The trading activities and brand capital
| Autor: | Ming-Hsun Lin, 林明勳 |
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| Rok vydání: | 2016 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 104 This paper investigate that the relationship between brand capital and ADR trading activities so that the brand capital has become the new trading signals for investors. Using the advertising expense to measure brand capital in this research. I employed the volume, illiquidity and volatility to measure the topic. The brand capital is that the value of consumer awareness for firm products and service, and the value of brand capital impact the firm value, corporate risk, firm financial policy and firm cash flow by consumer that the different types of expense ( such as consumer loyalty). Consequently, influence investors on ADR holdings by brand capital. In this paper, not only using financial variables but also consumer preference to examine the trading activities. In the empirical results, it represents that investors trading behavior more actively and ADRs return are more stable when the firm with higher brand capital. I find that firm with higher brand capital have more stable performance during economic downturns and investors prefer to invest emerging country ADRs. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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