An Empirical Evaluation of Investors Overconfidence on Listed Corporate Web Site’s Information for Earnings Announcements

• Main Authors: Chih-Yi Chang, 張志溢
• Other Authors: Jao-Hong Cheng
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/46261291596327720114

碩士 === 雲林科技大學 === 資訊管理系碩士班 === 98 === Disclosing the corporate financial information on the internet has become a common way to communicate with investors and shareholders. Recently the scandal of corporation financial operation made the corporate to get into financial distress, such as the 1997 Asian financial crisis and the global financial crisis in 2008, the partly reasons of the financial crisis are lack of information transparency and investors’ overconfidence. Therefore, this study discusses the relationship about the information transparency and information quality impact to investor beliefs and the stock market’s overconfidence phenomenon. A range of studies have shown that investors hold different beliefs on the level of information, leading investors to make irrational investment decisions. We focus on three variables are used as proxy variables for heterogeneous beliefs have been identified from the literature. Two comprehensive checklists were used to measure information transparency and information quality. And market trading volume as the measure of overconfidence. Five hypotheses linking information transparency and information quality with market trading volume and tested by using Two-Stage Least Squares (2SLS). View the stock market’s overconfidence phenomenon from heterogeneous belief perspective. Detailed data on the corporate website and the explanatory variables was collected from 223 listed electronic industry companies. Empirical results show that information quality positively affects information transparency and information transparency also positively affects information quality. And both information variables positively affect market trading volume. Due to heterogeneous belief positively affects information variables and market trading volume relation. Therefore, the statement of the market is overconfidence.