Please use this identifier to cite or link to this item:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19572
Title: | 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 |
Authors: | Ya-Ting Yang 楊雅婷 |
Advisor: | 陳聖賢 |
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, Conference Calls,Information Asymmetry,Information Content,Event Study,Institutional Investor, |
Publication Year : | 2015 |
Degree: | 碩士 |
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. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19572 |
Fulltext Rights: | 未授權 |
Appears in Collections: | 財務金融學系 |
Files in This Item:
File | Size | Format | |
---|---|---|---|
ntu-104-1.pdf Restricted Access | 892.23 kB | Adobe PDF |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.