行政公告
  • 行政公告
財金系 3/19 (一) 上午 10:30 邀請 University of Hong Kong 的許博炫教授演講
活動起日:2018-03-19 
發佈日期:2018-03-12 
瀏覽數:195  2018-03-13 更新

本系擬於 3/19 () 邀請 University of Hong Kong 的許博炫教授至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 3/19 () 10:30-12:00

地點: 管理學院一號館 402 教室

講者: 許博炫教授

講題: New Market Entry, Trademarks, and Stock Returns

 

Abstract: 

As a proxy for firms’ entry into new markets, trademarks involve significant ambiguity, such as contestability, renewal, and market acceptance, and past experience/statistics may be irrelevant. Therefore, owing to ambiguity aversion, firms with more newly registered trademarks can be relatively undervalued. Empirical evidence shows that new trademarks strongly predicts higher abnormal stock returns. Furthermore, this return predictive power is stronger among more ambiguous/complex firms, such as larger, R&D-active, and low advertising firms, and is stronger among firms with newly registered exploratory trademarks. These results suggest that the stock market tends to undervalue new trademarks due to ambiguity aversion.