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研究生:陳溥鑫
論文名稱:法人說明會對於盈餘宣告累積異常報酬之影響
指導教授:鄭揚耀鄭揚耀引用關係
口試委員:王育偉陳安行鄭揚耀
口試日期:2020-05-17
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:2020
畢業學年度:108
語文別:中文
論文頁數:42
中文關鍵詞:盈餘宣告累積異常報酬
相關次數:
  • 被引用被引用:0
  • 點閱點閱:73
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摘要

在過去的實證研究中,市場上發現有盈餘宣告後股價持續反應的現象(Post-earnings announcement drift,簡稱PEAD),本研究主要探討在台灣股票市場的法人說明會後,對於盈餘宣告後的累積異常報酬是否有所影響。本研究發現有召開法人說明會的公司,相較於沒有召開法人說明會的公司,將有較低程度的盈餘宣告期間的累積異常報酬程度。法人說明會召開的頻率越高,其盈餘宣告期間的累積異常報酬程度會越低。法人說明會上有揭露財務訊息的公司,相較於僅說明經營資訊的公司,將會有較低的盈餘宣告期間的累積異常報酬程度。



關鍵詞:法人說明會、事件研究法、盈餘宣告累積異常報酬






目錄
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 5
第三節 研究架構與流程 6
第二章 文獻探討與假說設立 7
第一節 盈餘宣告後的持續反應相關文獻 7
第二節 法人說明會相關文獻 10
第三章 研究方法 13
第一節 資料來源與樣本選取 13
第二節 變數衡量與定義 14
第三節 研究方法 18
第四章 實證結果與分析 19
第一節 基本統計分析 19
第二節 法人說明會的召開與盈餘宣告累積異常報酬的關係 24
第三節 法說會召開頻率與盈餘宣告累積異常報酬的關係 27
第四節 法說會財務揭露與盈餘宣告累積異常報酬的關係 29
第五章 結論 33
參考文獻 35


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