政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/120419

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政大典藏 > College of Commerce > Department of International Business > Periodical Articles > Item 140.119/120419

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/120419

Title:	Information and Timing of New Product Preannouncement and Firm Value
Authors:	陳建維 Yang, Chi-Lin Lin, Tsai-Yin Chen, Chien-Wei Chiang, Min-Hsien
Contributors:	國貿系
Keywords:	Information asymmetry;marketing–finance interface;new product preannouncement;signalling theory;stock market valuationD82;M31
Date:	2018-02
Issue Date:	2018-10-08 17:32:56 (UTC+8)
Abstract:	This study investigates how both the amount of information provided in and the timing of new product preannouncements (NPPAs) influence firm value over the NPPA period, the new product introduction (NPI) period and in the long term, respectively. We adopt an information economics perspective, and signalling theory in particular, to motivate our tests. The findings show that the share price impact of the product information content varies over the different time horizons assessed. It is positive within the NPPA period and in the long term, but insignificant within the NPI period. The use of an early NPPA is associated with a negative impact on firm value across the NPPA, NPI and long-term horizons. We also test for moderating effects and show that earlier timing weakens the positive impacts of information amount on firm value both within the NPPA period and the long-term horizon.
Relation:	Australian Journal of Management, Vol.43, No.1, pp.111-131
Data Type:	article
DOI link:	https://doi.org/10.1177/0312896217702202
DOI:	10.1177/0312896217702202
Appears in Collections:	[Department of International Business] Periodical Articles

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