| Summary: | 碩士 === 淡江大學 === 財務金融學系碩士班 === 102 === This study examines that volatility and foreign holding shares affect stock returns with investment opportunities (Book assets, age, R&D expenditures and future sales growth) in Taiwan stock market from 1990/01/04 to 2013/10/31. The results point out the volatility-return relation (foreign holding shares-return relation) in Taiwan stock market is highly positive. Adding proxies for investment opportunities represent the firm value, it shows that the volatility-return (foreign holding shares-return) relation is sensitive to firm size, firm age and future sales growth (firm size, R&D intensity, future sales growth and earnings flexibility). That is, a firm with large investment opportunities is highly sensitive to volatility and foreign holding shares.
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