Please use this identifier to cite or link to this item:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15385
Title: | 衍生工具揭露規範與股價資訊內涵:以財務會計準則公報第161號為例 Derivatives disclosures and stock price informativeness: Evidence from SFAS No.161 |
Authors: | Wen-Hsin Chang 張文馨 |
Advisor: | 許文馨(Wen-Hsin Hsu) |
Keyword: | 財務會計準則第161號,股價資訊內涵,衍生工具,過度自信, SFAS No.161,Stock price informativeness,Derivatives,Overconfidence, |
Publication Year : | 2020 |
Degree: | 碩士 |
Abstract: | 本研究探討財務會計準則公報第161號「衍生工具與避險活動之揭露」對於股價資訊內涵之影響,並聚焦該公報是否協助公司特有資訊(firm-specific information)流入市場,進而提升股價資訊內涵。本研究以美國2004-2013年樣本,對公司年報進行文本分析,以辨別是否為衍生工具使用者。研究發現,在財務會計準則公報第161號實施後,使用衍生工具之企業,股價資訊內涵顯著上升,表示該公報有助提升資訊透明度,強化公司特有資訊流入市場。此外,研究亦發現,經理人過度自信將顯著降低財務會計準則公報第161號對於股價資訊內涵之影響。 This study examines the effect of SFAS No.161 on stock price informativeness. I specifically focus on whether SFAS No.161 facilitates the dissemination of firm-specific information to the market and thus increases stock price informativeness. Using U.S. sample for fiscal-years 2004-2013, this study employs a difference-in-difference research design and identifies derivative users (treatment group) by conducting a textual analysis on firm’s 10-K. The result shows that for firms that engage in derivatives activities, stock price informativeness increases after the adoption of SFAS No.161. Additionally, I also find that the positive association between SFAS No.161 adoption and stock price informativeness is significantly weakened for firms with overconfident CEO. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15385 |
DOI: | 10.6342/NTU202001086 |
Fulltext Rights: | 未授權 |
Appears in Collections: | 會計學系 |
Files in This Item:
File | Size | Format | |
---|---|---|---|
U0001-2106202022242500.pdf Restricted Access | 2.15 MB | Adobe PDF |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.