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Article
Publication date: 31 January 2011

Chih‐Hsiang Chang, Hsin‐I Cheng, I‐Hsiang Huang and Hsu‐Huei Huang

The purpose of the paper is to investigate the price interrelationship between the Taiwanese and US financial markets.

1335

Abstract

Purpose

The purpose of the paper is to investigate the price interrelationship between the Taiwanese and US financial markets.

Design/methodology/approach

The trivariate GJR‐GARCH (1,1) model and event study were employed to investigate volatility asymmetry and overreaction phenomenon, respectively.

Findings

The empirical results show that return volatility reveals the asymmetric phenomenon, and the holding period returns on US index futures from the opening of the US index futures electronic trading to the opening of the Taiwanese stock market are an important reference for investors in the Taiwanese stock market. Additionally, the paper presents an overreaction of the Taiwan Stock Exchange Capitalization Weighted Stock Index to a drastic price rise of E‐min NASDAQ 100 Index futures at the opening of the Taiwanese stock market.

Research limitations/implications

This paper deletes the observations arising from the different national holidays of the USA and Taiwan, to have the same number of observations in both markets, which might contaminate the empirical results.

Practical implications

Investors in the Taiwanese stock market tend to pay more attention to the fluctuations in the share prices of high‐technological companies in the USA.

Originality/value

Most of the previous studies regarding price transmission between the Taiwanese and US stock markets focused mainly on the Taiwanese market reactions to the overnight returns of the US market. This paper enlarges the current field by examining the lead‐lag relationship, the volatility asymmetry, and the overreaction phenomenon between the Taiwanese and US financial markets according to the most updated US stock index information.

Details

Managerial Finance, vol. 37 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 7 December 2015

Chih-Hsiang Chang, Hsu-Huei Huang, Ying-Chih Chang and Tsai-Yin Lin

– The purpose of this paper is to investigate how stock characteristics influence investor trading behavior and psychological pitfalls.

1751

Abstract

Purpose

The purpose of this paper is to investigate how stock characteristics influence investor trading behavior and psychological pitfalls.

Design/methodology/approach

This study employs the methods of Solt and Statman (1989) and Kumar (2009) to examine investor trading activities.

Findings

Good companies do not usually have good stocks, while lottery-type stocks show better price performance than other stocks. Due to the representativeness and affect heuristics, the stocks of good companies are frequently transacted, while the low-priced stocks are infrequently transacted. Moreover, investors may display the gambler’s fallacy in the trade of stocks of good companies and the overconfidence and self-attribution bias in the trade of lottery-type stocks.

Research limitations/implications

Investors trading lottery-type stocks demonstrate greater maturity than those that trade stocks of good companies; however, psychological pitfalls still dominate investor trading behavior.

Practical implications

The representativeness heuristic of “stocks of good companies are good stocks” results in the inclusion of stocks of good companies in a portfolio and poorer price performance, whereas the inclusion of lottery-type stocks in a portfolio brings higher returns within a short period of time.

Originality/value

Compared to earlier studies that focussed on the price performance of stocks of good companies and investor trading behavior in relation to lottery-type stocks, this study aims to investigate the influence of stock characteristics on price performance, trading activities, and psychological pitfalls.

Details

Managerial Finance, vol. 41 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 8 May 2023

Shallu Batra, Mohit Saini and Mahender Yadav

This study aims to provide an overview of the development of corporate governance and ownership structure literature and offers a synopsis of the top contributors, influential…

919

Abstract

Purpose

This study aims to provide an overview of the development of corporate governance and ownership structure literature and offers a synopsis of the top contributors, influential articles, journals and potential research prospects on this subject.

Design/methodology/approach

This study used bibliometric analysis to review the literature. In all, 1,368 articles published between 1992 and 2022 in Scopus-indexed journals were considered.

Findings

This review reveals the top leading authors, institutions, countries and sources in the ownership structure research. Using bibliographic coupling, this study fetches four significant clusters. The theme of the first cluster revolved around cash holding. The second and third groups revealed how distinct characteristics of ownership impact the performance of the firm and disclosure decisions, respectively. The last and fourth cluster deals with risk-taking activities in financial institutions. Furthermore, this study suggests a road map in each cluster for future research.

Originality/value

Ownership structure plays a significant role in corporate governance by affecting manager incentives and determining the extent of monitoring. Previous studies have contributed to this field while focusing on the board of directors. However, no study synthesises the literature on ownership structure within corporate governance, which is the core element of the corporate governance system. Hence, this study gives a comprehensive overview and determines the latest and prominent research in ownership structure within corporate governance through bibliometric analysis.

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