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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/51763

    Title: Momentum strategy and board size: Evidence from Taiwan Stock Exchange (TWSE)
    Authors: Lo,KH;Ju,SE
    Contributors: 企業管理學系
    Date: 2011
    Issue Date: 2012-03-27 19:05:01 (UTC+8)
    Publisher: 國立中央大學
    Abstract: This paper establishes a link between momentum profitability and board size. We use stocks listed on the Taiwan Stock Exchange (TWSE) to show that momentum profits are derived mainly from firms with small and medium board size, but it is nonexistent among large board size firms. The momentum profitability across small and medium board size firms does not represent for system risk based on the Fama-French three-factor model. After controlling by firm size, book-to-market value, our findings are still robust. This board size effect on momentum profits may be due to group decision process and an incentive to engage in risk-reduction activities for more powerful chief executive officers (CEOs).
    Appears in Collections:[企業管理學系] 期刊論文

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