Pub Date : 2001-08-01DOI: 10.30166/PPMR.200108.0006
D. Shyu, Min-Shann Tsai, Zen-Eou Chen
Whether or not cash dividend announcements have information is still a puzzling issue. This paper investigates the information content of cash dividend announcements of listed companies in Taiwan, which has different investors' composition and preference from U.S. and other Asian countries. In this study, the theoretical impact of unexpected cash dividend on return is developed. Then the empirical tests are conducted based on the cash dividend announcements from January 1987 to December 1997 in Taiwan. The results indicate that there exists evidence to support the information content hypothesis. However, when a more general specification that considers the interaction effect between cash dividend and earnings announcements is observed, empirical result suggests that the existence of a corroborative relationship between the cash dividend and earnings announcements.
{"title":"The Information Content of Dividend Announcements: The Case of Taiwan","authors":"D. Shyu, Min-Shann Tsai, Zen-Eou Chen","doi":"10.30166/PPMR.200108.0006","DOIUrl":"https://doi.org/10.30166/PPMR.200108.0006","url":null,"abstract":"Whether or not cash dividend announcements have information is still a puzzling issue. This paper investigates the information content of cash dividend announcements of listed companies in Taiwan, which has different investors' composition and preference from U.S. and other Asian countries. In this study, the theoretical impact of unexpected cash dividend on return is developed. Then the empirical tests are conducted based on the cash dividend announcements from January 1987 to December 1997 in Taiwan. The results indicate that there exists evidence to support the information content hypothesis. However, when a more general specification that considers the interaction effect between cash dividend and earnings announcements is observed, empirical result suggests that the existence of a corroborative relationship between the cash dividend and earnings announcements.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114556748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2001-08-01DOI: 10.30166/PPMR.200108.0002
A. Tu
Under the loan capacity constraint, a regulatory bank should extend its loans to full capacity when the constraint is binding. When future interest rates are uncertain, a risk-averse bank under constraint might reduce its current loan level and reserve its funds for future lending; this practice is referred to as the ”demand of flexibility”. The demand is positive provided that the marginal profit of future lending is expected to be greater than that of current lending, and it results in a choice of loan level which falls below the regulatory constraint (the ”under-loan problem”). When liability management is allowed, the demand is negative in cases where the marginal profit of future lending is expected to be less than that of current lending, and it leads to a choice of loan level which exceeds the regulatory constraint (the ”over-loan problem.”) The use of forward loans (loan commitments) can replace a bank's demand of flexibility and reduce its incentive to either under-loan or over-loan. In contrast, however, it is found in this paper that the deregulation of reserve or capital requirements are a less effective tool in solving such problems.
{"title":"Demand of Flexibility and Bank Loan Decisions-A Real Option Approach","authors":"A. Tu","doi":"10.30166/PPMR.200108.0002","DOIUrl":"https://doi.org/10.30166/PPMR.200108.0002","url":null,"abstract":"Under the loan capacity constraint, a regulatory bank should extend its loans to full capacity when the constraint is binding. When future interest rates are uncertain, a risk-averse bank under constraint might reduce its current loan level and reserve its funds for future lending; this practice is referred to as the ”demand of flexibility”. The demand is positive provided that the marginal profit of future lending is expected to be greater than that of current lending, and it results in a choice of loan level which falls below the regulatory constraint (the ”under-loan problem”). When liability management is allowed, the demand is negative in cases where the marginal profit of future lending is expected to be less than that of current lending, and it leads to a choice of loan level which exceeds the regulatory constraint (the ”over-loan problem.”) The use of forward loans (loan commitments) can replace a bank's demand of flexibility and reduce its incentive to either under-loan or over-loan. In contrast, however, it is found in this paper that the deregulation of reserve or capital requirements are a less effective tool in solving such problems.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116579699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-08-01DOI: 10.30166/PPMR.200008.0006
Pao-Tiao Chuang
The objective of this paper is to construct a framework of value based Business Process Reengineering (BPR). This approach performs the BPR by analyzing the value created by the business process, which is measured by the ratio of the customer value to the required cost of the process for the purpose of effectiveness evaluation of the BPR. The proposed framework to perform the BPR are: (1) Screening the critical processes that need reengineering; (2) Evaluating the value of each critical process from the viewpoint of the customer value; (3) Collecting various market information as the inputs for redesigning new process; (4) Adopting the quality function deployment technique to develop valuable potential new processes; (5) Performing feasibility analysis to identify feasible new processes; (6) Testing each feasible new process, selecting the suitable new process, and evaluating the effectiveness of the new process; (7) Implementing the new business process and continuously improving the process. The value based BPR approach will provide the enterprise with a better chance to successfully achieve the goals of the BPR by knowing where and how to effectively enhance more customer satisfaction and business performance with reasonable costs.
