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Article
Publication date: 29 October 2020

Dennis Lu-Chung Weng, Lu-Huei Chen and Ching-Hsing Wang

The main purpose of this study is to reveal how the China factor influences Taiwan voters' evaluations of the two major parties across elections and generations. We contend that…

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Abstract

Purpose

The main purpose of this study is to reveal how the China factor influences Taiwan voters' evaluations of the two major parties across elections and generations. We contend that 1) elderly Taiwan voters may take the China factor more seriously than younger cohorts, and 2) China factor may be weighted differently depending on the levels of elections. More importantly, we argue that the China factor is tangled with voters' partisanship.

Design/methodology/approach

Data gathered from 2008 to 2014 Taiwan's Election and Democratization Study (TEDS) enable in investigating the influence of the China factor on Taiwan people's vote choices in the two local and two presidential elections. To answer the research question, this study applies issue voting theory and the seemingly unrelated regression (SUR) employed for empirical investigations.

Findings

The findings of this study provide empirical evidence on how political generations have changed their reactions to China in Taiwan's elections. The fundamental variables, party identification and the China issue are still very important and cannot be disregarded. Specifically, the China factor played a quite influential role in the Democratic Progressive Party (DPP) supporters' voting decisions regardless of their generations, whereas its effect on the Kuomintang (KMT) supporters' voting decisions varies depending on electoral contexts and generations.

Originality/value

While some scholars might suspect that the single item is not sufficient to be an effective predictor of vote choice, we contend that the China factor is definitely the most significant component in Taiwan's elections, especially when it is tangled with partisanship. The SUR approach in this study confirms that partisanship and the China factor cannot be viewed separately.

Details

Asian Education and Development Studies, vol. 11 no. 2
Type: Research Article
ISSN: 2046-3162

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Article
Publication date: 9 May 2016

Dennis Chung, Karel Hrazdil and Nattavut Suwanyangyuan

The purpose of this paper is to investigate the effect of the information disclosure quantity on the pricing efficiency of stocks.

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Abstract

Purpose

The purpose of this paper is to investigate the effect of the information disclosure quantity on the pricing efficiency of stocks.

Design/methodology/approach

Using a sample of large and actively traded Canadian companies listed on the Toronto Stock Exchange, the authors utilize annual reports filed on system for electronic document analysis and retrieval (SEDAR) between 2003 and 2013 to estimate the amount of publicly available information and find that the length and size of annual reports are important determinants of short-horizon return predictability from historical order flows, which is an inverse indicator of market efficiency.

Findings

The results show that longer and larger annual reports are associated with reduced information asymmetry, lower cost of immediacy, higher trading activity, and an overall improvement in the efficiency of price discovery. The results are robust to the inclusion of controls for various determinants of short-horizon return predictability, such as trading costs, volatility, informational effects and other firm-specific characteristics.

Research Limitations/implications

Collectively, the findings provide empirical support for the benefits of detailed corporate disclosure in Canada.

Originality/value

This is the first study to utilize the short-horizon return predictability approach to evaluate the efficiency of price discovery in relation to the amount of information disclosure.

Details

Review of Accounting and Finance, vol. 15 no. 2
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 12 April 2013

Dennis Y. Chung and Karel Hrazdil

The aim of this paper is to examine the informational efficiency of prices of all exchange traded funds (ETFs) that are actively traded on the NYSE Arca, based on methodology…

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Abstract

Purpose

The aim of this paper is to examine the informational efficiency of prices of all exchange traded funds (ETFs) that are actively traded on the NYSE Arca, based on methodology developed by Chordia et al.

Design/methodology/approach

The authors estimate the speed of convergence to market efficiency based on short‐horizon return predictability from past order flows of 273 ETFs that were traded every day on the NYSE Arca during the first six months of 2008, and compare the resulting price formation process to that of shares traded on the NYSE and NYSE Arca.

Findings

Despite the significant differences in trading costs, volatility, and informational effects between ETFs and regular stocks, the paper documents that price adjustments to new information for ETFs occur in about 30 minutes, which is comparable to price adjustments for traditional stocks traded on Arca. In multivariate setting, the paper further shows that the speed of convergence to market efficiency of ETFs is not only significantly driven by volume, but also by the probability of informed trading.

Research limitations/implications

The findings provide direct answers and insights to questions posed in a recent SEC concept release document. The analysis of the speed of convergence provides a feasible measure to assess how efficiently prices of ETFs respond to new information.

Originality/value

The authors are first to utilize the short‐horizon return predictability from historical order flow approach to evaluate the price formation process of ETFs and to provide evidence on the determinants of its efficiency.

