The Effect of International Alliance AnnouncementOn Financial Analysts' Earnings Forecast Revisions

• Main Authors: I_Ching Lai, 賴怡靜
• Other Authors: Shao-Chi Chang
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/48625271848010946369

碩士 === 國立成功大學 === 國際企業研究所碩博士班 === 92 === 　　We examine financial analysts’ earning revisions after international strategic alliance announced. Consistent with the assertions of earlier studies that international strategic alliance announcement signal future performance, financial analysts significantly increase their forecasts of earnings for firm that announce international strategic alliance. 　　In this paper, we use international strategic alliance announcements as sample and the period is from 1991 to 2001. We firstly study the association between the announcement-period abnormal stock price reaction and international strategic alliance announcement. The result suggests that the announcement signal future performance. Besides, we also examine analysts’ forecast of current-year earnings as well as five-year earnings growth around announcements of international strategic alliance. We find no relation between analysts’ abnormal forecast revisions in current-year earning with international strategic alliance announcements. But we find a significant positive relation between analysts’ abnormal forecast revisions in five-year earning growth and international strategic alliance announcements.