{"title":"A Framework of Value Based Business Process Reengineering","authors":"Pao-Tiao Chuang","doi":"10.30166/PPMR.200008.0006","DOIUrl":"https://doi.org/10.30166/PPMR.200008.0006","url":null,"abstract":"The objective of this paper is to construct a framework of value based Business Process Reengineering (BPR). This approach performs the BPR by analyzing the value created by the business process, which is measured by the ratio of the customer value to the required cost of the process for the purpose of effectiveness evaluation of the BPR. The proposed framework to perform the BPR are: (1) Screening the critical processes that need reengineering; (2) Evaluating the value of each critical process from the viewpoint of the customer value; (3) Collecting various market information as the inputs for redesigning new process; (4) Adopting the quality function deployment technique to develop valuable potential new processes; (5) Performing feasibility analysis to identify feasible new processes; (6) Testing each feasible new process, selecting the suitable new process, and evaluating the effectiveness of the new process; (7) Implementing the new business process and continuously improving the process. The value based BPR approach will provide the enterprise with a better chance to successfully achieve the goals of the BPR by knowing where and how to effectively enhance more customer satisfaction and business performance with reasonable costs.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134367530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-08-01DOI: 10.30166/PPMR.200008.0001
H. Chueh, Andy Chien
We apply GARCH-m model with dummy variables in the variance equation to account for seasonal conditional heteroskedasticity on Taiwan Over-the-Counter Securities Exchange (OTCE). The stocks with complete daily return data for the period from January 4, 1996 to December 31, 1998 are selected as sample. The occurrence of significantly positive returns on Saturdays and negative returns on Tuesday are found in our empirical results. The weekday return patterns are compensated for weekday risk and the reward for risk is conditional on firm size. But the findings indicate that the seasonality of weekdays cannot be entirely attributed to the variance of returns. The highly positive correlation between Tuesday returns on OTCE in Taiwan and Monday returns on NYSE and NASDAQ in America provides some evidences to explain the Tuesday anomaly.
{"title":"The Day-of-the-Week Effect and Conditional Heteroskedasticity on Taiwan Over-the-Counter Securities Exchange","authors":"H. Chueh, Andy Chien","doi":"10.30166/PPMR.200008.0001","DOIUrl":"https://doi.org/10.30166/PPMR.200008.0001","url":null,"abstract":"We apply GARCH-m model with dummy variables in the variance equation to account for seasonal conditional heteroskedasticity on Taiwan Over-the-Counter Securities Exchange (OTCE). The stocks with complete daily return data for the period from January 4, 1996 to December 31, 1998 are selected as sample. The occurrence of significantly positive returns on Saturdays and negative returns on Tuesday are found in our empirical results. The weekday return patterns are compensated for weekday risk and the reward for risk is conditional on firm size. But the findings indicate that the seasonality of weekdays cannot be entirely attributed to the variance of returns. The highly positive correlation between Tuesday returns on OTCE in Taiwan and Monday returns on NYSE and NASDAQ in America provides some evidences to explain the Tuesday anomaly.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"08 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121272253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-08-01DOI: 10.30166/PPMR.200008.0005
A. Chen
The purpose of this research is to explore the impact of product concept, brand name, and the ”country of origin” on brand equity building from the perspective of new product development. Three studies were conducted using decompositional (conjoint analysis) and compositional models (ANOVA) respectively. Research findings revealed that all of the three factors have a significant impact upon brand equity building in the new product development stage. However, the conjoint analysis measurement results between scoring (premium price) and sequence preference demonstrate some differences on the importance of brand name vs. country of origin attributes. The effectiveness of a suggestive brand name may have an impact upon recall or association, but may not have influence on brand equity building. Conversely, the brand equity dilution effect does result from a non-suggestive brand name.
