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題名:公司是否能藉由媒體曝光度減緩非預期負面盈餘宣告對股市的衝擊?以臺灣金融業為例
書刊名:臺灣管理學刊
作者:王肇蘭 引用關係廖思雯池祥萱 引用關係
作者(外文):Wang, Chao-lanLiao, Sih-wunChih, Hsiang-hsuan
出版日期:2009
卷期:9:2
頁次:頁165-184
主題關鍵詞:媒體報導盈餘宣告累積異常報酬Media coverageEarnings announcementsCumulative abnormal return
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:55
  • 點閱點閱:95
本文探討市場投資人對於公司發佈盈餘宣告的反應,並進一步分析市場投資人的反應是否會受到媒體報導相關新聞的影響。研究結果歸納如下。第一,媒體相關報導對於公司盈餘宣告時的市場反應有顯著影響,尤其是正面量化新聞及負面質化新聞。正(負)面新聞對市場的影響顯著為正(負),同時負面新聞的影響較正面新聞的影響大。第二,若媒體在公司發佈比市場預期差的盈餘宣告之前已對該公司有負面盈餘新聞的報導,則會減緩市場對公司發佈比預期差的盈餘宣告的負向反應。
This paper examines that the impact of firms' media coverage on the market reaction to unexpected earnings announcements of the banking industry in Taiwan. The empirical results are summarized as follows. First, the media reports significant impact on CARs, especially for p-quantitive and n-qualitative media reports. The impact of the negative news regarding the earnings announcements is greater than that of the positive news. Second, the negative media news will mitigate the negative market reactions to unexpected bad earnings announcements.
期刊論文
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研究報告
1.Barber, B. M.,、Odean, T.(2006)。All that glitters: the effect of attention and newson the buying behavior of individual and institutional investors。  new window
2.Hamilton, J. T.,、Zeckhauser, R.(2004)。Media coverage of CEOs: who? what?where? when? why?。  new window
圖書
1.葉銀華、李存修、柯承恩(2002)。公司治理與信用評等。台北:商智文化。  延伸查詢new window
 
 
 
 
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