How do financial crisis and corporate governance affect Commonality in liquidity?

• Main Authors: Chung-Huan Chen, 陳仲桓
• Other Authors: Jun-Mao Chiu
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/6q479v

碩士 === 元智大學 === 財務金融暨會計碩士班(財務金融學程) === 107 === This research will discuss the commonality in liquidity of ADRs (ADRs). When the financial crisis occurs, will it affect the commonality in liquidity? According to the bond hypothesis, the international listing requirements information disclosure, especially in the United States, the disclosure requirements are more and more strict, can improve the protection level of cross-border listed company investors, because the entry into the market is subject to stricter laws, regulations and the host market review, while increasing the incentives for investors to trade into listed stocks, rather than including other non-listed stock portfolios, and liquidity changes have been proven a systemic risk factor, investors need to flow Stocks that interact with market liquidity are compensated. The commonality in liquidity are significantly positively correlation between ADRs and the host market during the financial crisis. The The commonality in liquidity are significantly negatively correlation between ADRs and corporate governance.