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研究生:林伯軒
研究生(外文):Bo-syuan Lin
論文名稱:產業多角化與資訊不對稱之實證:全球的觀點
論文名稱(外文):International evidence on industrial diversification and asymmetric information
指導教授:黃炳勳黃炳勳引用關係王明隆王明隆引用關係
指導教授(外文):Ping-hsun HuangMing-long Wang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:56
中文關鍵詞:分析師預測資訊不對稱產業多角化
外文關鍵詞:analyst forecastasymmetric informationindustrial diversification
相關次數:
  • 被引用被引用:1
  • 點閱點閱:149
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
本篇論文主要探討公司產業多角化對資訊不對稱的影響。本研究以分析師預測值和盈餘宣告後市場異常報酬為衡量資訊不對稱之代理變數來檢驗兩者之間的關係。資料來源方面,我們採用2000至2006年間符合同時存在於I/B/E/S與Worldscope資料庫的全球樣本。實證結果與資訊多角化假說一致,跟單一化公司相較下,多角化公司有較小的分析師預測誤差、較小的預測分歧度、以及較小的盈餘宣告後異常報酬。而此現象在拿掉美國和日本公司的樣本下依然成立。綜上所述,本研究推論公司產業多角化並不會帶來嚴重的資訊不對稱問題。
The purpose of this paper is to examine the effect of industrial diversification on asymmetric information. We seek to test this effect by using the information asymmetry measures including analyst forecast errors and dispersion, and abnormal returns around the announcement date. We obtain data from I/B/E/S and Worldscope datasets during the period from 2000 to 2006. Consistent with the information hypothesis, we find that diversified firms have smaller analyst forecast errors, dispersions, and smaller market reactions after earning announcement than focused firms. In addition, our findings are robust to the exclusion of the U.S. and Japan firms. Taken together, our results suggest that industrial diversification reduces the level of asymmetric information rather than aggravates the adverse selection problem.
ABSTRACT………………………………………………..……………………………..Ⅲ
CONTENTS……………………………………………………..………….…….. Ⅳ
TABLE OF CONTENTS…………………………………………………………….…..Ⅴ
FIGURE OF CONTENTS………………………………………………………….…..ⅤI
Chapter 1 Introduction…………………………………………………………………...1
1.1 Research Motivations and Background………………………………………… 1
1.2 Research Objective………………………………………………………………2
1.3 Research Framework…………………………………………………………….3
Chapter 2 Literature Review and Hypotheses Development………………………….5
2.1 Literature review of corporate diversification strategy…………………………5
2.2 Literature review of diversification and information asymmetry………………7
2.3 Hypotheses Development……………………………………………………….11
Chapter 3 Data and Methodology……………………………………………………….13
3.1 Data Selection and Sources……………………………………………………..13
3.2 Definitions of the Variables……………………………………………………..15
3.2.1 Diversification measure………………………………………..…………..15
3.2.2 Forecast accuracy and dispersion measures…………………………..…...16
3.2.3 Price reaction to earnings surprise……………………………..…………..17
3.2.4 Other control variables……………………………………..……………...18
3.3 Methodology……………………………………………………………………21
3.3.1 Analysts’ earnings forecast accuracy and dispersion………...……….…….21
3.3.2 Abnormal return after earnings announcement and diversification…….…..23
Chapter 4 Empirical Results…………………………………………………………….26
4.1 The result of univariate comparisons…………………………………………...26
4.2 The regressions results of global forecast accuracy…………….…………30
4.3 The regressions results of global forecast dispersion………………….……...37
4.4 The regressions results of price impact of earnings surprises………………....44
Chapter 5 Summary and Conclusions………………………………………………....51
5.1 Research Conclusions……………………………………………………….....51
5.2 Research Constraints and Suggestions………………………………………....51
Reference:………………………………………………………………………………53
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