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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 林修葳 | |
dc.contributor.author | Ting-Kuei Lin | en |
dc.contributor.author | 林丁貴 | zh_TW |
dc.date.accessioned | 2021-05-13T08:40:05Z | - |
dc.date.available | 2021-02-04 | |
dc.date.available | 2021-05-13T08:40:05Z | - |
dc.date.copyright | 2016-03-14 | |
dc.date.issued | 2016 | |
dc.date.submitted | 2016-02-03 | |
dc.identifier.citation | Altinkilic, O., and R. Hansen, 2009. On the information role of stock recommendation revisions. Journal of Accounting and Economics 48, 17–36.
Altinkilic, O., V. Balashov and R. Hansen, 2013, Evidence that analysts are not important information intermediaries. Management Science 59, 2550-2565. Altinkilic, O., R. Hansen, and Y. Liyu, 2016, Can analysts pick stocks for the long-run? Journal of Financial Economics 116, 371-398. Asquith, P., M. Mikhail, and A. Au., 2005. Information content of equity analyst reports. Journal of Financial Economics 75, 245-282. Bradley, D., J. Clarke, S. Lee and C. Ornthanalai, 2014. Are analysts’ recommendations informative? Intraday evidence on the impact of time stamp delays. Journal of Finance 69, 645–673. Barber, B., R. Lehavy, M. McNichols, and B. Trueman, 2001, Can investors profit from the prophets? Security analyst recommendations and stock returns. Journal of Finance 56, 531-563. Edward, L., K. Ramesh, M. Shen, and J. Wu, 2015, Do analyst stock recommendations piggyback on recent corporate news? An analysis of regular-hour and after-hours revisions. Journal of Accounting Research 53, 821- 861. Fang, L. H., and A. Yasuda., 2014. Are stars’ opinions worth more? The relation between analyst reputation and recommendation values. Journal of Financial Services Research 46, 235-269. Frankel, R., S. P. Kothari , and J. Weber, 2006. Determinants of the informativeness of analyst research. Journal of Accounting and Economics 41, 29–54. Green, T. C., R. E. Jame, S. Markov, and M. Subasi, 2014, Access to management and the informativeness of analyst research.” Journal of Financial Economics 114, 239-255. Hansen, R., 2015. What is the value of sell-side analysts? Evidence from coverage changes – A discussion. Journal of Accounting and Economics 60, 58–64. Huang, A., A.Y. Zang, and R. Zheng, 2014. Evidence on the Information content of text in analyst reports. The Accounting Review 89(6), 2151–2180. Ivkovic, Z., and N. Jegadeesh, 2004. The timing and value of forecast and recommendation revisions. Journal of Financial Economics 73, 433-463. Li, K., and H. You, 2015. What is the value of sell-side analysts? Evidence from coverage initiations and terminations. Journal of Accounting and Economics 2015, 141-160. Loh, R., and R. Stulz, 2011, When are analyst recommendation changes influential? Review of Financial Studies 24, 593-627. Matsumoto, D., Pronk, M., and Roelofsen, E. (2011). What makes conference calls useful? The information content of managers’ presentations and analysts’ discussion sessions. The Accounting Review 86(4), 1383–1414. Womack, K., 1996, Do brokerage analysts’ recommendations have investment value? Journal of Finance 51, 137–167. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/3997 | - |
dc.description.abstract | 本研究針對認定分析師預測報導對市場的影響力檢測的幾項可能缺失,經由實證設計調整,探討日中的分時股價資料第一位分析師盈餘預測報導兩事件對市場的影響力,特別是本研究多了時間遞減因素的設計,藉此釐清市場反應究竟係來自公司本身或分析師,以及兩者對市場的影響力有多大,可以解釋分析師盈餘預測報導本身確實是具有實質資訊意涵。
本研究貢獻有:(1)以多事件研究法釐清了在同一天發生的公司盈餘宣告事件及第一位分析師盈餘報導對市場的影響力;(2)加入了事件影響力時間遞減因素、並控制了其他分析師報導及第一位分析師其他天期報導,提昇了統計檢定力;(3)分析師盈餘預測報導受到公司盈餘宣告及當時股票市場好壞的影響,即虛假相關及內生性問題獲得處理。主要結果有:(1)在公司盈餘宣告帶給市場衝擊後,分析師盈餘預測報導確實會帶給市場另一個邊際顯著的衝擊。(2)對於訊息難解讀、財報難懂、資訊量少的公司,市場投資人更需要分析師的報導。(3)當市場關注或較仰賴分析師解讀時,分析師因應速度愈快;會計資訊解讀難度愈大時,分析師因應速度愈慢;(4)盈餘宣告時間相同時,市場關注及亟需分析師解讀的公司,分析師會優先報導。 | zh_TW |
dc.description.abstract | The study extends the literature for informativeness of analyst forecasts by improving the effectiveness of test measures for the magnitude of market reactions triggered by analyst earnings forecasts revisions through adjusting the empirical designs. We reexamine the informativeness of the first analyst earnings forecast revision by examining abnormal stock market returns in every ten-minute intervals during the trading hours on the earnings announcement day, especially adding the time decaying factors. Moreover, our study both measure the magnitudes of the market reactions immediately after companies’ earnings announcements and analysts’ earnings forecasts revisions. Thereby, we could clarify whether the market reactions result from analysts revisions instead of corporate announcements. Overall, our results are consistent with notion that investors perceive analyst earnings forecasts accompanying earnings announcements as being informative.
