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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/124131
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/124131


    Title: 法人說明會逐字稿內容對股價異常報酬之影響因素-以台積電為例
    The affecting factors on abnormal return of stock price from the transcript content of Conference Call- An example from TSMC
    Authors: 何文揚
    Ho, Wen-Yang
    Contributors: 陳聖賢
    Chen, Sheng-Syan
    何文揚
    Ho, Wen-Yang
    Keywords: 法人說明會
    盈餘宣告後股價持續反應
    異常報酬
    內容分析
    Conference Call
    Post-earnings Announcement Drift
    Abnormal return
    Content analysis
    Date: 2019
    Issue Date: 2019-07-01 10:45:35 (UTC+8)
    Abstract: 法人說明會為企業向市場傳遞訊息的重要管道之一。透過法人說明會的內容,能夠讓市場上的機構投資者或其他投資大眾了解更多關於公司營運及財務狀況,甚至是公司未來的前景。本研究將藉由透過研讀法說會的內容,進而找出別於過往對於盈餘宣告拖曳效果(Post-earnings Announcement Drift,以下簡稱PEAD)的幾項重要關鍵因素。以台積電2017年所公布之法說會為例,我們發現在歸納並觀察每一季法說會之財務資訊、產品及製程營收分布變動、奈米製程演進、分析師重要的提問、及執行長對產業概況前景描述幾大面向後,可以更深度的去找到在公司公布的逐字稿內容中的重要意涵,進而觀察並分析影響PEAD的因素。
    Conference call is one of the important channels for companies to deliver information to the market. Through the contents of conference call, institutional investors and other investors in financial market can learn more about the company's operations, financial situation, and even the company's future prospects. This paper will identify several key factors for the Post-earnings Announcement Drift (PEAD) by studying the content of the conference call. For example, we used the conference calls which were announced by TSMC in 2017. We summarized and observed that the financial information, product and semiconductor process revenue distribution of each season, the evolution of nanometer process, important questions from analysts, and the managers’ prospective description to the future can be more in-depth to find out the important meanings in the company's public conference call transcript, and then to observe and analyze the factors affecting PEAD.
    Reference: 台灣積體電路製造股份有限公司官方網站:
    https://www.tsmc.com/chinese/aboutTSMC/company_profile.htm
    台灣積體電路製造股份有限公司2016年報
    https://www.tsmc.com/download/ir/annualReports/2016/chinese/pdf/c_11.pdf
    陳竫詒著,2018,【3大逆風,台積電大跌】,天下雜誌
    https://www.cw.com.tw/article/article.action?id=5089420
    國內上市公司自107年起每年應辦理一次法人說明會
    https://cgc.twse.com.tw/pressReleases/promoteNewsArticleCh/1624

    中文文獻:
    黃瑞鴻 (2014). "企業競爭優勢之研究-以台積電及聯電為例." 國立中山大學企業管理學系碩士論文.

    鍾宇軒,黃劭彥,戚務君 (2013). "法人說明會對企業資訊不對稱的影響." 管理學報 30(4): 295 - 322

    英文文獻:
    A Dell'Acqua, F. P., S Caselli (2010). "Conference Calls and Stock Price Volatility in the Post‐Reg FD Era." European Financial 16(2): 256-270.

    AK Davis, W. G., D Matsumoto, JL Zhang (2012). "The Effect of Managerial “Style” on the Tone of Earnings Conference Calls." Contemporary Accounting Research 29(3): 804–837.

    BJ Bushee, D. M., GS Miller (2003). "Open versus closed conference calls: the determinants and effects of broadening access to disclosure." Journal of Accounting and Economics 34(1-3): 149-180.

    BM Blau, J. D., SMK Price (2015). "Journal of Corporate Finance." Do sophisticated investors interpret earnings conference call tone differently than investors at large? Evidence from short sales 31: 203-219.

    Dawn Matsumoto, M. P., and Erik Roelofsen (2011). "What Makes Conference Calls Useful? The Information Content of Managers' Presentations and Analysts' Discussion Sessions." The Accounting Review 86(4): 1383-1414.

    Elaine Henry, A. J. L. (2009). "Measuring Qualitative Information in Capital Markets Research." Working paper, University of Miami.

    G Foster, C. O., T Shevlin (1984). "Earnings Releases, Anomalies, and the Behavior of Security Returns." Accounting Review 59(4): 574-603.

    Gus De Franco, O.-K. H. (2011). "Do Analysts’ Notes Provide New Information?" Journal of Accounting, Auditing & Finance 26(2): 229-254.

    Hales, J., X. Kuang, and S. Venkataraman (2011). "Who Believes the Hype? An Experimental Examination of How Language Affects Investor Judgments." Journal of Accounting Research 49(1): 223-255.

    Henry, E. (2006). "Market reaction to verbal components of earnings press releases." Journal of Emerging Technologies in Accounting 3(1): 1-19.

    Irani, A. (2004). "The effect of regulation fair disclosure on the relevance of conference calls to financial analysts." Review of Quantitative Finance and Accounting 22(1): 15-28.

    JA Milian, A. S. (2017). "An investigation of analysts' praise of management during earnings conference calls." Journal of Behavioral Finance 18(1): 65-77.

    Kimbrough, M. D. (2005). "The Effect of Conference Calls on Analyst and Market Underreaction to Earnings Announcements." The Accounting Review 80(1): 189-219.

    Kothari, S. (2001). "Capital markets research in accounting." Journal of Accounting and Economics 31(1-3): 105-231.

    M Druz, A. W., RJ Zeckhauser (2015). "Tips and tells from managers: How analysts and the market read between the lines of conference calls." National Bureau of Economic Research Working Paper.

    Narasimhan Jegadeesh, J. L. (2006). "Post-Earnings-Announcement Drift: The Role of Revenue Surprises." Financial Analysts Journal 62(2): 22-34.

    P Brockman, X. L., SMK Price (2015). "Differences in conference call tones: Managers vs. analysts." Financial Analysts Journal 71(4): 24-42.

    R Ball, P. B. (1968). "An empirical evaluation of accounting income numbers." Journal of Accounting Research 6(2): 159-178.

    R Frankel, M. J., DJ Skinner (1999). "An empirical examination of conference calls as a voluntary disclosure medium." Journal of Accounting Research 37: 133-150.

    R Frankel, M. J., DJ Skinner (1999). "An empirical examination of conference calls as a voluntary disclosure medium." Journal of Accounting Research 37(1): 133-150.

    ROELOFSEN, S. H. M. P. E. (2010). "Does Silence Speak? An Empirical Analysis of Disclosure Choices During Conference Calls." Journal of Accounting 48(3): 531-563.

    SMK Price, J. D., DR Peterson, BA Bliss (2012). "Earnings conference calls and stock returns: The incremental informativeness of textual tone." Journal of Banking & Finance 36(4): 992-1011.

    Sunder, S. (2002). "Investor Access to Conference Call Disclosures: Impact of Regulation Fair Disclosure on Information Asymmetry." Working Paper, Northwestern University.

    T Loughran, B. M. (2011). "When is a liability not a liability? Textual analysis, dictionaries, and 10‐Ks." The Journal of Finance 66(1): 35-65.

    TASKER (1998). "Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure." Review of Accounting Studies 3(1–2): 137–167.

    WJ Mayew, M. V. (2012). "The Power of Voice: Managerial Affective States and Future Firm Performance." The Journal of Finance 67(1): 1-43.
    Description: 碩士
    國立政治大學
    財務管理學系
    106357033
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106357033
    Data Type: thesis
    DOI: 10.6814/NCCU201900109
    Appears in Collections:[財務管理學系] 學位論文

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