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題名:媒體報導、投資者注意力與財務報告申報資訊內涵
書刊名:會計審計論叢
作者:許書偉 引用關係江承霖
作者(外文):Hsu, Shu WeiChiang, Cheng Lin
出版日期:2017
卷期:7:1
頁次:頁75-103
主題關鍵詞:媒體報導財務報告申報資訊內涵Media coverageFiling of financial reportsInformation content
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 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:1
  • 共同引用共同引用:26
  • 點閱點閱:84
本文探討媒體報導對年度財務報告申報資訊內涵的影響。法令要求上市櫃公司必須在期限內將財務報告於公開資訊觀測站申報,但除非投資者注意到這些資訊並將其更新在對公司未來前景的預期,否則資訊的申報並不會使資訊充份且迅速地反應在股價中。若媒體對年度財務報告申報進行報導,應能使投資者注意財務報告相關資訊,進而誘發投資者進行交易,將有助增進財務報告申報的資訊內涵。本文以股票之異常報酬波動與異常交易量,作為衡量資訊內涵之指標,並發現媒體在公司申報年度財報期間,有報導該公司的年度財報資訊時,則該公司申報的資訊內涵較沒有媒體報導者高;此外若媒體報導的篇數愈多,則該公司申報的資訊內涵也愈高。
This study examines the effect of media coverage on the information content of filing annual financial reports. Regulators require listed firms filing annual financial reports on the Market Observation Post System (MOPS) within the deadline to help investor accessing information. However, information cannot be impounded into price unless investors pay attention to them and update their beliefs based on them. If media coverage of filing attracts investors’ attention to the filing firms, triggering investing transactions on the filing firms, then the information content of filing could be improved. The information content of filing is measured by abnormal return volatility and abnormal trading volume. Results show that firms with media coverage of filing have higher abnormal return volatility and abnormal trading volume than firms without media coverage. In addition, results also suggest the increase in the informativeness of filing if the number of media coverage is increased.
期刊論文
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會議論文
1.Lu, Y. C.、Wei, Y.-C.、Ke, J.-M.(2012)。The news impact around the earnings announcement with the incorporation of investor types and market trends。European Financial Management Association 2012 Annual Meeting。Barcelona。  new window
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3.Meschke, F.(2004)。CEO interviews on CNBC。American Finance Association 2003 Annual Meeting。Washington, DC。  new window
研究報告
1.Amir, E.、Livnat, J.(2005)。The economic consequences of (not) issuing preliminary earnings announcement。London Business School:New York University。  new window
2.Peress, J.(2008)。Media coverage and investors, attention to earnings announcements。  new window
學位論文
1.林建良(2011)。新聞媒體的資訊內涵與橫斷面股價報酬(碩士論文)。國立高雄大學。  延伸查詢new window
2.謝銘偉(2000)。概估盈餘與公告盈餘不一致對股價影響之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
圖書
1.Kahneman, Daniel(2011)。Thinking, Fast and Slow。Farrar, Straus and Giroux。  new window
2.Kahneman, Daniel(1973)。Attention and effort。Englewood Cliffs, New Jersey:Prentice Hall。  new window
 
 
 
 
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