{"title":"Identification of the Factors Affecting Brand Equity Building in the New Product Development Stage: Conjoint Analysis and ANOVA Perspective","authors":"A. Chen","doi":"10.30166/PPMR.200008.0005","DOIUrl":"https://doi.org/10.30166/PPMR.200008.0005","url":null,"abstract":"The purpose of this research is to explore the impact of product concept, brand name, and the ”country of origin” on brand equity building from the perspective of new product development. Three studies were conducted using decompositional (conjoint analysis) and compositional models (ANOVA) respectively. Research findings revealed that all of the three factors have a significant impact upon brand equity building in the new product development stage. However, the conjoint analysis measurement results between scoring (premium price) and sequence preference demonstrate some differences on the importance of brand name vs. country of origin attributes. The effectiveness of a suggestive brand name may have an impact upon recall or association, but may not have influence on brand equity building. Conversely, the brand equity dilution effect does result from a non-suggestive brand name.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131639249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-08-01DOI: 10.30166/PPMR.200008.0003
Ruey-Dang Chang
Multiple regression is one of the most used statistical methods in social science research. If we examine the existing literature in business, we would find out that multiple regression is indeed heavily adopted as the research tool to account for the social phenomena and test the designated hypotheses. However, if we look into the selected studies in the literature more closely, we would amazingly understand that the use of multiple regression is not always appropriate and the findings or implications derived from the method are therefore doubtful. The purpose of this study is to address this major problem in the business literature and suggest critically the proper use of the important research tool of multiple regression.
{"title":"The Use of Multiple Regression Methods in Business Studies: A Critical Analysis","authors":"Ruey-Dang Chang","doi":"10.30166/PPMR.200008.0003","DOIUrl":"https://doi.org/10.30166/PPMR.200008.0003","url":null,"abstract":"Multiple regression is one of the most used statistical methods in social science research. If we examine the existing literature in business, we would find out that multiple regression is indeed heavily adopted as the research tool to account for the social phenomena and test the designated hypotheses. However, if we look into the selected studies in the literature more closely, we would amazingly understand that the use of multiple regression is not always appropriate and the findings or implications derived from the method are therefore doubtful. The purpose of this study is to address this major problem in the business literature and suggest critically the proper use of the important research tool of multiple regression.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116446302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-02-01DOI: 10.30166/PPMR.200002.0003
D. Woodcock, Ching-Yaw Chen
The paper examines the involvement in the strategic decisions of their plants of the senior managers responsible for manufacturing in six Taiwanese factories. All the plants made electrical/electronic products, and had extensive activity in export markets. It considers three areas where manufacturing managers need to be involved in strategically significant decisions. It then examines areas where the managers identified strategically significant problems facing their plants. It also discusses actions taken by them that they considered strategically important. The first area concerned the presence of a clear, written or unwritten, manufacturing strategy This included having an understanding of the markets' needs, recognising how manufacturing could support these competitively, and whether peer level managers perceived manufacturing managers as contributors to strategic thinking. Second, did they have a clear understanding of the performance of competing organisations? Third, whether they were involved in the strategic dimensions of the manufacturing process choice, and with the role of suppliers. The final section reviews a series of issues that the managers nominated as strategically important to their plants and the type of actions they took which they perceived as strategically significant.
