期刊論文
| 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, 63, p.161-169. |
| 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 | en |
| ISSN | 1062-9769 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | 是 |
| 國別 | NLD |
| 公開徵稿 | |
| 出版型式 | ,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/108587 ) |