Browsing by Author "Liao, Tsai-Ling"

Now showing 1 - 2 of 2

Advertising and Investor Recognition of Banking Firms: Evidence from Taiwan
(2016-04)
Liao, Tsai-Ling
;
Sung, Hao-Chang
;
Yu, Min-Teh
;
資訊管理與財務金融系註：原資管所+財金所
;
Department of Information Management and Finance
This study examines the effect of advertising expenditure on strengthening a firm\'s intangible capital and firm value by attracting the public on the firm\'s visibility and then investigates the role of advertising expenditures on a banking firm\'s market value, liquidity, and breadth of ownership. The empirical results find that the advertising has a significantly positive effect on banking firm\'s share value, liquidity, and institutional holdings. Consequently, this study concludes that advertising benefits banking firms through increased investor perceptions of such firms. In particular, the findings provide additional support for the home bias phenomena, in which investors prefer to invest in familiar stocks.
Price and Liquidity Effects of Switching Exchange Listings
(2013-07-01)
Liao, Tsai-Ling
;
Yu, Min-Teh
;
資訊管理與財務金融系註：原資管所+財金所
;
Department of Information Management and Finance
By examining the price and liquidity effects around announcements of switching exchanges by firms within structurally similar markets in Taiwan, the authors uncover that while switching firms experience only a trivial effect around the application announcement days, there is a pronounced price rise during the prelisting period. Subsequently, they find only a partial reversal of this prelisting increase over the listing days and the postlisting period. However, they observe that stock liquidity improves following the application announcements, peaks around the listing days, and remains at high levels after listing. Further results suggest that firms' announcements that they are switching exchanges are not followed by improved earnings relative to performance-matched control firms. Collectively, these results reveal that transfer stocks in Taiwan convey information about permanent improvements in liquidity rather than better earnings prospects, which is consistent with the stock marketability implications of managerial exchange-switching decisions.