本研究主要在探討台灣上市櫃公司的無控制權投資績效。由於過去沒有相關文獻的探討，因此，本文以基金投資的觀點切入，納入基金績效評估時常用的選股能力與擇時能力的分析技巧。首先，我們選擇以市場單因子模型(Black et al. (1972))來解釋無控制權投資市場，將此模型與Treynor and Mazuy {1966}所提出的模型做結合，分析公司經理人的選股與擇時能力。其次，進一步探討影響各公司選股能力與擇時能力差異的因素。研究結果發現，在樣本研究期間中，平均而言公司管理者不具備良好的選股能力，但其具備些微的擇時能力。

The purpose of this paper is to access the non-controlling stock performance generated
by companies listed on the Taiwan stock market.
We view firms' stock tradings as mutual fund investments.
Using the same measurement of mutual fund performance,
we analyze stock selectivity and timing ability of firm managers.
First, we select one-factor model propose by Black et al. (1972) to explain the non-controlling stock market.
We analyze selectivity and timing ability of firm managers
by combining one-factor model with the model proposed by Treynor and Mazuy (1966).
Second, we conduct regression tests to better understand factors that result in
various selectivity and timing ability among firms.
On average, there is no evidence of selectivity performance by firm managers.
The result exhibits slightly positive timing performance.

Agrawal, Anup and Mandelker, Gershon N. (1990), “Large shareholders and the
monitoring of managers: The case of antitakeover charter amendments”, Journal
of Financial and Quantitative Analysis, 25, 143–161.
Barber, Brad M., Lee, Yi-Tsung, Liu, Yu-Jane, and Odean, Terrance (2008), “Just
how much do individual investors lose by trading?”, The Review of Financial Stud-
ies, 22, 609–632.
Black, Fischer, Jensen, Michael C., and Scholes, Myron (1972), “The capital asset
pricing model: Some empirical tests”, in Studies in the Theory of Capital Market,
New York, NY: Praeger Publishers Inc.
Booth, Laurence and Cleary, Sean (2008), “Cash flow volatility, financial slack and
investment decisions”, China Finance Review, 2(1), 63–86.
Brickley, James A., Lease, Ronald C., and Jr., Clifford W. Smith (1988), “Own-
ership structure and voting on antitakeover amendments”, Journal of Financial
Economics, 20, 267–291.
Chiang, Hsiang Tsai (2005), “An empirical study of corporate governance and corpo-
rate performance”, Journal of American Academy of Business, 6(1), 95–108.
Cumby, Robert E. and Glen, Jack D. (1990), “Evaluating the performance of inter-
national mutual funds”, The Journal of Finance, 45(2), 497–521.
Deloof, Marc (2003), “Does working capital management affect profitability of belgian
firms?”, Journal of Business Finance & Accounting, 30(3) (4), 573–587.
Fama, Eugene F. (1972), “Components of investment performance”, Journal of Fi-
nance, 27, 551–568.
Fazzari, Steven M., Hubbard, R. Glenn, and Petersen, Bruce C. (1988), “Financing
constraints and corporate investment”, Brookings Papers on Economic Activity, 1,
141–195.
Fuerst, Oren and Kang, Sok-Hyon (2004), “Corporate governance, expected operating
performance, and pricing”, Corporate Ownership & Control, 1(2), 13–30.
Gentry, James A., Vaidyanathan, R., and Lee, Hei Wai (1990), “A weighted cash
conversion cycle”, Financial Management, 19, 90–99.
Golec, Joseph H. (1996), “The effects of mutual fund managers’ characteristics on
their portfolio performance, risk and fees”, Financial Services Review, 29(2), 133–
148.
Gorman, L. (1991), “A study of the relationship between mutual fund return and
asset size, 1974-1987”, Akron Business and Economic Review, 22, 53–61.
Grinblatt, Mark and Titman, Sheridan (1994), “A study of monthly mutual fund
returns and performance evaluation techniques”, The Journal of Financial and
Quantitative Analysis, 29(3), 419–444.
Henriksson, Roy D. (1984), “Market timing and mutual fund performance: An em-
pirical investigation”, The Journal of Business, 57(1), 73–96.
