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- 저자 : Wu Tsung-Pao (검색결과 3 건)
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The Causal Relationship between Economic Policy Uncertainty and Stock Market: A Panel Data Analysis
Tsung-Pao Wu,Shu-Bing Liu,Shun-Jen Hsueh 한국국제경제학회 2016 International Economic Journal Vol.30 No.1
This study applies recently developed bootstrap panel Granger causality, proposed by Kónya, to investigate a causal link between economic policy uncertainty and stock markets in nine countries over monthly periods from 2003M01 to 2014M12 (Kónya (2006 Kónya, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling, 23, 978–992. doi: 10.1016/j.econmod.2006.04.008 [CrossRef], [Web of Science ®] ) Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling, 23, 978–992). The modeling allows us to examine both the cross-sectional dependency and the country-specific heterogeneity. The empirical results indicate that not all countries are alike, and that the theoretical prediction that stock markets fall at the announcement of a policy change is not always supported. Specifically, this work finds evidence of the stock market leading hypothesis for India, Italy, and Spain, while the economic policy uncertainty leading hypothesis cannot be rejected for the United Kingdom. In addition, the neutrality hypothesis was supported in the remaining countries (Canada, China, France, Germany and the United States), while the feedback hypothesis, however, is not found. The findings of this study could provide important policy implications for these nine countries.
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Wu Hung-Che,Chang Ya-Yuan,Wu Tsung-Pao 한국마케팅과학회 2023 마케팅과학연구 Vol.33 No.1
This paper aims to explore the relationships between the dimensions of safety attachment, the dimensions of experiential cocreation and future experiential intentions. A convenience sample of 505 tourists who had departed from Hartsfield–Jackson Atlanta International Airport via direct flights to a destination outside the USA during the 2019-nCoV (COVID-19) outbreak was surveyed. The results will assist tourism managers in developing and implementing market-orientated service strategies to increase safety identity, safety dependence, safety affect, safety social bonding, experiential trust, experiential commitment and experiential connection in order to enable tourists to have future intentions to experience the destination during the COVID-19 outbreak. Findings are generalizable only to the tourism industry investigated.
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Shareholdings of Board Members and Corporate Performance: A Panel Quantile Regression Analysis
Shu-Bing Liu,Shun-Jen Hsueh,Tsung-Pao Wu 연세대학교 동서문제연구원 2017 Global economic review Vol.46 No.3
This paper investigates the impact of board member shareholdings on corporate performance in China and Taiwan, and employs unbalanced panel data over the period 2005– 2009. In view of the inconsistent empirical findings in the literature and the limitations of least squares regressions, this study adopts a quantile regression method including fixed effects (FE) models. An important finding is that a significant, positive relationship exists between the shareholdings of board members and accounting measures of performance, and this relationship only exists for the more profitable firms in China, while a uniformly significant and positive relationship exists across all quantiles between the shareholdings of board members and accounting measures of performance in Taiwan. These findings, which cannot be obtained using a FE model, suggest that board members can influence firm performance through holding shares in most Taiwan firms and profitable Chinese firms.
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