This paper examines the impact of market states on the profitability of momentum strategies using weekly data from the Taiwan Stock exchange over the 10-year period 1997-2006. Market states refer to the states of market such as up or down markets. In this paper, the formation period is defined...

As firms rely heavily on R&D for their competitive advantages and as technologies become more integrated and complex, individual performance becomes more difficult and costly for shareholders to govern and evaluate. The information asymmetry problems between employees and shareholders thus may...