This study has the following contributions. First, we adopt multi-event settings to distinguish the market reactions triggered by analysts’ earnings forecasts revisions from those caused by companies’ earnings announcements at the same day. We resolve the spurious relationships and endogeniety problems by taking control of companies’ earnings announcements and market performance then which could impact on the analysts’ earnings forecasts revisions. Second, the statistical power is improved after adding the time decaying factors and controlling for noises: for instance, FY1 revisions of analysts other than the first one, and other revisions except FY1 of the first analyst. Our findings add to the existing literature. First, after earnings announcements take shocks on market, analyst earnings forecasts also marginally lead to market reaction. Second, the investors appear to reply more on analyst forecasts when their companies’ financial statements and information are more difficult to interpret or they typically have smaller amount of information available to the market. Third, when companies belong to those market interested or more dependent on analysts, analysts react quickly to earnings announcements. In contrast, for the firms whose accounting information is difficult to interpret, analysts react slowly to the announcements. Fourth, among companies announcing earnings at the same time, when companies are with greater assets, with more analysts following them, with greater earnings volatility, with greater discretionary accruals or with greater temporary in earnings and more dependent on analysts, analysts report them first. | en |
dc.description.provenance | Made available in DSpace on 2021-05-13T08:40:05Z (GMT). No. of bitstreams: 1 ntu-105-D96724012-1.pdf: 1483121 bytes, checksum: 503f41383ee1c8e8d795e05167ca2a55 (MD5) Previous issue date: 2016 | en |
dc.description.tableofcontents | 口試委員會審定書 ……………………………………………………ii
中文摘要………………………………………………………………iii ABSTRACT ………………………………………………………………iv 第一章 緒論……………………………………………………………1 第二章 文獻回顧與假說………………………………………………4 第一節 文獻回顧………………………………………………………4 第二節 假說發展………………………………………………………5 第三章 研究設計………………………………………………………9 第一節 多事件研究法…………………………………………………9 第二節 迴歸方程式與變數分析………………………………………11 第三節 敏感性測試……………………………………………………18 第四節 對比性測試……………………………………………………21 第五節 法說會與盈餘預測報導………………………………………22 第四章 資料與結果……………………………………………………24 第一節 資料來源………………………………………………………24 第二節 研究結果………………………………………………………24 第五章 結論……………………………………………………………30 參考文獻 ………………………………………………………………31 | |
dc.language.iso | zh-TW | |
dc.title | 緊隨盈餘宣告的分析師盈餘預測–資訊意涵課題的再釐清 | zh_TW |
dc.title | Financial Analysts’ Earnings Forecasts Accompanying Earnings Announcements – Informativeness Issues Revisited | en |
dc.type | Thesis | |
dc.date.schoolyear | 104-1 | |
dc.description.degree | 博士 | |
dc.contributor.oralexamcommittee | 張元晨,陳育成,張文?,陳明園 | |
dc.subject.keyword | 分析師盈餘預測修正報導,公司盈餘宣告,日中資料,分析師因應速度, | zh_TW |
dc.subject.keyword | analysts earnings forecasts revisions,earnings announcements,intraday data,the timeliness of analyst report, | en |
dc.relation.page | 67 | |
dc.rights.note | 同意授權(全球公開) | |
dc.date.accepted | 2016-02-03 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
顯示於系所單位: | 國際企業學系 |
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