Browsing by Author "Tseng, Yijie"

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Does Firm Location Affect Management Team Size and Reputation? Evidence from Taiwan star
(1970-01-01)
Chen, Tsung-Kang
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Tseng, Yijie
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Hsieh, Yu-Ting
;
Yeh, Yi-Fang
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管理科學系
This study explores the effect of the location of a firm's headquarters on the firm's management team size and reputation (MS&R) in a geographically small country (i.e., Taiwan) with numerous founding family firms. The results show that firm location quality positively relates to MS&R, and the association becomes weaker when firm profitability is higher or the founding family is present in the firm. Furthermore, the effect of firm location quality on management team reputation (team size) becomes stronger (weaker) when the CEO position is held by the founding family. Finally, the results are robust when considering endogeneity issues and other model settings.
Embedded value reporting quality and credit risk: evidence from life insurance companies
(1970-01-01)
Chen, Tsung-Kang
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Tseng, Yijie
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Hung, Yu-Shun
;
Lin, Chun-Chi
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管理科學系
This study investigates the effects of releasing embedded value (EV) reports and EV report disclosure quality on life insurance companies' credit risks, using issuer credit rating and bond yield spread data from 2001 to 2010. Results show that releasing an EV report and EV report disclosure quality are both significantly and negatively associated with life insurance companies' credit risks. In addition, the CFO Forum (2004a, 2004b, European Embedded Value) significantly strengthens the negative effect of releasing an EV report on firm credit risk while the subprime crisis has the opposite effect in Europe. Finally, the results are robust to endogeneity issues and different model specifications of fixed effects.
Readability of Notes to Consolidated Financial Statements and Corporate Bond Yield Spread
(1970-01-01)
Chen, Tsung-Kang
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Tseng, Yijie
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管理科學系
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Department of Management Science
We examine the association between the readability of 'Notes to consolidated financial statements' (Notes) in annual reports and corporate bond yield spread. We find that less readable narrative disclosure of Notes is significantly associated with greater bond yield spread. In addition, the association becomes stronger for firms in high-tech sectors or those with higher equity volatility, whereas it becomes weaker for firms with higher profitability or those with the reporting location of Notes being outside of the 10-K format file. We also provide evidence that Notes readability is helpful in explaining the puzzle of a positive yield spread always appearing when the bond approaches its maturity in practice. Overall, our results suggest that the Notes readability has a substantial association with bond yield spread and its term structure.