Empirical Studies of Correlations Between Investor Relations Services and Securities Trading Activities in Taiwan
Date Issued
2014
Date
2014
Author(s)
Lin, Tzu-Chun
Abstract
Investor relations services are gaining more attention among Taiwanese listed companies in the past few years. Companies start to provide investor contact services, hold investor conference call and disclose more information via their website and press release to create effective communication channel with their target investors. This article aims to explore the potential benefits from the investor relations service.
After sending email questionnaires to 1506 listed companies, the researcher received 538 effective replies about their status of IR department initiation and employment of IR consultant services. The research categorized the IR department initiation status and the historical investor conference call records into proxy variables of investor relation services. The result indicates that the IR service proxies have significant positive correlation with foreign institutional holding rate and negative correlation with stock price volatility. The proxy variables can also partly explain the stock liquidity. However, the study didn’t find significant correlation between the IR service proxies and stock valuation.
Subjects
投資人關係
法人說明會
法人持股
股票流動性
股價波動性
股票評價
Type
thesis
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