Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?. Issue 11 (November 2022)

• Record Type: Journal Article
• Authors: Chen, Yuhsin; Huang, Paoyu; Ku, Yaochia; Ni, Yensen; Chie, Bin-Tzong; Lin, Yin-Tzu
• Is Part Of: Heliyon. Volume 8:Issue 11(2022)
• Publication Date: 2022-11
• Subjects: Ownership structure -- Stock price overshooting -- Stock price manipulation -- Corporate governance -- Hospitality and tourism stocks; Research -- Periodicals; Medical sciences -- Periodicals; Natural history -- Periodicals; Social sciences -- Periodicals; Earth sciences -- Periodicals; Physical sciences -- Periodicals; 507.2
• DOI: 10.1016/j.heliyon.2022.e11544
• Languages: English
• ISSNs: 2405-8440

Abstract

Abstract: We investigate whether the function of ownership structure influences stock price overshooting manipulation for Taiwan Stock Exchange-listed tourism and hospitality firms because stock price overshooting occurs frequently for these firms after Chinese authorities relax restrictions on tourists visiting Taiwan. As a result, we demonstrate that some of these firms with a poorly functioning ownership structure may manipulate their share prices, resulting in overshooting phenomena, especially for stock price overbought phenomena. Following that, we discover that the directors and managers of these firms reduce their shareholdings, implying that such firms are likely to have corporate governance issues. Abstract : Ownership structure; Stock price overshooting; Stock price manipulation; Corporate governance; Hospitality and tourism stocks.