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題名：法人說明會內容對未來盈餘反應係數的影響
書刊名：會計審計論叢
作者：黃劭彥 引用關係／張森河 引用關係／王登仕 引用關係／李怡葶
作者(外文)：Huang, Shaio-yan／Chang, Shen-ho／Wang, Teng-shih／Lee, Yi-ting
出版日期：2014
卷期：4:2
頁次：頁29-58
主題關鍵詞：法人說明會；未來盈餘反應係數；財務預測；Conference call；Future earnings response coefficient；FERC；Management financial forecast
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:21
  • 點閱點閱:11
本研究提供書面證據證明法人說明會所揭露的資訊，可以改變投資人對未來盈餘的期望，進而反應在股價上。本研究發現有召開法人說明會的公司、法人說明會召開頻率愈高的公司、受券商等機構邀請而召開法人說明會的公司以及每年召開法人說明會的公司，其未來盈餘反應係數 (future earnings response coefficients, FERCs)會比較高。另外，本研究亦發現當組織績效比較差時，法人說明會內容多揭露額外財務資訊與未來盈餘反應係數會有正向的顯著關聯性。
This study provides evidence that the information disclosed during conference call can change investors’ earnings expectation, affecting the stock price. It also discovers that the future earnings response coefficients (FERCs) are relatively high for those firms that hold conference call, hold conference call annually, hold conference call by request of brokerages or other institutions, or hold conference call more frequently. Besides, this study finds that the contents of conference calls are positively and significantly correlated with FERCs when firms have poor performances. The empirical results confirm that investors in Taiwan pay attention to the contents of conference calls.
期刊論文
1.Dell'Acqua, A.、Perrini, F.、Caselli, S.(2010)。Conference Calls and Stock Price Volatility in the Post-Reg FD Era。European Financial Management，16(2)，256-270。  new window
2.Kimbrough, M. D.(2005)。The Effect of Conference Calls on Analyst and Market Underreaction to Earnings Announcements。The Accounting Review，80(1)，189-219。  new window
3.Tasker, Sarah C.(1998)。Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure。Review of Accounting Studies，3(1/2)，137-167。  new window
4.陳貴端(20050700)。公司治理經濟法律制度之探討--以公司內部治理結構及組織運作為中心。律師雜誌，310，18-37。  延伸查詢new window
5.Baginski, S. P.、Hassell, J. M.、Kimbrough, M. D.(2004)。Why ao managers explain their earnings forecasts。Journal of Accounting Research，42(1)，1-29。  new window
6.Collins, Daniel W.、Kothari, S. P.、Shanken, Jay、Sloan, Richard G.(1994)。Lack of timeliness and noise as explanations for the low contemporaneuos return-earnings association。Journal of Accounting and Economics，18(3)，289-324。  new window
7.Ettredge, M. L.、Kwon, S. Y.、Smith, D. B.、Zarowin, P. A.(2005)。The impact of SFAS No. 131 business segment data on the market's ability to anticipate future earnings。The Accounting Review，80(3)，773-804。  new window
8.Orpurt, S. F.、Zang. Y.(2009)。direct cash flow disclosures help predict future operating cash flows and earnings。The Accounting Review，84(3)，893-935。  new window
9.Gelb, D. S.、Zarowin, P. A.(2002)。Corporate disclosure policy and the informativeness of stock prices。Review of Accounting Studies，7(1)，33-52。  new window
10.Lundholm, R. J.、Myers, L. A.(2002)。Bringing the future forward: The effect of disclosure on the returns-earnings relation。Journal of Accounting Research，40(3)，809-839。  new window
11.鍾宇軒、黃劭彥、戚務君(20130900)。法人說明會對企業資訊不對稱的影響。管理學報，30(4)，295-322。new window  延伸查詢new window
12.Frankel, Richard、Johnson, Marilyn、Skinner, Douglas J.(1999)。An empirical examination of conference calls as a voluntary disclosure medium。Journal of Accounting Research，37(1)，133-150。  new window
13.金成隆、林美鳳、梁嘉紋(20080400)。公司治理解構和法人說明會之關連性研究。管理學報，25(2)，221-243。new window  延伸查詢new window
14.Verrecchia, Robert E.(2001)。Essays on disclosure。Journal of Accounting and Economics，32(1-3)，97-180。  new window
15.Verrecchia, Robert E.(1983)。Discretionary disclosure。Journal of Accounting and Economics，5(1)，179-194。  new window
16.Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research，6(2)，159-178。  new window
17.Tucker, Jennifer W.、Zarowin, Paul A.(2006)。Does Income Smoothing Improve Earnings Informativeness?。The Accounting Review，81(1)，251-270。  new window
18.Heckman, James Joseph(1979)。Sample Selection Bias as a Specification Error。Econometrica: Journal of the Econometric Society，47(1)，153-162。  new window
19.Bushee, Brian J.、Matsumoto, Dawn A.、Miller, Gregory S.(2003)。Open versus Closed Conference Calls: The Determinants and Effects of Broadening Access to Disclosure。Journal of Accounting and Economics，34(1/3)，149-180。  new window
20.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
21.Bloomfield, R. J.、Wilks, T. J.(2000)。Disclosure effects in the laboratory: Liquidity, depth, and the cost of capital。Accounting Review，75(1)，13-41。  new window
22.Bowen, Robert M.、Davis, Angela K.、Matsumoto, Dawn A.(2002)。Do Conference Calls Affect Analysts' Forecasts?。The Accounting Review，77(2)，285-316。  new window
23.Brown, Stephen、Hillegeist, Stephen A.、Lo, Kin(2004)。Conference Calls and Information Asymmetry。Journal of Accounting and Economics，37(3)，343-366。  new window
24.Matsumoto, Dawn A.、Pronk, Maarten、Roelofsen, Erik(2011)。What Makes Conference Calls Useful? The Information Content of Managers' Presentations and Analysts' Discussion Sessions。The Accounting Review，86(4)，1383-1414。  new window
25.Hirst, E.、Koonce, L.、Venkataraman, S.(2008)。Management earnings forecasts: A review and framework。Accounting Horizons，22(3)，315-338。  new window
26.Francis, J.、Schipper, K.、Vincent, L.(2002)。Expanded Disclosures and the Increased Usefulness of Earnings Announcements。The Accounting Review，77(3)，515-546。  new window
會議論文
1.Kothari, Sagar P.(2000)。The role of financial reporting in reducing financial risks in the market。Federal Reserve Bank of Boston Conference Series，89-112。  new window
研究報告
1.Sunder, S. V.(2002)。Investor Access to Conference Call Disclosure: Impact of Regulation Fair Disclosure on Information Asymmetry。Tucson, AZ：University of Arizona。  new window
學位論文
1.蔡幸儒(2002)。法人說明會資訊內涵及影響管理當局召開行為動機之研究(碩士論文)。國立臺北大學。  延伸查詢new window
圖書
1.Iskander, M. R.、Chamlou, N.(2000)。Corporate Governance: A Framework for Implementation。The World Bank。  new window
其他
1.陳永吉(20120813)。法說僅對特定客戶證交所開罰。  延伸查詢new window
 
 
 
 
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