Details

Managerial Finance, vol. 39 no. 5
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 14 March 2016

Patricia M. Jarrett

Up to 25 per cent of women will experience depression during their pregnancy. Perinatal mental health problems are a leading cause of maternal morbidity and mortality, however…

677

Abstract

Purpose

Up to 25 per cent of women will experience depression during their pregnancy. Perinatal mental health problems are a leading cause of maternal morbidity and mortality, however care provided to women is often a low priority. The purpose of this paper is to explore women’s perspective of care from GPs and midwives, when they experience symptoms of depression during pregnancy.

Design/methodology/approach

Women, with self-reported symptoms of depression, were invited to post comments in response to a series of on-line questions posted on two discussion forums over a nine month period. The questions were related to the care women received from GPs and midwives. Data were analysed using thematic analysis.

Findings

In total, 22 women responded to the on-line questions. A number of themes were identified from the data including women’s disclosure of symptoms to GPs and midwives; lack of knowledge of perinatal mental health among health providers; attitudes of staff and systemic issues as barriers to good care; anti-depressant therapy and care that women found helpful.

Research limitations/implications

Women often face significant emotional and psychological health issues in the transition to motherhood. This small study indicates women often experience difficulties in interacting with their GP and midwife in seeking help. This research has identified some contributing factors, however more rigorous research is needed to explore these complex issues.

Originality/value

This paper highlights service provision in the care of women with depression in pregnancy.

Details

The Journal of Mental Health Training, Education and Practice, vol. 11 no. 1
Type: Research Article
ISSN: 1755-6228

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Article
Publication date: 1 January 1997

Dennis Y. Chung

This study examines whether corporate earnings announcements affect investors' beliefs about future earnings using a sample of companies in the People's Republic of China…

109

Abstract

This study examines whether corporate earnings announcements affect investors' beliefs about future earnings using a sample of companies in the People's Republic of China. Revisions in financial analysts' consensus forecasts are used as a proxy for the change in the aggregate belief of investors in the market. Changes in the analysts' forecasts dispersion are used to measure the degree of convergence or divergence of the market's belief after the earnings announcements. Results show that both forecast revisions and changes in forecast dispersion are significantly and positively associated with the unexpected element in the earnings announcements. The results indicate that accounting earnings of Chinese companies contain information useful to the market and that the information is reflected in the analysts' subsequent forecasts of the companies' future earnings. The findings are also consistent with results from recent analytical studies, such as Kim and Verrecchia (1994), Barry and Jennings (1992) and Morse, Stephan and Stice (1991), that information disclosure may increase (rather than reduce) the disagreement among investors.

Details

Asian Review of Accounting, vol. 5 no. 1
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 1 January 1999

Paul Brockman and Dennis Y. Chung

Outlines the reasons why increasing numbers of firms list their shares on more than one stock exchange, previous research on the effects of cross‐listing and inter‐ and intra‐day…

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Abstract

Outlines the reasons why increasing numbers of firms list their shares on more than one stock exchange, previous research on the effects of cross‐listing and inter‐ and intra‐day liquidity patterns. Describes the market making system of the stock exchange of Hong Kong and compares 1996‐1997 data on a sample of 33 Hong Kong firms cross‐listed in London with a control sample. Finds the cross‐listed firms have lower trading volumes, higher absolute bid‐ask spreads but lower relative ones and higher average dollar depth. Uses regression techniques to investigate liquidity and presents the results which confirm that cross‐listed firms are more liquid with lower relative spreads and higher depths even after controlling for differences in price, volume, return variance and intertemporal patterns.

Details

Managerial Finance, vol. 25 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 April 2014

Dennis Y. Chung, Karel Hrazdil and Kim Trottier

Motivated by recent studies that demonstrate the superiority of the Global Industry Classification System (GICS) relative to the Standard Industry Classification (SIC) system in…

576

Abstract

Purpose

Motivated by recent studies that demonstrate the superiority of the Global Industry Classification System (GICS) relative to the Standard Industry Classification (SIC) system in capital market research, the authors revisit the stock market anomaly documented by Thomas and Zhang (TZ) (“Overreaction to intra-industry information transfers?” Journal of Accounting Research, Vol. 46, pp. 909-940) and analyze whether the anomaly based on SIC remains evident when intra-industry information transfers are based on the GICS. The paper aims to discuss these issues.

Design/methodology/approach

The authors first replicate TZ and test whether stock prices of late announcers in response to earnings reported by early announcers in the same SIC industry are significantly related to subsequent price responses of late announcers to their own earnings reports. In the multivariate setting, the authors then evaluate whether the magnitude and significance of the overreaction anomaly changes under the more comprehensive GICS and across different time periods.

