates and the stock exchange index of business firms, ordinary people are highly interested in aspects of daily life, such as housing, income, health, family, food, human relations and work. Cross-national opinion polls on daily-life satisfaction were carried out in Japan, South Korea, Thailand, Hong Kong, Macao, the Philippines, India, Myanmar, Taiwan, China, Malaysia and Pakistan in the fall of 2013 and winter 2014. The percent difference index (PDI) is formulated as the sum of two positive responses (satisfied and somewhat satisfied) minus the sum of two negative responses (dissatisfied and somewhat dissatisfied). Percent difference indices are given according to society and daily-life aspects. For our analysis to go beneath national average and to go beyond national borders, two lines of analysis are carried out. First, the distance between the level of satisfaction of the top and bottom quartiles is given for each society and according to each of the daily-life aspects. Second, the regional sum of satisfaction of the top quartiles and bottom quartiles are shown crossed by daily-life aspects. In this article we confine ourselves to preliminary comparative description and analysis. More solid and deep comparisons will be carried out by local polling leaders of 12 Asian societies in the succeeding issue of the Asian Journal of Public Opinion Research. Nevertheless, two key threads stand out from this preliminary comparisons. First, social relations (family and human relations) stand out as most satisfied aspects of life in most of twelve societies. Second, the need to go beneath national averages and beyond national borders in analyzing cross-national surveys is confirmed. The comparability and validity of cross-national surveys with varying sampling method and survey mode are briefly discussed toward the end of the article.