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Ownership Structure and Stock Return Asymmetries in ASEAN-5 Stock Markets: A Firm-Level Analysis 6

By: 4 0 16, [, ] | [, ] |

Contributor(s): DLSU Business & Economic Review. 27:2 (January 2018). pp.51-60 5 6 [] |

Language: Unknown language code Summary language: Unknown language code Original language: Unknown language code Series: ; 46Edition: Description: Content type: text Media type: unmediated Carrier type: volumeISBN: ISSN: 2Other title: 6 []Uniform titles: | | Related works: 1 40 Sorasart Sukcharoensin and Pariyada Sukcharoensin 6 []Subject(s): -- 2 -- 0 -- -- | -- 2 -- 0 -- 6 -- | 2 0 -- | -- -- 20 -- | | -- -- CORPORATE GOVERNANCE;OWNERSHIP STRUCTURE -- ASEAN-5 -- -- | -- -- -- 20 -- --Genre/Form: -- 2 -- Additional physical formats: DDC classification: | LOC classification: | | 2Other classification:

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Book	PLM	PLM Periodicals Section	Periodicals	LG221.M35 (Browse shelf)	Available		PER1920G

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Previous	LG221.M35 ASEAN Bond Market Integration: What Drives Cross-Border Bond Investment in ASEAN?	LG221.M35 Strategic Position of Bond Markets in ASEAN-5: Challenges and Directions for Development	LG221.M35 Is a Regional Credit Rating Agency for the ASEAN Feasible?	LG221.M35 Ownership Structure and Stock Return Asymmetries in ASEAN-5 Stock Markets: A Firm-Level Analysis	LG221.M35 Inflation and Public Debt Dynamics in ASEAN	LG221.M35 Regime-Switching Business Cycle Synchronization in the ASEAN	LG221.M35 Compliance Theory: A Case Study Approach in Understanding Organizational Commitment	Next

Abstract: This paper explores the relationship between ownership structure and the skewness in the stock return distribution among ASEAN-5 equity markets, including Indonesia, Malaysia, the Philippines, Singapore, and Thailand during 2007-2015. This study adds to the existing literatures that ownership structure can explain skewness of the stock returns. The empirical results reveal that stock returns in ASEAN-5 markets present asymmetric distribution. Further, by employing firm-level data, the results show that ownership structure, cumulative daily stock returns, firm size, and market-to-book ratio significantly affect future skewness of the stock returns. 56

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