The Impact of Stock Market Liquidity on Firm Value: Evidence from Taiwan Market PDF Download
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Author: 陳怡文
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
Author: 陳怡文
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
Author: Minh Hien Thi Nguyen
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
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Book Description
This study explores the effect of stock liquidity on firm value in the context of Vietnam. Theory suggests that liquid stocks have been shown to facilitate more efficient management compensation, reduce managerial opportunism decisions and promote trade by informed investors; hence improving the firm performance. Based on a sample of largest firms in Vietnam from 2012 to 2016 and panel regression models, we find that there is no relationship between Tobin's Q and turnover volume as a proxy of stock liquidity. However, a significant relationship between Tobin's Q and Amihud Illiquidity has been confirmed from the random effect regression model. For instance, a rise in stock liquidity in one stand deviation improves the firm value by 7.31%.
Author: Mr.Luis Brandao-Marques
Publisher: International Monetary Fund
ISBN: 1475554699
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Chile has a large but relatively illiquid stock market. Global factors such as global risk appetite and monetary policy in advanced economies are key cyclical determinants of liquidity in Chilean equities. Evidence from a cross-section of emerging markets suggests strong protection of minority shareholders can help improve stock market liquitidity. Currently, illiquid in Chilean may have to pay 31⁄2 percent more as cost of equity. Corporate governance should be improved, namely through the adoption of a stewardship code.
Author: Calvin J. Chiou
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using trade-level data from the Taiwan Stock Exchange, we document an asymmetric pattern of liquidity provision by individual investors who serve as de facto market makers. Specifically, individual investors, on average, provide more liquidity during market downturns. We further investigate the impact of asymmetric individual liquidity provision on market efficiency. Though being uninformed, individual investors' liquidity provision ameliorates market efficiency more during market downturns, especially for large firms and firms with less retail trading proportion. Our results suggest that individual investors provide liquidity to help those with private information correct prices towards efficient prices, in turn, enhancing market efficiency.
Author: Ahamed Kameel Mydin Meera
Publisher:
ISBN:
Category : Securities
Languages : en
Pages : 165
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Book Description
Author: Hala Abou-Ali
Publisher: Edward Elgar Publishing
ISBN: 9781781002377
Category : Environmental policy
Languages : en
Pages : 0
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Book Description
Extensive country analyses are supported by references to the economic literature on regulation and incentives, and encompass recent trends in environmental management modes and policy orientations. The topical chapters include a critical review of environmental policies with a focus on economic incentives on various environmental issues including irrigation water, air pollution, solid waste management and the impact of climate change and fisheries. The book combines econometric applications, theoretical models of regulation, and policy-oriented economic analyses with fundamental recommendations for policy makers.
Author: Sharjil M. Haque
Publisher: International Monetary Fund
ISBN: 1589064127
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
Author: Wing-Keung Wong
Publisher: Mdpi AG
ISBN: 9783036530802
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Author: Abdourahmane Sarr
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
This paper provides an overview of indicators that can be used to illustrate and analyze liquidity developments in financial markets. The measures include bid-ask spreads, turnover ratios, and price impact measures. They gauge different aspects of market liquidity, namely tightness (costs), immediacy, depth, breadth, and resiliency. These measures are applied in selected foreign exchange, money, and capital markets to illustrate their operational usefulness. A number of measures must be considered because there is no single theoretically correct and universally accepted measure to determine a market's degree of liquidity and because market-specific factors and peculiarities must be considered.
Author: Yakov Amihud
Publisher: Now Publishers Inc
ISBN: 1933019123
Category : Business & Economics
Languages : en
Pages : 109
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Book Description
Liquidity and Asset Prices reviews the literature that studies the relationship between liquidity and asset prices. The authors review the theoretical literature that predicts how liquidity affects a security's required return and discuss the empirical connection between the two. Liquidity and Asset Prices surveys the theory of liquidity-based asset pricing followed by the empirical evidence. The theory section proceeds from basic models with exogenous holding periods to those that incorporate additional elements of risk and endogenous holding periods. The empirical section reviews the evidence on the liquidity premium for stocks, bonds, and other financial assets.
