Search results

The purpose of this study is to develop empirically an international comparison of the extent of student entrepreneurship and the factors influencing it. This study explores the factors responsible for the richness of entrepreneurship in Taiwan through a comparison with entrepreneurship in Japan. Looking at factors that determine the extent of entrepreneurship, the discussion builds on previous studies based on individual traits and those that are based on environments, such as a social system or climate. This study focuses on the individual and the environment.

After identifying pertinent issues through a survey of relevant studies, a comparative study of Taiwan and Japan was undertaken. A questionnaire survey was distributed to around 20-year-old university students. Statistical analyses were performed to determine whether there is cause–effect relationship between environmental and individual factors and university students’ entrepreneurship, and to assess the significant differences between entrepreneurship in Taiwan and Japan. In addition, a qualitative case study of university politics related to entrepreneurship in Taiwan was conducted to complement the quantitative analysis.

Results of the study by country indicate that the environmental factors and individual factors that influence entrepreneurship differ.

The reciprocal complementarity of the environmental factors and the individual factors or the likelihood of co-evolution cyclic dynamism is demonstrated.

The purpose of this paper is to examine whether the underlying option impacts an insider’s propensity to purchase and sell before corporate announcements, the proportion of insiders’ trading after announcements relative to before announcements, and the insider’s profitability around corporate announcements.

The authors test whether the timing information and option have impacted on the tendency of insider trade, the percentage of all shares traded by insiders in the post-announcement to pre-announcement periods and the average cumulative abnormal stock returns during the pre-announcement period.

Insiders’ propensity to trade before announcements is higher for stocks without options listed than for stocks with traded options. This result is stronger for unscheduled announcements than for scheduled ones. The proportion of insiders’ trade volume after announcements relative to before announcements in stocks that have not options listed is higher than those in stocks with traded options. The positive relationship between the insiders’ signed volume and the informational content of corporate announcements is stronger in stocks without traded options than in stocks with options listed. Insider trades prior to unscheduled announcement are more profitable than those before scheduled ones.

The paper examines whether there is a difference between the effects of optioned stock and non-optioned stock. Roll et al. (2010) use the relative trading volume of options to stock ratio (O/S) to proxy for informed options trading activity. Future research could explore the impact of O/S. Moreover, the authors examine how insiders with private information use such information to trade in their own firms. Mehta et al. (2017) argue that insiders also use private information to facilitate trading (shadow trading) in linked firms, such as supply chain partners or competitors. Therefore, future research could consider the impact of shadow trading.

Since the insider’s propensity to buy before announcements in stocks without options listed is larger than in stocks with traded options and the relationship is stronger for unscheduled announcements than for scheduled ones, the efforts of regulators should focus on monitoring insider trading in stocks without options listed prior to unscheduled announcements.

First, Lei and Wang (2014) find that the increasing pattern of insider’s propensity to trade before unscheduled announcements is larger than that before scheduled announcements. The authors document the underlying option has impacted the insider’s propensity to purchase and sell, and the relationship is stronger for unscheduled announcements than for scheduled ones. Second, related studies show insider’s trading activity has shifted from periods before corporate announcements to periods after corporate announcements to decrease litigation risk. This paper find the underlying option has influenced the proportion of insiders’ trading after announcements relative to before announcements when the illegal insider trade-related penalties increase.