Books

Papers

1.	Tsung-ming Yeh, Financial Teaching by Parents and Financial Education at School or Workplace: Evidence from Japan, Financial Services Review, Vol 30, 2023.06, This study investigates the differential roles of financial socialization within the family versus financial education at school or the workplace, using data from a representative sample of 25,000 Japanese individuals. The results indicate that different platforms may play different roles. While the adults’ short-term financial behaviors, which involve regular feedback and immediate consequences for deviation, are primarily related to their parent’s financial advising in childhood, long-term financial behaviors, which require complex planning and decision-making, are primarily related to financial education received at school or the workplace. The results also suggest the benefits of accumulating financial experiences and education in different stages..
2.	Yeni Januarsi, Tsung-Ming Yeh, Accounting Comparability and Earnings Management Strategies: Evidence from Southeast Asian Countries, Emerging Markets Finance and Trade, 10.1080/1540496X.2022.2075258, 2022.05, [URL], We examined the effect of accounting comparability on the use of accrual earnings management (AEM) and real earnings management (REM) among five members of the Association of Southeast Asian Nations. Analyzing 1,195 listed non-financial companies from 2014 to 2017, we find that more comparable accounting information between firms induces managers to engage in more REM and less AEM, supporting the substitute hypothesis. The results remain similar under the robustness tests. Our results suggest that reporting and legal environment factors may affect cost-benefit considerations versus incentives for using earnings management strategies..
3.	Tsung-ming Yeh,Yue Ling, Confidence in Financial Literacy, Stock Market Participation, and Retirement Planning, Journal of Family and Economic Issues, https://doi.org/10.1007/s10834-021-09769-1, 2021.05, This study investigated whether overconfidence with respect to one’s financial literacy affects stock market participation and retirement preparation and if so, how. Using an effective sample of 12,653 Japanese individuals, the empirical results confirm that financial literacy plays a positive role, while confidence in financial literacy also matters. For people with relatively low financial literacy, overconfidence can encourage taking financial action, while for people with high financial literacy, underconfidence can deter action. Confidence could have an effect equal to or greater than financial literacy. Moreover, it was also found that the positive effect of overconfidence is weaker for women than for men..
4.	Tsung-ming Yeh, An empirical study on how financial literacy contributes to preparation for retirement, Journal of Pension Economics and Finance, 10.1017/S1474747220000281, 2020.08, This study provides empirical evidence on the mechanisms through which financial literacy may be associated with saving for retirement, in the three phases of the decision-making process—information perception, information search and evaluation, and decision-making and implementation. The results indicate that financial literacy has significantly positive effects on one’s awareness of post-retirement financial needs, comparing alternatives when purchasing financial products, displaying fewer present-time, and planning for and setting aside funds for retirement. Financial literacy not only directly contributes to planning for future, but also indirectly via a reduction in behavioral biases..
5.	Tsung-ming Yeh, Determinants and consequences of shareholder proposals: The cases of board election, charter amendment, and profit disposal, JOURNAL OF CORPORATE FINANCE, 10.1016/j.jcorpfin.2017.05.004, 45, 245-261, 2017.08, By investigating shareholder proposals in Japan during 2004-2013, this study aims to address the question whether exercising legally powerful shareholder rights has an impact on the management. Compared with their counterparts in the United States, Japanese shareholders are entitled to more statutory rights, including binding shareholder resolutions on issues relating to board election, charter amendment, and profit disposal. The empirical tests reveal several important results. First, different types of shareholder proposals are triggered by varying firm characteristics. Second, resolutions on the board election and charter amendments relating to corporate governance receive higher votes than those for profit disposal. Voting outcome is also positively associated with foreign shareholding, duration of the general meeting, and the firm's history of receiving proposals. Moreover, resolutions initiated by large shareholders have positive impacts on the target firms, which reported positive announcement-associated abnormal returns. Improvements in the operating performance are observed for firms passing board election resolutions and firms receiving charter amendment proposals from large shareholders. The management also increased share buyback and dividend payout in response to demands by large shareholders, although there was no significant change in the post-resolution operating performance. Overall, the results indicate that statutorily powerful shareholder rights, when exercised by large shareholders, can have a positive impact. (C) 2017 Elsevier B.V. All rights reserved..
6.	Tsung-ming Yeh, Do Private Equity Funds Increase Firm Value? Evidence from Japanese Leveraged Buyouts, Journal of Applied Corporate Finance, 10.1111/j.1745-6622.2012.00405.x, 24, 4, 2012.12, Abstract The author summarizes the findings of his recent study of 62 buyouts of listed Japanese companies by both Japanese and “foreign” private equity funds that were transacted between 2000 and 2007. Roughly half of the author's sample of transactions were accomplished by means of takeover bids by PE funds, and such deals were transacted at prices that represented a premium (of roughly 12%) to current market values. Most of the other PE transactions were privately negotiated deals in which the purchase prices involved discounts (of about 15% on average) to current value. For both sets of deals, however, the announcements of such buyouts were associated, on average, with a significantly positive stock market reaction. By the cutoff date of the study (May 2010), 30 of the 62 acquired firms had realized “exits.” Those companies (though not the others) experienced significant average improvements in operating performance; and the extent of such improvements were roughly consistent with the size of the positive market reaction to the buyout announcements. The test results suggest that the value increases can be attributed to the more efficient use of assets and reduction of operating costs. Meanwhile, there was no evidence suggesting that the acquired firms cut back on their research and development, capital investments, or employee wages and growth. What's more, examination of the operating performance of the 30 companies after their exits showed no deterioration in profitability or investment spending..

Presentations

1.	Tsung-ming Yeh, How financial literacy can contribute to retirement savings: an empirical research, 2019 International Conference of Taiwan Finance Association, 2019.05, This study aims to provide empirical evidence on the mechanisms through which financial literacy may be associated with the behaviors of saving for retirement, in the three phases of decision-making process – information perception, information search and evaluation, and decision-making and implementation. Empirical results indicate that, after accounting for various control variables, financial literacy has significantly positive effects on one’s awareness of post-retirement financial needs, comparing with alternative products when making significant financial decisions, displaying less behavioral biases, planning for and successfully securing post-retirement funds, and experiencing fewer financial disputes. The results can provide explanations for the findings of previous studies as to why people with higher financial literacy accumulate greater net wealth, make wiser financial decisions, or are more likely to invest in the stock market..
2.	Tsung-ming Yeh, The Modes of Buyouts: Tender Offer versus Private Placement of Equity, Asian Finance Association, 2018.06.
3.	葉聰明, The Modes of Buyouts and Private Benefits of Control, International Conference and Annual Meeting of Taiwan Finance Association, 2018.05.

「Business Economics」,「Corporate Governance」「Applied Finance」

2019 National Taiwan Normal University (NTNU)-Kyushu University (Kyushu U) Joint Forum
on Facilitating Interdisciplinary Research and Education, May 27~May 28, 2019.

２０１９　Visiting　University of Illinois Urbana-Champaign　for facilitating joint research and education activities

２０１９ March Visiting Rhode Island 　for facilitating joint research and education activities.