Lee-Ying Tay - Academia.edu (original) (raw)

Papers by Lee-Ying Tay

Asian Economic and Financial Review

The COVID-19 pandemic has put the financial system under considerable strain and triggered an unp... more The COVID-19 pandemic has put the financial system under considerable strain and triggered an unprecedented reaction in the financial market. To promote financial stability and strengthen the Malaysian financial market, the authorities banned regulated short selling activities in March 2020 and subsequently lifted the ban in January 2021. This study objectively examines the stock price reactions toward regulated short selling activities announcements and documents the most recent empirical study which examines the short selling related announcements in the emerging market. There are differing opinions on stock price reactions regarding short selling announcements, so to examine the stock price reactions, the event study methodology was employed. The event window for this study is -15 days, 0 (announcement day), +15 days. Interestingly, the findings showed that the stock prices responded negatively to the ban of regulated short selling activities and responded positively to the remov...

It is well established in finance literature that several factors affect performance of the finan... more It is well established in finance literature that several factors affect performance of the financial market. Malaysia, being a developing country, has recently used the catchphrase of "democratic change" referring to contemporary Malaysian politics. This paper attempts to answer the question of how the Malaysia general election affect stock returns. To date, there are no empirical study that have adequately studied this subject

Journal of International Business, Economics and Entrepreneurship, 2021

The spread of the COVID-19 pandemic has amplified the importance of health insurance. Although mo... more The spread of the COVID-19 pandemic has amplified the importance of health insurance. Although most of the companies in Malaysia usually provide employee benefit plans such as medical coverage to their employees, the COVID-19 pandemic that severely impacted the economy and employment has also abruptly exposed the unemployed and retrenched workers to the risk of high medical costs. Thus, this study aims to identify the factors that affect the purchase intention of health insurance among Malaysian young adults in the transitional period of life and could be vulnerable to potentially catastrophic expenses in severe injury or illness. Using a convenience sampling method, a set of self-administered questionnaires was distributed to 200 young adults in Malaysia who are aged between 18 to 25 years old. The results show that attitude, perceived behavioural control, and perceived financial benefits significantly influence health insurance's purchase intention. This study offers an insigh...

F1000Research, 2021

Background: The Covid-19 pandemic has forced businesses in the direction of technology developmen... more Background: The Covid-19 pandemic has forced businesses in the direction of technology development. In particular, financial institutions have started the digital transformation, embracing the usage of artificial intelligence. In this respect, consumers’ willingness to adopt artificial intelligence in finance, appears to have relevance to current efforts to enhance the efficiency and effectiveness of the financial system. This study aims to better comprehend the antecedents towards the intention to adopt artificial intelligence in financial services among Generation Z, with the use of the Technology Acceptance Model. Methods: In this study, questionnaires were used to collect data from 150 male and female Malaysian undergraduates. Partial Least Squares-Structural Equation Modelling was employed to analyse the data. Results: Perceived ease of use and attitude, positively influenced the adoption of artificial intelligence in financial services. Conclusion: The results have sugge...

Journal of Information System and Technology Management, 2020

Bitcoin is an emerging digital asset and is getting more attention in the media as of writing. Th... more Bitcoin is an emerging digital asset and is getting more attention in the media as of writing. Though, despite the regulatory matters, this paper is more concerned with the factors that influence the behavioral intention to use Bitcoin by the Malaysian. Although there are some recent studies on the intention and acceptance of Bitcoin, yet there is limited evidence from Malaysia. Therefore, this study intends on shedding some light on the current stance of the Malaysians on Bitcoin by examining the factors that affect the behavioral intention to use Bitcoin in Malaysia grounded on the Unified Theory of Acceptance and Use of Technology (UTAUT) model. The data was collected using an online self-administered questionnaire through the relevant local Malaysian forums and local cryptocurrency groups. The result shows that performance expectancy has the greatest influence on the users’ behavioral intention to use Bitcoin, followed by other factors such as social influence and facilitating c...

International Journal of Management, Finance and Accounting, 2020

Human rights and fundamental freedoms such as economic, political, and press freedoms vary widely... more Human rights and fundamental freedoms such as economic, political, and press freedoms vary widely from country to country. It creates opportunity and risk in investment decisions. Thus, this study is carried out to examine if the explanatory power of the model for capital asset pricing could be improved when these human rights movement indices are included in the model. The sample for this study comprises of 495 stocks listed in Bursa Malaysia, covering the sampling period from 2003 to 2013. The model applied in this study employed the pooled ordinary least square regression estimation. In addition, the robustness of the model is tested by using firm size as a controlled variable. The findings show that market beta as well as the economic and press freedom indices could explain the cross-sectional stock returns of the Malaysian stock market. By controlling the firm size, it adds marginally to the explanation of the extended CAP model which incorporated economic, political, and press...