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Xuan-Qi Su,Ching-Yen Chen,Chin-Ming Chen,Mei-Shih Chen 한국증권학회 2019 Asia-Pacific Journal of Financial Studies Vol.48 No.6
This paper tests how managerial financial education explains the valuation effects of seasoned equity offerings (SEOs). Using a sample of Taiwanese listed firms during 2007–2018, our results show that investors react more negatively to SEO announcements by firms with more financially educated managers (MFEMs). Such a negative effect is more pronounced for firms with a higher information asymmetry and more earnings management. Further evidence indicates that SEO firms with MFEMs are substantially overvalued and thus experience a significantly long-run post-SEO underperformance. MFEMs are also found to reduce their ownership prior to SEOs. Our overall results support the opportunism-based information advantage hypothesis.
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Hang Ruan,Xuan Zhu,Zhen Zhang,Xin-fang Liang,Yan Fu,Mei-qin Su,Qi-lin Liu,Xiu-min Wang 대한약학회 2011 Archives of Pharmacal Research Vol.34 No.8
dl-Praeruptorin A (Pd-Ia) is the major active constituent of the traditional Chinese medicine Peucedanum praeruptorum Dunn. Recently it has been identified as a novel agent in the treatment and prevention of cardiovascular diseases. Accordingly, we investigated the metabolism of Pd-Ia in rat liver microsomes. The involvement of cytochrome P450 (CYP) and CYP isoforms were identified using a CYP-specific inhibitor (SKF-525A), CYP-selective inhibitors (α-naphthoflavone, metyrapone, fluvastatin, quinidine, disulfiram, ketoconazole and ticlopidine) and CYP-selective inducers (phenobarbital, dexamethasone and β-naphthoflavone). Residual concentrations of the substrate and metabolites were determined by HPLC, and further identified by their mass spectra and chromatographic behavior. These experiments showed that CYP450 is involved in Pd-Ia metabolism, and that the major CYP isoform responsible is CYP3A1/2, which acts in a concentration-dependent manner. Four Pd-Ia metabolites (M1, M2, M3, and M4) were detected after incubation with rat liver microsomes. Hydroxylation was the primary metabolic pathway of Pd-Ia, and possible chemical structures of the metabolites were identified. Further research is now needed to link the metabolism of Pd-Ia to its drug-drug interactions.
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Liquidity in Up and Down Markets for Asset Pricing: Evidence from the Taiwan Stock Market
Yi-Cheng Shih,Xuan-Qi Su 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.5
Using a sample of stocks listed on the Taiwan Stock Exchange during 1991–2014, this study investigates the liquidity in up and down markets, which is important for understanding asset pricing. Firm-level original Amihud, Journal of Financial Markets, 5, 2002, 31. illiquidity is decomposed into two half-Amihud measures for up- and down-market days. First, we show that the ability of the down-market liquidity level to explain the cross-section of returns subsumes the up-market liquidity level. Second, only loadings on systematic down-market liquidity factors are significantly priced. Third, a liquidity risk factor constructed by the downmarket component, rather than the up-market component significantly explains the time-series and cross-sectional variation in returns sorted by firm size, suggesting that the liquidity risk factor associated with down-market days performs better in capturing the flight-toliquidity. Overall, the findings support the view that the liquidity in down markets plays a more important role in asset pricing than the liquidity in up markets.
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