Henriksson, Roy D. and Merton, Robert C. (1981), “On market timing and investment
performance. ii. statistical procedures for evaluating forecasting skills”, The Journal
of Business, 54(4), 513–533.
Israelsen, Craig L. (1998), “Charateristics of winning mutual funds”, Journal of Fi-
nancial Plainning, 11, 78–87.
Jensen, Michael C. and Meckling, William H. (1976), “Theory of the firm: Managerial
behavior, agency costs and ownership structure”, Journal of Financial Economics,
3(4), 305–360.
Jensen, Micheal C. (1967), “The performance of mutual funds in the period 1945-
1964”, Journal of Finance, 23(2), 389–416.
John, Teresa A. (1993), “Accounting measures of corporate liquidity, leverage, and
costs of financial distress”, Financial Management, 22(3), 91–100.
Kim, Chang-Soo, Mauer, David C., and Sherman, Ann E. (1998), “The determi-
nants of corporate liquidity: Theory and evidence”, The Journal of Financial and
Quantitative Analysis, 33(3), 335–359.
Kon, Stanley J. and Jen, Frank C. (1979), “The investment performance of mutual
funds: An empirical investigation of timing, selectivity, and market efficiency”, The
Journal of Business, 52(2), 263–289.
Lee, Cheng-Few and Rahman, Shafiqur (1990), “Market timing, selectivity, and mu-
tual fund performance: An empirical investigation”, The Journal of Business,
63(2), 261–278.
Lipton, Martin and Lorsch, Jay W. (1992), “A modest proposal for improved corpo-
rate governance”, Business Lawyer, 48(1), 59–77.
Lowenstein, Louis (1996), “Financial transparency and corporate governance”,
Columbia Law Review, 96, 1335–1362.
Malmendier, Ulrike and Tate, Geoffrey (2005), “Ceo overconfidence and corporate
investment”, The Journal of Finance, 60, 2661–2700.
Opler, Tim, Pinkowitz, Lee, Stulz, Rene, and Williamson, Rohan (1999), “The deter-
minants and implications of corporate cash holdings”, Journal of Financial Eco-
nomics, 52(1), 3–46.
Patel, Sandeep A. and Dallas, George S. (2002), “Transparency and disclosure:
Overview of methodology and study results - united states”, Standard & Poor’s
Transparency and Disclosure, 129.
Philippas, Nikolaos (2002), “Market timing and selectivity: An empirical investigation
into the features of Greek mutual fund managers”, Journal of Applied Business
Research, 18(3), 97–108.
Pound, John (1988), “Proxy contests and the efficiency of shareholder oversight”,
Journal of Financial Economics, 20, 237–265.
Richards, Verlyn D. and Laughlin, Eugene J. (1980), “A cash conversion cycle ap-
proach to liquidity analysis”, Financial Management, 9(1), 32–38.
Shin, Hyun-Han and Soenen, Luc (1998), “Efficiency of working capital management
and corporate profitability”, Financial Practice and Education, 8, 37–46.
Shleifer, Andrei and Vishny, Robert W. (1986), “Large shareholders and corporate
control”, Journal of Political Economy, 94(3), 461–488.
Soenen, LA (1993), “Cash conversion cycle and corporate profitability”, Journal of
Cash Management, 13(4), 53–58.
Sueyoshi, Toshiyuki, Goto, Mika, and Omi, Yusuke (2010), “Corporate governance
and firm performance: Evidence from Japanese manufacturing industries after the
lost decade”, European Journal of Operational Research, 203, 724–736.
Treynor, Jack L. and Mazuy, Kay K. (1966), “Can mutual funds outguess the mar-
ket?”, Harvard Business Review, 43, 131–136.
Von Eije, Henk and Megginson, William L. (2006), “Dividends and share repurchases
in the European Union”, Journal of Financial Economics, 89(2), 347–374.
Weisbach, Michael S. (1988), “Outside directors and CEO turnover”, Journal of Fi-
nancial Economics, 20, 431–460.
Wen, Yue-Fang and Tsai, Chia-Fang (2009), “The importance of information dis-
closure transparency to failure prediction models”, Taiwan Banking & Finance
Quarterly, 10(1), 107–139.
Yermack, David (1996), “Higher market valuation of companies with a small board
of directors”, Journal of Financial Economics, 40, 185–211.