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• Main Authors: Quan-Chen Ko, 柯權宸
• Other Authors: Cheng-Tsu Huang
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/vzrm8q

碩士 === 國立中央大學 === 企業管理學系 === 106 === The purpose of this study is to explore whether the analysts' recognition of earring components will reflect on analysts' prediction. So as to understand whether short-windowed cumulative abnormal returns will be significantly affected by information from the analysts' reports. Then we will go further to understand whether the permanent and transitory components of the analyst's earning forecast reflect on the long-windowed cumulative abnormal returns and which will be more value-relevant. The empirical results show that the differences in analysts' perceptions of earnings components do affect their forecast behavior. The market's short-term response will also be affected by analysts when they issue the earning forecast to convey their views on companies' permanent earnings. In addition, our study also finds that the permanent earning components in the analysts' short-term earnings forecasts have a positive marginal explanatory on the long-windowed cumulative abnormal returns. And permanent earning components will be more significant than the transitory earning components. We can also know that the analysts’ permanent earnings components have value-relevant with the capital market through the perception of the analyst forecast report.