Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/30230
|
| Title: | 企業更名對分析師行為影響之研究 |
| Authors: | 尤愛齡
Yu,Ai Ling |
| Contributors: | 金成隆
尤愛齡
Yu,Ai Ling |
| Keywords: | 公司改名
分析師行為
盈餘預測
盈餘成長率預測
跟隨人數
預測離散度 |
| Date: | 2007 |
| Issue Date: | 2009-09-11 17:29:52 (UTC+8) |
| Abstract: | 本文以1999年至2006年間台灣改名公司為樣本(控制組)，並以與改名公司相同產業、相同規模之非改名公司作配對樣本(對照組)，透過兩者之比較以探討企業更名前後分析師行為之差異。本研究旨在檢驗改名事件日之前後60天(樣本期間為120天)，分析師之盈餘預測、盈餘成長率預測及盈餘預測離散性之差異，另外也會對改名前後之分析師人數變動作檢測。為了探討樣本期間拉長而樣本數增加是否會影響檢測之情形，額外於第五章之敏感性分析作改名前後90天(樣本期間為180天)，改名對於分析師行為影響之研究。另外，為比較不同類型的改名方式或條件不同的改名公司其改名事件對於分析師行為之影響，本文將改名的樣本公司依不同標準分成以下三類：第一種分類以新名稱是否有當紅產業字眼的變化作區分，第二種分類依新舊名稱之改變是否明顯且易於分辨而作大改名與小改名之區分，第三種分類方式則依新名稱是否與公司本業相符合作區分。
研究結果發現，不論樣本期間為120天或180天，實證結果皆顯示，相對於非改名公司，分析師會向上修正改名公司之盈餘預測及盈餘成長率預測，惟120天之結果較180天更為顯著，推測可能原因為樣本期間拉長後，干擾預測變動的因素相對增加而使改名之影響減低。樣本期間120天之實證結果也顯示，若新名稱有當紅產業字眼者，則對事件日後分析師盈餘預測及盈餘成長率預測也有正向關係；屬於大改名者則對事件日後分析師盈餘預測有正向關係
This paper investigates the impact of corporate name changes on analysts’ behavior around the time of their announcement by analyzing listed Taiwanese companies that changed their name over the period January 1999 to December 2006. To make further investigations, we conduct separate analysis of firms having certain popular industry related new names versus non-popular industry related new names; of firms having ‘major’ versus ‘minor’ name changes; of firms having good versus poor connection between business and new names.
Generally, we find some evidence of a significant positive association between the corporate name change event and the change of analysts’ behavior. The empirical results show that in contrast to non name change firms, analysts will revise up EPS and EPS growth forecast for name change firms. The results also suggest that analysts tend to revise up EPS and EPS growth forecast for firms having certain popular industry related new names. Furthermore, we also find a positive association between major name changes and analysts’ EPS forecast. |
| Reference: | 張元晨，2007，企業更名對股價影響之研究，國立政治大學財管系未發表論文。
黃 邦，2003，散戶投資人投資資訊來源使用之研究，中國文化大學新聞研究所碩士論文。
Abdel-Khali A. R., and B. B. Ajinkya. 1982. Returns to informational advantages: The case of analysts` forecast revisions. The Accounting Review 57(4): 661-680.
Anthony, J. H., and K. Ramesh. 1992. Association between accounting performance measures and stock prices. Journal of Accounting and Economics 15: 203-227.
Ball, R., and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research 6: 159-178.
Barron, O., and P. Stuerke. 1998. Dispersion in analysts’ earnings forecasts as a measure properties of analysts’ information environment. Journal of Accounting, Auditing and Finance 13: 243-268.
Barron, O. E., D. Byard, C. Kile, and E. J. Riedl. 2002. High-technology intangibles and analysts` forecasts. Journal of Accounting Research 40: 289-312.
Beaver, W. H. 1968. The information content of earnings. Journal of Accounting Research 6 ( Supplement): 67-92.
Beaver, W. H. 2002. Perspectives on recent capital market research. The Accounting Review Vol. 77, No.2: 453-474.
Bosch, Jean-Claude, and Mark Hirschey. 1989. The valuation effects of corporate name changes. Financial Management 18: 64-73.
Collins, W. A. and W. S. Hopwood. 1980. A multivariate analysis of annual earnings forecasts generated from quarterly forecasts of financial analysts and univariate times-series model. Journal of Accounting and Research 18: 390-406.
Cooper M. J., O. Dimitrov, and P. R. Rau. 2001. A rose.com by any other name. The journal of Finance LIV (6): 2371-2388.
Dechow, P. M., and R. G.. Sloan. 1997. Returns to contrarian investment strategies: Tests of naïve expectations hypotheses. Journal of Financial Economics 43 (January): 3-27.
Denis, D.K., J.J. McConnell, A.V. Ovtchinnikov, and Y. YU. 2003. S&P index additions and earnings expectations. The Journal of Finance 58 (5): 1821-1840.
Fama, E. 1991. Efficient capital market II. Journal of Finance 46: 1575-1617.
Huijgen, C., and A. Plantinga. 1999. Analysts’ earnings forecasts and international asset allocation. Unpublished working paper, University of Groningen.
Imhoff, E., and G. Lobo. 1984. Information content of analysts’ composite forecast revisions. Journal of Accounting Research 22 (2): 541-554.
John S. Howe. 1982. A rose by any other name? A note on corporate name changes. The Financial Review 17: 271-278.
Josev, T., A. Peker and R. Faff. 1999. The potential distorting effect of extreme observations in event studies: Australian corporate name changes as an illustrative case, Accounting, Accountability and Performance 5 (April):1-10.
Josev T., H. Chan, and R. Faff. 2004. What’s in a name? Evidence on corporate name changes from the Australian capital market. Pacific Accounting Review 16 (1): 57-75.
Karpoff, J. and G. Rankine. 1994, In search of a signaling effect: The wealth effects of corporate name changes. Journal of Banking and Finance 18: 1027-1045.
Kross, W., B. Ro, and D. Schroeder. 1990, Earnings expectation: The analysts’
information advantage. Accounting Review 65: 461-476.
Lys, T. and S. Sohn. 1990. The association between revisions of financial analysts’
earnings forecasts and security price changes. Journal of Accounting and Economics 13: 341-363.
O’Brien, P. 1988. Analysts’ forecasts as earnings expectations. Journal of Accounting and Economics 10 (January): 53-83.
Stickel, S.E. 1991. Common stock returns surrounding earnings forecast revisions: More puzzling evidence. The Accounting Review 66: 402-416.
Tadelis, S. 1999. What’s in a name? Reputation as a tradable asset. American Economic Review 89: 548-563.
Train John. 1980. The Money Masters. New York: Harper and Row.
Womack, K. 1996. Do brokerage analysts` recommendations have investment value?
Journal of Finance 51: 137-167. |
| Description: | 碩士
國立政治大學
會計研究所
95353035
96 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0095353035 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 216 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
