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Over the past century, stock identification, which is crucial for fisheries stock assessments, has relied heavily on intraspecies variations to differentiate management units. In recent years, however, DNA approaches have shed additional light on some aspects of the natural history and ecology of species and stocks. The Crescent Grunter Terapon jarbua is widely distributed across the Indo-Pacific region. It inhabits coastal waters with sandy substrates and tends to aggregate in estuaries. In the present study, we collected 96 individuals of T. jarbua from 10 locations around the shoreline of Taiwan as well as near Guangdong, China. A concatenated sequence (1,753 bp) of mtDNA (cytochrome c oxidase I and cytochrome b) was obtained from all individuals. We discovered two genetically distinct clades (lineages A and B) with different historical demographies occurring sympatrically except at the Yilan collection site, which was dominated by lineage A haplotypes. Connectivity within this region is high according to F ST and AMOVA tests. The genetic variation between the two clades is far below the interspecies threshold for the genus Terapon (0.007 versus 0.3156). Therefore, we suggest that they be considered different genetic stocks from a fisheries management point of view and that future stock reassessment should be conducted based on the genetic information provided in this study. Further large-scale sampling is needed to understand the mechanisms that drive genetic partitioning on regional (Northwest Pacific) and global (Indo-Pacific) scales.

This paper examines the performance of Taiwanese firms following acquisitions and finds that, when contrasted with the acquisitions that take place in the U.S., Taiwanese acquirers exhibit negative industry-adjusted accounting performance. The negative performance is mostly driven by firms with low growth opportunities, but is mitigated under more concentrated shareholdings and better board structures. These findings suggest that while weak corporate governance at the country-level may adversely affect the overall effectiveness of the takeover market in Taiwan, there is substantial cross-sectional variation in corporate governance at the firm-level. The evidence also shows that the announcement of an acquisition is accompanied by a positive announcement effect, and the poor operating performance might be related to the decreased assets turnover and sales growth rate.

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Purpose -The purpose of the paper is to investigate the price interrelationship between the Taiwanese and US financial markets. Design/methodology/approach -The trivariate GJR-GARCH (1,1) model and event study were employed to investigate volatility asymmetry and overreaction phenomenon, respectively. Findings -The empirical results show that return volatility reveals the asymmetric phenomenon, and the holding period returns on US index futures from the opening of the US index futures electronic trading to the opening of the Taiwanese stock market are an important reference for investors in the Taiwanese stock market. Additionally, the paper presents an overreaction of the Taiwan Stock Exchange Capitalization Weighted Stock Index to a drastic price rise of E-min NASDAQ 100 Index futures at the opening of the Taiwanese stock market. Research limitations/implications -This paper deletes the observations arising from the different national holidays of the USA and Taiwan, to have the same number of observations in both markets, which might contaminate the empirical results. Practical implications -Investors in the Taiwanese stock market tend to pay more attention to the fluctuations in the share prices of high-technological companies in the USA. Originality/value -Most of the previous studies regarding price transmission between the Taiwanese and US stock markets focused mainly on the Taiwanese market reactions to the overnight returns of the US market. This paper enlarges the current field by examining the lead-lag relationship, the volatility asymmetry, and the overreaction phenomenon between the Taiwanese and US financial markets according to the most updated US stock index information.