Corporate behavioral discussion
My research on corporate governance focuses mainly on the exploration of how governance structure, as manifested in ownership and board, affects firms’ strategies and, subsequently, their value.
The selected publications include “Ownership Structure and IPO Valuation—Evidence from Taiwan,” “Related-party transactions and corporate governance: The evidence from the Taiwan stock market,” “A New Measure of Control-Cash Flow Deviation: Cases in Taiwan,” “Board External Connectedness and Earnings Management,” “Affiliation and professionalism: Alternative perspectives on decomposing the board structures of financial institutions,” “Changes in Control and Firm Performance,” “Corporate Governance and Private Equity Placements,” “How Insiders' Personal Incentives and Timeliness of Information Revelation are Related to Their Sales Timing,” “The Agency Problems Embedded in Firms Equity Investment,” “The Causes of Voluntary Resignation of Independent Directors,” “The Determinants of Meeting Frequency for Board of Directors and Audit Committee,” and “The Role of Culture on Country Governance.”
(Corporate) Behavioral Finance
This research series discusses how the bounded rationality of human beings affects their investment behavior. This includes individual investors as well as managers. My exploration of behavioral finance focuses primarily on the tendencies of individual investors to demonstrate overconfidence and reluctance in acknowledging their losses. The focus of corporate behavioral finance is mainly on managerial overconfidence and its effects on firm’s strategies.
The selected studies include “Are Taiwanese individual investors reluctant to realize their losses?,” “Does Trading Improve Individual Investor Performance?,” “The Impacts of Individual Attributes and Stock Characteristics on Herding,” “Earnings Management, Managerial Optimism, and IPO Valuation,” “Managerial Overconfidence and Share Repurchases,” “Managerial Overconfidence, the Odds of Completing a Merger, and Post-merger Performance,” “The behavior of Taiwan mutual fund investors—performance and fund flows,” “The Impact of Managerial Optimism on Investment-Cash Flow Sensitivity,” and “The Impact of Market-Nurtured Optimism on Mergers: Empirical Evidence from Taiwan's Equity Market.”