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研究生:楊棋媺
研究生(外文):Sharlene-May-Chua Cua
論文名稱:Innovation and Analysts’ Forecast Revisions A Study of Patent Grants
論文名稱(外文):Innovation and Analysts’ Forecast Revisions A Study of Patent Grants
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際管理碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:英文
論文頁數:46
外文關鍵詞:Information AsymmetryAnalysts’ Earnings ForecastsInnovationPatent Grant AnnouncementEarnings Forecast Revisions
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  • 被引用被引用:0
  • 點閱點閱:143
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  • 下載下載:13
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An extensive body of finance literature documents the role of innovation on business performance. Specifically, previous literatures have examined analysts forecasts of future earnings around firm-level events, but not patent announcements. Moreover, the high uncertainty of information conveyed in patent grants poses an interesting challenge for analysts. This study investigates whether the level of innovation has any effect on analysts dispersion and analysts forecast revisions of future earnings around the announcements of patent grants. By means of the analysts dispersion measure and the expectations model of earnings forecast revisions, the results demonstrate that greater analyst followings and lower volatility of forecasts produce lesser analysts forecast dispersion, more so in discrete industries than in complex industries. This evidence implies that the more information about uncertain earnings exists, the more expectations are created and hence, the greater standard deviation is produced among analysts. On the other hand, the lack of an association between the current-year forecast revisions in earnings and industry classification indicates that while there is unfavorable information being conveyed by the patent grant announcement, it is information which is not in any way related to the industry classification. These results present an important managerial implication, which is on average, financial analysts do not significantly react to all patent grant announcements, rather, they only respond toward earnings forecast revisions if the patent grant poses a big impact to its field of industry.
ACKNOWLEDGEMENT I
ABSTRACT II
TABLE OF CONTENTS III
LIST OF TABLES V
LIST OF FIGURES VI
CHAPTER ONE INTRODUCTION 1
1.1 Research Background and Motivation. 1
1.2 Research Objectives and Contributions. 3
1.3 Research Procedure. 5
1.4 Research Structure. 5
CHAPTER TWO LITERATURE REVIEW 6
2.1 Patents and Information Asymmetry. 6
2.2 Analysts’ Earnings Forecasts. 10
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 15
3.1 Data Sources and Sample. 15
3.2 Dependent Variables. 16
3.3 Independent Variable. 21
3.4 Control Variables. 21
3.5 Regression Models. 23
CHAPTER FOUR RESEARCH ANALYSES AND RESULTS 25
4.1 Empirical Tests of Analysts’ Dispersion and Analysts’ Forecast Revisions. 25
4.2 Descriptive Statistics and Correlation of Variables. 25
4.3 Regression Analyses. 31
CHAPTER FIVE CONCLUSIONS AND SUGGESTIONS 36
5.1 Conclusions. 36
5.2 Managerial Implications. 38
5.3 Limitations. 39
5.4 Discussion and Suggestions for Future Research. 40
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