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Ying Hao,Robin K. Chou,Keng-Yu Ho,Pei-Shih Weng 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.4
Using a large data set with detailed classifications of different trader types, this study sheds further light on the trading activity of various trader types on the Taiwan futures exchange (TAIFEX). Compared with domestic traders on the TAIFEX, we find that foreign institutional traders act as contrarians. In addition, when the market becomes illiquid, foreign institutional traders are net buyers and individual traders are net sellers. The result implies that both foreign institutional traders and individual traders may contribute to the recovery of liquidity dry-ups together. Among all traders, only the order imbalance of foreign institutional investors presents return predictability when the market is illiquid, which suggests they have an information advantage in such a market.
IPO Underwriting and Subsequent Lending
Hsuan-Chi Chen,Li-Ping Chen,Keng-Yu Ho,Pei-Shih Weng 한국재무학회 2012 한국재무학회 학술대회 Vol.2012 No.09
This study investigates the relation between IPO underwriting and subsequent lending. We find that when a bank underwrites a firm’s IPO, the bank is more likely to provide the issuer with future loans at a lower cost, compared to banks without an IPO underwriting relationship. The evidence also suggests that the underwriting banks share information surplus with the IPO firms in the post-IPO loans, supporting the cost-saving hypothesis. Finally, when borrowing firms are more satisfied with the IPO outcomes, they are more likely to retain their underwriting banks as subsequent lenders. We find no evidence that underwriting banks would exploit such satisfaction by charging higher interest rates in the post-IPO loans.