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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 謝昇峯 | zh_TW |
| dc.contributor.advisor | Sheng-Feng Hsieh | en |
| dc.contributor.author | 林均祐 | zh_TW |
| dc.contributor.author | Chun-Yu Lin | en |
| dc.date.accessioned | 2023-08-09T16:28:10Z | - |
| dc.date.available | 2023-11-09 | - |
| dc.date.copyright | 2023-08-09 | - |
| dc.date.issued | 2023 | - |
| dc.date.submitted | 2023-07-26 | - |
| dc.identifier.citation | Beaver, W., Lambert, R., & Morse, D. (1980). The information content of security prices. Journal of Accounting and Economics, 2(1), 3-28.
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R., & Lim, D. (2015). Forward-looking MD&A disclosures and the information environment. Management Science, 61(5), 931-948. Tsalavoutas, I., & Tsoligkas, F. (2021). Uncertainty avoidance and stock price informativeness of future earnings. Journal of International Financial Markets, Institutions and Money, 75, 101410. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/88307 | - |
| dc.description.abstract | 本文探討了美國年報 (10-K) 的管理階層討論與分析 (Management's Discussion and Analysis, MD&A) 語調與股價中反應的未來盈餘預期之關聯性。過去的研究已經指出，MD&A中非財務資訊和前瞻性論述及其語調，有助於投資者更好地理解公司的營運狀況和對未來業績的預測，並且負面語調對投資者的影響比正面語調更大。然而，以往的研究並未找到MD&A語調與其中前瞻性論述語調影響股價中反應的未來盈餘預期有關的證據。本研究使用未來盈餘反應係數 (Future earnings response coefficient，FERC) 作為股價中反應的未來盈餘預期的代理變數，並使用了FinBERT模型來進行MD&A語調分析。本研究還將MD&A的論述分為前瞻性論述和非前瞻性論述，以判斷MD&A中的前瞻性與非前瞻性論述語調是否對股價中反應的未來盈餘預期有不同的影響。實證結果發現，市場會因為MD&A前瞻性論述的負面語調及非前瞻性論述的正、負面語調更多的反應對未來盈餘的預測。本研究的證實性測試亦驗證負面語調對未來盈餘的影響大於正面語調。 | zh_TW |
| dc.description.abstract | This study examines how the tone of Management's Discussion and Analysis (MD&A) in the annual reports (10-K) of US companies affects investors' expectations of future earnings. I use the Future Earnings Response Coefficient (FERC) as a measure of investors' expectations reflected in stock prices and analyze the tone of MD&A using the FinBERT model. This study also differentiates between forward-looking and non-forward-looking statements in MD&A to determine if the tone of forward-looking statements further influences investors' expectations of future earnings as reflected in stock prices. The empirical findings indicate that market reactions to the negative tone of forward-looking statements and both positive and negative tones of non-forward-looking statements in MD&A are more significant, suggesting a stronger predictive impact on future earnings. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2023-08-09T16:28:10Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2023-08-09T16:28:10Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 中文摘要 i
Abstract ii 表目錄 iv 圖目錄 v 壹、前言 1 貳、文獻探討與假說建立 5 一、語調分析 5 (一) 人工判讀 5 (二) 字典法 6 (三) 機器學習 7 二、未來盈餘反應係數 9 三、MD&A 10 四、假說建立 12 參、研究設計 13 一、研究方法 13 二、語調分析 18 (一) FinBERT模型 18 (二) LM字典法 18 三、樣本選擇 19 肆、實證結果 22 一、敘述統計 22 二、迴歸結果 27 三、穩健性測試 36 伍、結論 39 參考文獻 41 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 自然語言處理 | zh_TW |
| dc.subject | 語調分析 | zh_TW |
| dc.subject | 管理階層討論與分析 | zh_TW |
| dc.subject | 未來盈餘反應係數 | zh_TW |
| dc.subject | FinBERT | zh_TW |
| dc.subject | 前瞻性論述 | zh_TW |
| dc.subject | FERC | en |
| dc.subject | Sentiment Classification | en |
| dc.subject | Forward-looking statements | en |
| dc.subject | FinBERT | en |
| dc.subject | MD&A | en |
| dc.subject | Natural Language Processing (NLP) | en |
| dc.title | 管理階層討論與分析語調對股票報酬中反應的預期未來盈餘之影響 | zh_TW |
| dc.title | The Impact of Management's Discussion and Analysis Tone on the Expected Future Earnings Reflected in Stock Returns. | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 111-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 陳坤志;顏如君 | zh_TW |
| dc.contributor.oralexamcommittee | Kun-Chih Chen;Ju-Chun Yen | en |
| dc.subject.keyword | 管理階層討論與分析,未來盈餘反應係數,FinBERT,前瞻性論述,語調分析,自然語言處理, | zh_TW |
| dc.subject.keyword | MD&A,FERC,FinBERT,Sentiment Classification,Forward-looking statements,Natural Language Processing (NLP), | en |
| dc.relation.page | 44 | - |
| dc.identifier.doi | 10.6342/NTU202301878 | - |
| dc.rights.note | 同意授權(全球公開) | - |
| dc.date.accepted | 2023-07-27 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 會計學系 | - |
| 顯示於系所單位： | 會計學系 | |
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