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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/65025

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/65025

Title:	Analyst responses to stock-index adjustments: Evidence from MSCI Taiwan Index additions
Authors:	Tu,Chia-Jung;Chang, Yuanchen
Contributors:	財管系
Keywords:	Index adjustment;MSCI Taiwan Index;Absolute forecast error
Date:	2012.04
Issue Date:	2014-03-31 15:44:22 (UTC+8)
Abstract:	Using data from MSCI Taiwan Index adjustments, we study analyst responses to stock additions from 1999 to 2007. The empirical results show that the magnitudes of changes in analysts` earnings-per-share forecasts are similar to those of their two benchmarks for new additions to the index. Therefore, in our sample we find no significant information effect from the additions. We also find that the absolute forecast errors made by analysts are smaller for new additions and those foreign analysts are more accurate than local analysts. This finding demonstrates that new additions to the index exhibit significant performance improvements.
Relation:	Review of Financial Economics,21(2), 82-89
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.rfe.2012.03.004
DOI:	10.1016/j.rfe.2012.03.004
Appears in Collections:	[Department of Finance] Periodical Articles

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