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研究生:蘇怡禎
研究生(外文):SU,YI-CHEN
論文名稱(外文):Corporate Governance and Target Price Accuracy
指導教授:鄭揚耀鄭揚耀引用關係林子綾林子綾引用關係
指導教授(外文):CHENG, LEE-YOUNGLIN,TZU-LING
口試委員:鄭揚耀林子綾陳安行王明昌
口試委員(外文):CHENG, LEE-YOUNGLIN,TZU-LINGCHEN, AN-SINGWANG, MING-CHANG
口試日期:2019-04-09
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
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:2019
畢業學年度:107
語文別:英文
論文頁數:46
外文關鍵詞:Corporate governanceTarget price accuracyOwnership structureBoard composition
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Most previous studies focus on analysts’ ability, experience, market sentiment, pricing model, earnings management to examine the relationship with target price bias. Our purpose of this study is to examine whether the target price accuracy is affected by the quality of corporate governance and explore the association institute ownership, board composition with target price accuracy. The target price forecasted data we captured from the period January 2007 to December 2016 in Taiwan stock market. Finally, we find that a good mechanism of corporate governance would increase the target price accuracy forecasted so that analysts can issue more precise target price.

I. Introduction............1
II. Literature review.......4
2.1 Target price accuracy...4
2.2 Earnings and stock recommendations......4
2.3 Analyst ability and quality of disclosures.......5
2.4 Corporate governance.........5
III.Data and Research Methodology.........9
3.1 Sample data.......9
3.2 Measures of Target Price Accuracy.....9
3.3 Explanatory variable.........12
3.4 Regression Analysis..........15
3.5 Endogeneity concern..........16
IV. Empirical Results............18
4.1 Descriptive statistics.......18
4.2 Classified for corporate governance........18
4.3 Primary model results...........19
4.4 Additional considerations.......20
4.5 Endogeneity concern.............21
V. Conclusion...........23
Reference.............40


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