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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 廖咸興(Hsien-Hsing Liao) | |
| dc.contributor.author | Li-An Lin | en |
| dc.contributor.author | 林理安 | zh_TW |
| dc.date.accessioned | 2021-06-17T07:24:17Z | - |
| dc.date.available | 2020-07-04 | |
| dc.date.copyright | 2019-07-04 | |
| dc.date.issued | 2019 | |
| dc.date.submitted | 2019-06-28 | |
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/73243 | - |
| dc.description.abstract | 本研究以上證50成分股為研究標的，提供盈餘宣告前投資者異質信念較高的股票會有股價高估的現象之證據，在盈餘宣告後60天期間，股票累積異常報酬將顯著低於投資者異質信念較低的股票，應證Miller (1977)之異質信念理論。此外，本研究同時使用股票論壇和分析師盈餘預測變異做為異質信念代理變數，發現比使用單一變數更能代表更多投資人意見，使建立之異質信念指標對於股價報酬能有更長久的負向影響。 | zh_TW |
| dc.description.abstract | This paper provides evidences that stocks with higher disagreement before quarterly earnings announcement tend to be overvalued by researching on Shanghai Stock Exchange 50 (SSE50). The cumulative abnormal returns (CAR) of stocks with higher investor disagreement are significantly lower than stocks with lower investor disagreement within 60 days after earnings announcement, supporting Miller (1977)’s heterogeneous expectation theory. In addition, by using both online stock message boards and the divergence of stock analysts’ earnings forecasts as the proxies of investor disagreement, this paper finds these proxies could represent greater parts of investors’ opinion and have more profound influence on the negative relationship between investors’ disagreement and stock returns compared with using only single proxy. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-17T07:24:17Z (GMT). No. of bitstreams: 1 ntu-108-R06723074-1.pdf: 1449142 bytes, checksum: 514364d9a96a9c38392f6f9e86c1e92c (MD5) Previous issue date: 2019 | en |
| dc.description.tableofcontents | 中文摘要 I
ABSTRACT II 目錄 III 表目錄 IV 圖目錄 IV 第一章 緒論 1 第二章 文獻回顧 4 第一節 異質信念的形成 4 第二節 異質信念與股價報酬實證研究 6 第三節 股票論壇與新聞訊息傳遞 8 第四節 中國證券市場異質信念與股價相關性研究 9 第三章 研究樣本及研究方法 10 第一節 異質信念的衡量 11 第二節 股票和宣告日樣本建立 15 第三節 累積異常報酬的衡量 16 第四節 機構投資人持股的衡量 16 第五節 樣本數據總結 16 第六節 研究方法與假說 17 第四章 實證結果與分析 20 第一節 異質信念分類模型 20 第二節 不同異質信念衡量方式對股價高估之影響 23 第三節 單純以股票論壇衡量異質信念與機構投資人持股比例關係 27 第四節 異質信念在盈餘宣告後是否降低 28 第五章 結論 30 參考文獻 32 | |
| dc.language.iso | zh-TW | |
| dc.subject | 異質信念 | zh_TW |
| dc.subject | 分析師盈餘預測 | zh_TW |
| dc.subject | 上證50 | zh_TW |
| dc.subject | 股票論壇 | zh_TW |
| dc.subject | 股價高估 | zh_TW |
| dc.subject | 盈餘宣告 | zh_TW |
| dc.subject | Analyst Earnings Forecast | en |
| dc.subject | Disagreement | en |
| dc.subject | Heterogeneous Beliefs | en |
| dc.subject | Earnings Announcement | en |
| dc.subject | Stock Overvaluation | en |
| dc.subject | Stock Message Board | en |
| dc.subject | SSE50 | en |
| dc.title | 投資者異質信念與盈餘宣告後股價高估現象-以上證50為例 | zh_TW |
| dc.title | Investors’ Disagreement and Stocks Overvaluation after Earnings Announcement - Evidence from Shanghai Stock Exchange 50 | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 107-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.coadvisor | 盧信銘(Hsin-Min Lu) | |
| dc.contributor.oralexamcommittee | 施人英(Jen-Ying Shih) | |
| dc.subject.keyword | 上證50,異質信念,盈餘宣告,股價高估,股票論壇,分析師盈餘預測, | zh_TW |
| dc.subject.keyword | SSE50,Disagreement,Heterogeneous Beliefs,Earnings Announcement,Stock Overvaluation,Stock Message Board,Analyst Earnings Forecast, | en |
| dc.relation.page | 34 | |
| dc.identifier.doi | 10.6342/NTU201901119 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2019-07-01 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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