{"title":"Strategic Awareness of Manufacturing Managers in Six Taiwanese Plants","authors":"D. Woodcock, Ching-Yaw Chen","doi":"10.30166/PPMR.200002.0003","DOIUrl":"https://doi.org/10.30166/PPMR.200002.0003","url":null,"abstract":"The paper examines the involvement in the strategic decisions of their plants of the senior managers responsible for manufacturing in six Taiwanese factories. All the plants made electrical/electronic products, and had extensive activity in export markets. It considers three areas where manufacturing managers need to be involved in strategically significant decisions. It then examines areas where the managers identified strategically significant problems facing their plants. It also discusses actions taken by them that they considered strategically important. The first area concerned the presence of a clear, written or unwritten, manufacturing strategy This included having an understanding of the markets' needs, recognising how manufacturing could support these competitively, and whether peer level managers perceived manufacturing managers as contributors to strategic thinking. Second, did they have a clear understanding of the performance of competing organisations? Third, whether they were involved in the strategic dimensions of the manufacturing process choice, and with the role of suppliers. The final section reviews a series of issues that the managers nominated as strategically important to their plants and the type of actions they took which they perceived as strategically significant.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"249 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116150449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-02-01DOI: 10.30166/PPMR.200002.0006
H. Chang
This research constitutes an important international comparison of computer technology support for production management (CTSPM) in Taiwan and the UK, one of the emerging ”little dragons” from East Asia and manufacturers in the developed Western economy. The research design used both qualitative and quantitative data analysis techniques to introduce and examine a model of best practice in the CTSPM systems, by drawing on the practical experience of senior managers of production and MIS in Taiwan and the UK. Two steps of fieldwork were undertaken. An investigation survey began with literature and involved exploratory fieldwork into visit Taiwanese organizations. The result developed model of CTSPM implementation and integration, and used to design a questionnaire to survey the development of CTSPM, and toexamine and refine the model of CTSPM in both Taiwan and the UK manufacturing companies. Taiwanese manufacturers had much less experience of CTSPM than UK counterparts, they appeared to be prepared to develop integrated CTSPM solutions more rapidly than in the UK. However, UK managers recognized the barriers, facilitators, and benefits of CTSPM relevant to the Taiwanese context. UK manufacturers had largely taken the more important steps toward systems' integration, although substantial proportions of managers mentioned that they were still at the planning stage in many areas. In Taiwan, it was largely the case that plans were in place to take facilitating and benefiting actions. The results suggest that Taiwanese manufacturers have learned to integrated systems and organizational as they have gained experience with CTSPM. Both countries appeared to be moving toward similar systems design.
{"title":"An Empirical Analysis of the Critical Factors in the Development of Computerizing Manufacturing Systems: A Comparative Survey","authors":"H. Chang","doi":"10.30166/PPMR.200002.0006","DOIUrl":"https://doi.org/10.30166/PPMR.200002.0006","url":null,"abstract":"This research constitutes an important international comparison of computer technology support for production management (CTSPM) in Taiwan and the UK, one of the emerging ”little dragons” from East Asia and manufacturers in the developed Western economy. The research design used both qualitative and quantitative data analysis techniques to introduce and examine a model of best practice in the CTSPM systems, by drawing on the practical experience of senior managers of production and MIS in Taiwan and the UK. Two steps of fieldwork were undertaken. An investigation survey began with literature and involved exploratory fieldwork into visit Taiwanese organizations. The result developed model of CTSPM implementation and integration, and used to design a questionnaire to survey the development of CTSPM, and toexamine and refine the model of CTSPM in both Taiwan and the UK manufacturing companies. Taiwanese manufacturers had much less experience of CTSPM than UK counterparts, they appeared to be prepared to develop integrated CTSPM solutions more rapidly than in the UK. However, UK managers recognized the barriers, facilitators, and benefits of CTSPM relevant to the Taiwanese context. UK manufacturers had largely taken the more important steps toward systems' integration, although substantial proportions of managers mentioned that they were still at the planning stage in many areas. In Taiwan, it was largely the case that plans were in place to take facilitating and benefiting actions. The results suggest that Taiwanese manufacturers have learned to integrated systems and organizational as they have gained experience with CTSPM. Both countries appeared to be moving toward similar systems design.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132830868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-02-01DOI: 10.30166/PPMR.200002.0004
Antsong Lin, Chung-Hua Shen, Arthur C. Wu
This study investigates the international interest rate transmission in offshore markets and national markets with the emphasis on Taiwan to scrutinize its internationalization process over the past two decades. Strong cointegration evidence on both overnight and 1-month maturities support the hypothesis that three offshore markets, Taiwan, Singapore, and London, can be considered as one integrated market in the context of information transmission mechanism. However, the hypothesis that term structures within the same economic environment may posses a cointegrating structure cannot found support in Taiwan. In addition, both London and Singapore offshore markets reveal stronger connections with the U.S. domestic market. However, Taiwan is more closely linked to Singapore rather than to the U.S.
