The Costs of Owning Employer’s Stocks: Lessons from Taiwan

1 Lee and Liu are from National Chengchi University, Taiwan and Zhu is from University of California, Davis. Part of the work was finished when Liu was a Fulbright Scholar at University of California, Berkeley. The authors acknowledge the support from the Data Center, Ministry of Finance, Taiwan, and comments from Brad Barber, Lauren Cohen, and seminar participants at UC Davis. The authors are responsible for all remaining mistakes.