Board Structure and Stock Price Informativeness in Terms of Moving Average rules

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題名:	Board Structure and Stock Price Informativeness in Terms of Moving Average rules
其他題名:	英文
作者:	Pao-yu Huang;Yen-sen Ni
關鍵詞:	Stock price informativeness;Moving average;Board structure
日期:	2017-02
上傳時間:	2016-11-30 02:11:23 (UTC+8)
出版者:	Elsevier BV
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.
關聯:	The Quarterly Review of Economics and Finance, 63, p.161-169.
DOI:	10.1016/j.qref.2016.04.012
顯示於類別:	[管理科學學系暨研究所] 期刊論文

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