Findings

The authors first confirm the over-reaction anomaly based on SIC as documented by TZ. Utilizing a larger sample of firms based on the GICS and extending TZ for a new time period, the authors then demonstrate that the overreaction anomaly disappears during recent years, a period that is characterized by markedly higher trading activity.

Research limitations/implications

The findings provide new insights and contributions to the debate on whether or not market significantly misprices information transfers.

Originality/value

The authors are first to utilize the GICS in evaluating intra-industry information transfers.

Details

American Journal of Business, vol. 29 no. 1
Type: Research Article
ISSN: 1935-519X

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Article
Publication date: 2 February 2010

Dennis Chung Sea Law

The common approaches to quality assurance (QA), as practiced by most post‐secondary education institutions for internal quality monitoring and most QA authorities for external…

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Abstract

Purpose

The common approaches to quality assurance (QA), as practiced by most post‐secondary education institutions for internal quality monitoring and most QA authorities for external quality monitoring (EQM), have been considered by many researchers as having largely failed to address the essence of educational quality. The purpose of this paper, although not meant to be exhaustive, is to review some of these approaches.

Design/methodology/approach

The paper reviews the relevant issues concerning total quality management, performance indicators and EQM, the three common approaches to the QA of post‐secondary education have been reviewed.

Findings

While from a pragmatic perspective these approaches have their respective reasons for existence, they can all be criticized as lacking rigorous theoretical foundations and being mainly driven by demands of satisfying external agendas (e.g. to enforce institutional accountability or compliance) instead of academic considerations (e.g. to facilitate student learning). As a result, a mismatch between the rhetoric and reality of educational quality has become a common experience of most practitioners, not only in western contexts from which these approaches were originated, but also in other cultural contexts that have adopted them uncritically. It is undeniable that the overall quality culture within most post‐secondary education systems worldwide, as currently manifested, tends to favor the institutional aspects rather than the student aspects of the quality issues, and tends to lean more on the accountability‐led view rather than the improvement‐led view of quality assurance.

Originality/value

The paper sheds some light on the quality debate in post‐secondary education.

Details

Quality Assurance in Education, vol. 18 no. 1
Type: Research Article
ISSN: 0968-4883

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Article
Publication date: 28 September 2010

Dennis Chung Sea Law

A major focus of the recent research into the quality of post‐secondary education is the centrality of the student experience. The purpose of this paper is to review the…

5117

Abstract

Purpose

A major focus of the recent research into the quality of post‐secondary education is the centrality of the student experience. The purpose of this paper is to review the literature on studies addressing such a focus to shed light on how quality assurance (QA) practices can be improved.

Design/methodology/approach

The paper reviews some of the approaches to addressing the quality issues from the viewpoints of students' evaluations of teaching effectiveness, students' programme experiences, students' total experiences, student satisfaction and service quality, and some of the quantitative instruments that have been developed for measuring the respective constructs.

Findings

The employment of student surveys using self‐report inventories/questionnaires with established reliability, validity and diagnostic power has the potential to transform both the external and internal quality‐monitoring mechanisms now being practiced in post‐secondary education, and help shift the focus of QA activities more to the enhancement‐led views.

Originality/value

To cope with the complexity of the education system and to get quality into it, this paper promotes the practice of conducting student surveys by taking reference from the relevant research literature and adopting a rigorous approach to developing and improving data‐collection instruments to tap into the students' experiences, so that the QA activities of educational institutions are research informed, evidence based and enhancement led.

Details

Quality Assurance in Education, vol. 18 no. 4
Type: Research Article
ISSN: 0968-4883

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Article
Publication date: 30 August 2010

Dawn Edge

The purpose of this study was to explore providers' and commissioners' perceptions of the extent to which services currently meet the perinatal mental health needs of black and…

652

Abstract

The purpose of this study was to explore providers' and commissioners' perceptions of the extent to which services currently meet the perinatal mental health needs of black and minority ethnic (BME) women. A mixed method study involving a national survey and in‐depth interviews was undertaken in response to reports of patchy service provision and particular concerns about potentially unmet needs among BME women. Findings indicate that the surprising number of professional groups (n=27) involved in delivering perinatal mental health care were predominantly located in secondary care. Perceptions of the validity of ‘BME‐specific’ services were equivocal. Service delivery for minority women tended to focus on language and translation; which might facilitate assessment and physical (though not psychological) care but would do little to address women's cultural needs.

Details

Ethnicity and Inequalities in Health and Social Care, vol. 3 no. 3
Type: Research Article
ISSN: 1757-0980

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