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, 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
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