Abnormal returns earned by target firms at the time of initial acquisition announcements are related to form of payment, degree of resistance, and type of offer. Results indicate that interdependence among these characteristics is important. Previous research suggests that tender offer targets...

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...

This paper estimates the efficiencies and productivity changes of 12 international airports in the Asia-Pacific region based on data from 1998 to 2006. We apply stochastic frontier analysis (SFA) to compute efficiency estimates and use the Malmquist productivity index (MPI) to analyze...

The paper examines the stock price behaviour of 311 initial public offerings (IPOs) on the Taiwan Stock Exchange for the period 1971-95. The IPOs are significantly underpriced. The initial risk-adjusted excess return is 42.6% from the listed day until the first non-limit trading day. The initial...