Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan

NCU Institutional Repository > 管理學院 > 財務金融研究所 > 期刊論文 > Item 987654321/29543

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题名:	Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan
作者:	Huang,RD;Shiu,CY
贡献者:	財務金融所
关键词:	HOME BIAS;CORPORATE GOVERNANCE;EXECUTIVE-COMPENSATION;INVESTMENT BEHAVIOR;DOMESTIC INVESTORS;FIRM PERFORMANCE;EQUITY OWNERSHIP;RETURNS;RISK;COSTS
日期:	2009
上传时间:	2010-06-29 20:30:31 (UTC+8)
出版者:	中央大學
摘要:	We examine the local effects of equity ownership by investors who are classified as qualified foreign institutional investors in Taiwan. Our empirical analyses reveal a pronounced foreign ownership effect, whereby stocks with high foreign ownership outperform stocks with low foreign ownership. The valuation effect is present even after controlling for firm export, size, or transparency levels. We pursue a performance-based explanation for this effect and find that foreign ownership is strongly and positively associated with firm R&D expenditures and contemporaneous and subsequent firm performance. Our evidence is consistent with foreign investors who enjoy a long-run information advantage over domestic investors.
關聯:	FINANCIAL MANAGEMENT
显示于类别:	[財務金融研究所] 期刊論文

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