| Summary: | 碩士 === 國立政治大學 === 財務管理學系 === 107 === Conference call is one of the important channels for companies to deliver information to the market. Through the contents of conference call, institutional investors and other investors in financial market can learn more about the company's operations, financial situation, and even the company's future prospects. This paper will identify several key factors for the Post-earnings Announcement Drift (PEAD) by studying the content of the conference call. For example, we used the conference calls which were announced by TSMC in 2017. We summarized and observed that the financial information, product and semiconductor process revenue distribution of each season, the evolution of nanometer process, important questions from analysts, and the managers’ prospective description to the future can be more in-depth to find out the important meanings in the company's public conference call transcript, and then to observe and analyze the factors affecting PEAD.
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