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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19572Full metadata record
| ???org.dspace.app.webui.jsptag.ItemTag.dcfield??? | Value | Language |
|---|---|---|
| dc.contributor.advisor | 陳聖賢 | |
| dc.contributor.author | Ya-Ting Yang | en |
| dc.contributor.author | 楊雅婷 | zh_TW |
| dc.date.accessioned | 2021-06-08T02:06:12Z | - |
| dc.date.copyright | 2016-03-08 | |
| dc.date.issued | 2015 | |
| dc.date.submitted | 2016-02-03 | |
| dc.identifier.citation | [1] Barron, O., Byard D., Enis C., 2001. Leveling the informational playing field. Working paper, Pennsylvania State University.
[2] Bo-Jean Lai, 2003, The information content and fairness of conference calls, Dissertation from National Taipei University. [3] Bowen, RM, Davis, AK, & Matsumoto, DA. (2001). Do conference call affect analyst’s forecast. The Accounting Review, 77, 285-316. [4] Bushee, B.J.,Matsumoto, D.A,Miller, G.S., 2003 Open vs. Closed conference call: The determinants and effects of Broadening Access to disclosure, Journal of Economics (February), 149-180. [5] Bushee, B., Noe, C., 2000. Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research 38(Supplement). [6] Frankel, R., Johnson M., Skinner, D.J., 1999 An Empirical Examination of conference call as a Voluntary Disclosure Medium, Journal of Accounting Research (April), 133-150. [7] Froot, K., Perold, A., Stein J., 1992. Shareholder trading practices and corporate investment horizons. Journal of Applied Corporate Finance (Summer), 42-58. [8] Holthausen, R., Verrecchia, R., 1990. The effect of informedness and consensus on price and volume behavior. The Accounting Review, 65(1), 191-208. [9] Jian-Ran Li, Xiu-Mei Liao and Bo-Zheng Lai, 2005, Incremental information and equality of conference calls, Journal of Chinese Management Review, 8(3), 1-17. [10] Lang, M., Lundholm, R., 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246-271. [11] Miller, G., Piotroski, J., 2000, The role of disclosure for high book-to-market firms. Unpublished working paper. Harvard University. [12] National Investor Relations Institute (NIRI), 2000a. Web disclosure practice is still unfolding. IR Update, February 2000, 18. [13] National Investor Relations Institute (NIRI), 1999. On-line trading becoming way of life for investors, IR Update, October 1999, 16. [14] Tasker, S., 1998. Bridging the information gap: Quarterly conference calls as a medium for voluntary disclosure, Review of Accounting Studies, 3(1&2), 137-167. [15] Xing-Ru Cai, Incremental information and determinants of the convention of conference calls, 2002, Dissertation from National Taipei University. [16] Yu-Hsuan Chung, Shaio-Yan Huang and Wuchun Chi, 2013, The Effect of Conference Calls on Information Asymmetry, Journal of Management, 30(4), 295-322. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19572 | - |
| dc.description.abstract | 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. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T02:06:12Z (GMT). No. of bitstreams: 1 ntu-104-R02723015-1.pdf: 913646 bytes, checksum: 93d090896dd9b7f2e8f3a25a3f704e27 (MD5) Previous issue date: 2015 | en |
| dc.description.tableofcontents | 中文摘要 i
ABSTRACT ii CONTENTS iii LIST OF FIGURES v LIST OF TABLES vi Chapter 1 Introduction 1 1.1 Background 1 1.1.1 The Unequal Opportunities to Participate in Conference Calls between Individual and Institutional Investors 2 1.1.2 The Insufficient Information Released on MOPS Poses Disadvantages to Investors who are Unable to Attend the Conference Calls 3 1.2 How to define an open or closed conference call in TW 5 1.3 Contribution 7 1.4 Previous Research 8 Chapter 2 Conference Calls in Taiwan 11 2.1 Regulations of conference calls in Taiwan 11 2.2 Trend in recent years 13 Chapter 3 Hypothesis and Research Design 16 3.1 Incremental information of conference call 16 3.1.1 Hypothesis 16 3.1.2 Research Design 18 3.2 Determinants of holding different type of conference call 20 3.3 Market impacts on different types of conference calls 29 Chapter 4 Sample Description 32 Chapter 5 Results 36 5.1 Descriptive statistics 36 5.1.1 Descriptive Statistics on Firm Characteristics of Conference Call Firms 36 5.2 There is incremental information for conference call 40 5.2.1 The incremental information of conference call announcement 40 5.2.2 The incremental information of the convention of all conference calls 44 5.2.3 The incremental information of different types of conference calls 45 5.3 Determinants of holding different type of conference call 46 5.4 Market impacts from different type of conference calls 49 5.4.1 Descriptive statistics on the market effects of conference calls 49 5.4.2 Changes analysis of the market effects of different type of conference calls 51 Chapter 6 Conclusion and Advice 54 6.1 Conclusion 54 6.2 Advice 55 REFERENCE 57 | |
| dc.language.iso | en | |
| dc.title | 不同型式法說會召開之資訊內涵、因素與影響 | zh_TW |
| dc.title | The incremental information, determinants and impacts of conference calls with different public accessibility | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 104-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 周冠男,張紹基 | |
| dc.subject.keyword | 法人說明會,資訊不對稱,資訊內涵,事件研究法,機構投資人, | zh_TW |
| dc.subject.keyword | Conference Calls,Information Asymmetry,Information Content,Event Study,Institutional Investor, | en |
| dc.relation.page | 58 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2016-02-03 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| Appears in Collections: | 財務金融學系 | |
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| File | Size | Format | |
|---|---|---|---|
| ntu-104-1.pdf Restricted Access | 892.23 kB | Adobe PDF |
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