The Study Of The Management''s Forecast Earnings Response Coefficient

• Main Authors: Shiau, Pey-Min, 蕭佩旻
• Other Authors: Chun-yuan Chen
• Format: Others
• Language: zh-TW
• Published: 1997
• Online Access: http://ndltd.ncl.edu.tw/handle/17516064282508038691

碩士 === 國立彰化師範大學 === 商業教育學系 === 85 === The forecasting earnings information is the most related information of the financial forecasting information in the capital market. According to the study of information content of the financial forecasting information ,the forecasting earnings also has information content. The forecasting earnings and the forecastingsales may be announced at the same time,and the forecasting earnings is the full statistic quantity of the forecasting sales.Once the forecasting earnings is announced, the forecasting sales will have no more Incremental Information. This research applies the Association Study Method to examine the incremental information content of the forecasting sales after the announcement of the forecasting earnings.This study also compared the Nonparametric Regression Model Approach and the Parametric Regression Model Approach.The information content of the forecasting earnings is checked by the use of the analysis of the Nonparamentric Regression Model to work on the sensitivity of variables association. The results of the empirical analysis are:(1)the EPS forecasted by the management has information content.(2)Once the announcement of EPS is forecasted by the management ,the announced the forecasting sales has no more information content.(3)After using the Nonparametric Regression Model Approach,the association between the unexpected forecasting earnings and CAR has increased. Keyword: Financial Forecasting Earnings Response Coefficient Nonparametric Regression