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引文資料
題名:
臺灣股市券商分析師盈餘預測之利益衝突
書刊名:
臺大管理論叢
作者:
賴紀誠
/
林問一
/
劉亞秋
作者(外文):
Lai, Chi-cheng
/
Lin, Wen-yi
/
Liu, Angela Y.
出版日期:
2011
卷期:
22:1
頁次:
頁357-389
主題關鍵詞:
盈餘預測
;
自營部門
;
利益衝突
;
Earnings forecasts
;
Proprietary dealing department
;
Conflicts of interest
原始連結:
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相關次數:
被引用次數:期刊(
2
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
2
共同引用:
4
點閱:21
本研究主要探討券商分析師對台灣上市櫃公司發佈的盈餘預測是否會與投資人產生利益衝突。實證結果發現,券商分析師的盈餘預測和自營部門的股票操作有顯著關聯,且無論是樂觀抑或悲觀盈餘預測的股票,所屬券商自營部門均有明顯反向操作的情形,而且有反向操作的股票報酬率是優於沒有反向操作的股票。因此本研究推測券商分析師盈餘預測的利益衝突問題存在。此外,在分析師樂觀盈餘預測下,不論是電子工業類股還是傳統產業類股,均可發現利益衝突,但在分析師悲觀預測下,卻只有電子工業類股才有出現,因而本研究推論利益衝突的產業效應僅發生於分析師的悲觀盈餘預測。
以文找文
This study investigates the possible conflicts of interest of security analysts with market investors when making earnings forecasts. Using a sample of listed companies in Taiwan, we show evidence of close connections between analysts' earnings forecasts and their firm's proprietary dealing department's trading patterns, specifically, our findings indicate that the analyst firm's proprietary trading actions tend to be in the opposite direction as suggested by the earnings forecasts, whether they are optimistic or pessimistic. Additionally, the returns on proprietary dealing department's opposite-direction trading stocks are better than no opposite-direction trading ones. Hence we presume the conflicts of interest exist in analysts' earnings forecasts. Furthermore, we find that the conflicts of interest are presented in stocks of both electronic and traditional companies under the optimistic earnings forecasts, but exist only in electronic companies given pessimistic forecasts, suggesting a possible industry effect of conflicts of interest when earning forecasts’ biases are positive.
以文找文
期刊論文
1.
Clement, M. B.、Tse, S. Y.(2003)。Do investors respond to analysts' forecast revisions as if forecast accuracy is all that matters?。Accounting Review,78(1),227-249。
2.
沈中華、池祥麟、高于婷(20050600)。證券商股票推薦之利益衝突及影響。臺灣金融財務季刊,6(2),1-20。
延伸查詢
3.
Dugar, Amitabh、Nathan, Siva(1995)。The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations。Contemporary Accounting Research,12(1),131-160。
4.
Michaely, R.、Womack, K.(1999)。Conflict of interest and the credibility of underwriter analyst recommendations。The Review of Financial Studies,12(4),653-686。
5.
Shen, C. H.、Chih, H. L.(2009)。Conflicts of interest in the stock recommendations of investment banks and their determinants。Journal of Financial and Quantitative Analysis,44(5),1149-1171。
6.
Cowen, Amanda、Groysberg, Boris、Healy, Paul(2006)。Which Types of Analyst Firms Are More Optimistic?。Journal of Accounting and Economics,41(1/2),119-146。
7.
Jackson, A. R.(2005)。Trade Generation, Reputation, and Sell-Side Analysts。The Journal of Finance,66(2),673-717。
8.
Schipper, K.(1991)。Commentary on analysts' forecasts。Accounting Horizons,5(4),105-121。
9.
Francis, Jennifer、Philbrick, Donna(1993)。Analysts' decisions as products of a multi-task environment。Journal of Accounting Research,31(2),216-230。
10.
Mehran, Hamid、Stulz, René M.(2007)。The economics of conflicts of interest in financial institutions。Journal of Financial Economics,85(2),267-296。
11.
Abarbanell, Jeffery S.、Bernard, Victor L.(1992)。Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior。Journal of Finance,47(3),1181-1207。
12.
Lin, Hsiou-wei、McNichols, Maureen F.(1998)。Underwriting Relationships, Analysts' Earnings Forecasts and Investment Recommendations。Journal of Accounting and Economics,25(1),101-127。
13.
Affleck-Graves, J.、Davis, L. R.、Mendenhall, R. R.(1990)。Forecasts of earnings per share: Possible sources of analyst superiority and bias。Contemporary Accounting Research,6(2),501-517。
14.
Chan, L. K. C.、Karceski, J.、Lakonishok, J.(2007)。Analysts' conflicts of interest and biases in earnings forecasts。Journal of Financial and Quantitative Analysis,42(4),893-913。
15.
Clarke, J.、Khorana, A.、Patel, A.、Rau, P. R.(2007)。The impact of all-star analyst job changes on their coverage choices and investment banking deal flow。Journal of Financial Economics,84(3),713-737。
16.
Easterwood, J. C.、Nutt, S. R.(1999)。Inefficiency in analysts' earnings forecasts: Systematic misreaction or systematic optimism?。The Journal of Finance,54(5),1777-1797。
17.
Franco, G. D.、Lu, H.、Vasvari, F. P.(2007)。Wealth transfer effects of analysts' misleading behavior。Journal of Accounting Research,45(1),71-110。
18.
Irvine, P. J.(2004)。Analysts' forecasts and brokerage-firm trading。The Accounting Review,79(1),125-149。
19.
Jacob, J.、Rock, S.、Weber, D. P.(2008)。Do non-investment bank analysts make better earnings forecasts?。Journal of Accounting, Auditing and Finance,23(1),23-60。
20.
Lin, L.、Kuo, C. J.(2007)。Stock recommendations and analyst conflicts of interest: Evidence from Taiwan stock market。Web Journal of Chinese Management Review,10(2),1-24。
會議論文
1.
Ertimur, Y.、Muslu, V.(2009)。Why are recommendations optimistic? Evidence from analysts' coverage initiations。financial accounting & reporting section meeting of the 2009 AAA。New York。
研究報告
1.
Heidle, H. G.、Li, X.(2003)。Is there evidence of front-running before analyst recommendations? An analysis of the quoting behavior of Nasdaq market makers。University of Notre Dame。
2.
McNichols, M. F.、O'Brien, P. C.、Pamukcu, O. M.(2007)。Unaffiliated analysts' recommendation performance for IPO firms。Stanford University。
學位論文
1.
沙勝毅(2000)。台灣股票市場散戶與外資投資心理之比較研究(碩士論文)。銘傳大學。
延伸查詢
2.
許凱翔(2010)。台灣股票市場個別投資人與機構投資人從眾行為之關係(碩士論文)。國立中興大學。
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