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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19572
標題: | 不同型式法說會召開之資訊內涵、因素與影響 The incremental information, determinants and impacts of conference calls with different public accessibility |
作者: | Ya-Ting Yang 楊雅婷 |
指導教授: | 陳聖賢 |
關鍵字: | 法人說明會,資訊不對稱,資訊內涵,事件研究法,機構投資人, Conference Calls,Information Asymmetry,Information Content,Event Study,Institutional Investor, |
出版年 : | 2015 |
學位: | 碩士 |
摘要: | This study discussed the determinants and market impacts of open and closed conference calls. Since there were no explicit indicators for open and closed calls in Taiwan, we used two criteria to separate calls into open (public) and closed (private) ones. The first criterion was whether the call provided video records on the company’s website or Market Observation Post System (MOPS). The other was whether the convention of the conference call was announced at least 3 days before the events. First, we adopted an event study and verified that conference calls in 2014 provided incremental information. Then, we applied logit models to analyze the determinants of holding different types of calls. We discovered that companies with more shareholders (LNOWN), higher BP ratio (BP), more intangible assets (INTAN), a smaller number of employees (LNEMP), larger market value (LMV), less public listing time (LTIME), and in hi-tech industries (DTECH) were more likely to convene open calls. In the last part of this study, we used the univariate analysis to compare the market changes before and after open and closed calls. We found out that open calls would lead to more increase of non-institutional trades and larger stock-trading volume than closed calls. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19572 |
全文授權: | 未授權 |
顯示於系所單位: | 財務金融學系 |
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