{"title":"Offshore Money Market Interest Rate Transmission among Taiwan, Singapore, and the United Kingdom","authors":"Antsong Lin, Chung-Hua Shen, Arthur C. Wu","doi":"10.30166/PPMR.200002.0004","DOIUrl":"https://doi.org/10.30166/PPMR.200002.0004","url":null,"abstract":"This study investigates the international interest rate transmission in offshore markets and national markets with the emphasis on Taiwan to scrutinize its internationalization process over the past two decades. Strong cointegration evidence on both overnight and 1-month maturities support the hypothesis that three offshore markets, Taiwan, Singapore, and London, can be considered as one integrated market in the context of information transmission mechanism. However, the hypothesis that term structures within the same economic environment may posses a cointegrating structure cannot found support in Taiwan. In addition, both London and Singapore offshore markets reveal stronger connections with the U.S. domestic market. However, Taiwan is more closely linked to Singapore rather than to the U.S.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124939495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-02-01DOI: 10.30166/PPMR.200002.0007
A. Chang, Su-Li Chou, Chin-Shun Wu
Using a vector autoregression model. This paper examine the transmission mechanism of daily rates of return of the stock markets in the Great China Economic Area (Taiwan, Hong Kong, Singapore, Shenzhen and Shanghai), together with U.S. and Japan markets during the period of May 26, 1995 through June 20, 1997, The results suggest that U.S. and Japan markets are the most influential ones, while Singapore is more like a follower. It also appears that Hong Kong is the most interactive market, however Taiwan is the exogenous. As matter of course, the Mainland China stock markets (Shenzhen and Shanghai) are interactive to each other most closely. From the pattern of dynamic responses of each of the seven markets to shocks in a particular market, it suggests that there isn't inconsistency with the notion of informationally efficient international stock markets in the Great China Economic Area.
{"title":"International Transmission of Stock Market Movements within the Great China Economic Area","authors":"A. Chang, Su-Li Chou, Chin-Shun Wu","doi":"10.30166/PPMR.200002.0007","DOIUrl":"https://doi.org/10.30166/PPMR.200002.0007","url":null,"abstract":"Using a vector autoregression model. This paper examine the transmission mechanism of daily rates of return of the stock markets in the Great China Economic Area (Taiwan, Hong Kong, Singapore, Shenzhen and Shanghai), together with U.S. and Japan markets during the period of May 26, 1995 through June 20, 1997, The results suggest that U.S. and Japan markets are the most influential ones, while Singapore is more like a follower. It also appears that Hong Kong is the most interactive market, however Taiwan is the exogenous. As matter of course, the Mainland China stock markets (Shenzhen and Shanghai) are interactive to each other most closely. From the pattern of dynamic responses of each of the seven markets to shocks in a particular market, it suggests that there isn't inconsistency with the notion of informationally efficient international stock markets in the Great China Economic Area.","PeriodicalId":431367,"journal":{"name":"Pan-Pacific Management Review","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129161777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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