Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Insti...

Title	Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan
Creator	徐政義 Shiu, Cheng-Yi;Huang, Roger D.
Contributor	國貿系
Date	2009-09
Date Issued	2024-10-04
Summary	We examine the local effects of equity ownership by investors who are classified as qualified foreign institutional investors in Taiwan. Our empirical analyses reveal a pronounced foreign ownership effect, whereby stocks with high foreign ownership outperform stocks with low foreign ownership. The valuation effect is present even after controlling for firm export, size, or transparency levels. We pursue a performance-based explanation for this effect and find that foreign ownership is strongly and positively associated with firm R&D expenditures and contemporaneous and subsequent firm performance. Our evidence is consistent with foreign investors who enjoy a long-run information advantage over domestic investors.
Relation	Financial Management, Vol.38, No.3, pp.567-602
Type	article
DOI	https://doi.org/10.1111/j.1755-053X.2009.01048.x

dc.contributor	國貿系
dc.creator (作者)	徐政義
dc.creator (作者)	Shiu, Cheng-Yi;Huang, Roger D.
dc.date (日期)	2009-09
dc.date.accessioned	2024-10-04	-
dc.date.available	2024-10-04	-
dc.date.issued (上傳時間)	2024-10-04	-
dc.identifier.uri (URI)	https://nccur.lib.nccu.edu.tw/handle/140.119/153836	-
dc.description.abstract (摘要)	We examine the local effects of equity ownership by investors who are classified as qualified foreign institutional investors in Taiwan. Our empirical analyses reveal a pronounced foreign ownership effect, whereby stocks with high foreign ownership outperform stocks with low foreign ownership. The valuation effect is present even after controlling for firm export, size, or transparency levels. We pursue a performance-based explanation for this effect and find that foreign ownership is strongly and positively associated with firm R&D expenditures and contemporaneous and subsequent firm performance. Our evidence is consistent with foreign investors who enjoy a long-run information advantage over domestic investors.
dc.format.extent	112 bytes	-
dc.format.mimetype	text/html	-
dc.relation (關聯)	Financial Management, Vol.38, No.3, pp.567-602
dc.title (題名)	Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan
dc.type (資料類型)	article
dc.identifier.doi (DOI)	10.1111/j.1755-053X.2009.01048.x
dc.doi.uri (DOI)	https://doi.org/10.1111/j.1755-053X.2009.01048.x