管理當局自願性盈餘預測對股價及交易量影響之研究
碩士 === 國立政治大學 === 會計學系 === 86 === This study investgates the effects of managers'' voluntary earnings forecast quality on investors'' trading behavior. The relationships between firm size, precision of forecast, stability of earnings, timing of disclosures, unexopected earnings...
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| Format: | Others |
| Language: | zh-TW |
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1998
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| Online Access: | http://ndltd.ncl.edu.tw/handle/71120124595324038345 |
| Summary: | 碩士 === 國立政治大學 === 會計學系 === 86 === This study investgates the effects of managers'' voluntary earnings forecast quality on investors'' trading behavior. The relationships between firm size, precision of forecast, stability of earnings, timing of disclosures, unexopected earnings and price and volume reactions are examined.
Kim and Verrecchia(1991) modeled the price and volume reactions to the public announcement as a positive function of the information''s precision. We test these predictions with a sample of 1035 managers'' voluntary earnings forecasts for 1986-1996 annual earnings. T statistical test and regression analysis are applied to test the information content hypothesis.
We obtain the following results:
1. Price and volume reactions are inversely related to firm size.
2.Price and volume reactions are increasing functions of the precision of management ofrecasts. These results are consistent with Kim and Verrecchia''s (1991) theoretical proposition.
3. The relationship between stability of earnings and price and volume reactions are not significant the period of managers'' voluntary earnings forecasts issued.
4. The eariler the timing of disclosures, the higher the price and volume reactions. Thus for information to be relevant, it must be presented on a timely basis.
5. Price and volume reactions are positively correlated with the absolute value of the unexpected earnings.
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