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標題:Board Structure and Stock Price Informativeness in Terms of Moving Average rules
學年105
學期2
出版(發表)日期2017/02/01
作品名稱Board Structure and Stock Price Informativeness in Terms of Moving Average rules
作品名稱(其他語言)英文
著者Pao-yu Huang; Yen-sen Ni
單位
出版者
著錄名稱、卷期、頁數The Quarterly Review of Economics and Finance
摘要According to the moving average (MA) trading rules, investors are likely to buy stocks after the golden cross occurs and sell stocks when the dead cross appears. Proxies for stock price informativeness, such as the days when the short-term MA is higher than the long-term MA over the total number of trading days in a year (hereafter referred to as DMA), can be affected by board structure. Results reveal that a high DMA tends to occur in firms with well-functioning board structures. Furthermore, DMA can be quickly updated as daily share prices are released. Consequently, the enhanced or weakened function of board structure may be disclosed quickly by DMA unlike other proxies of stock price informativeness/firm performance, such as stock return, ROA, ROE, and Tobin's q. We argue that DMA serves as a new proxy that may not be inferior to and is even better than other proxies, which might contribute to the existing literature.
關鍵字Stock price informativeness;Moving average;Board structure
語言英文
ISSN1062-9769
期刊性質國外
收錄於
產學合作
通訊作者
審稿制度
國別荷蘭
公開徵稿
出版型式,紙本
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