An Empirical Study of Banking Information Contents of Accounting Earnings in Taiwan：The Bits of Information Analysis

• Main Authors: Hsiao-Ling Hsueh, 薛曉玲
• Other Authors: Chien-Hung Chen
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/c429yt

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 91 === The main purpose of this study is to discuss about how accounts of bank’s income statement affect stock returns of domestic banks in Taiwan？ And further discuss about the factors such as OEM（Operating Expenses-Marketing Expenses）, OEA（Operating Expenses-Administrative Expenses）, TAX（Tax）, NCI（Net Credit Card Income）and ROL（Reserve Provision for Other Loss）provide the level of information content for stock returns and investigate the relative importance of the five variables and the difference to earning information structure of banks under different categories. Samples of this study include 35 listed banks in TSEC（Taiwan Stock Exchange Corporation）and GTSM（GreTai Securities Market）, with total 374 datum from the first quarter of 1999 to the third quarter of 2001. By using statistical analysis, the major results of empirical studies were as followed： First stage：The study of information content According to the result of regression analysis, accounting earnings with information contents to the stock returns, and furthermore the association between stock returns and components of accounting earnings is stronger than accounting earnings. Second stage：The study of difference to earning information structure The Bits of Information Analysis and Analysis of Information Inequality showed that OEM dominated the information of stock returns across all categories, NCI is the second important variable toward new and private banks categories and TAX and ROL is the third important variable toward new, public and private banks categories. In addition, the new and private banks categories are with lower dispersion of bits of information, the regression model is fit to analyze new and private banks categories.