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題名:外資券商分析師關注什麼?價值還是成長?
書刊名:證券市場發展季刊
作者:王麗惠鄭昌錞郭憲章
作者(外文):Wang, Lie-hueyCheng, Chang-chunKuo, Hsien-chang
出版日期:2018
卷期:30:2=118
頁次:頁1-61
主題關鍵詞:分析師關注度基本面特徵價值-成長指標多層次追蹤資料隨機效果模型Analyst coverageFundamental characteristicsValue-growth ratiosMultilevel panel data random-effects model
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(2) 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:2
  • 共同引用共同引用:9
  • 點閱點閱:3
期刊論文
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2.Dhaliwal, Dan S.、Radhakrishnan, Suresh、Tsang, Albert、Yang, Yong G.(2012)。Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure。The Accounting Review,87(3),723-759。  new window
3.Jegadeesh, N.、Kim, W. J.(2010)。Do analysts herd? An analysis of recommendations and market reactions。Review of Financial Studies,23(2),901-937。  new window
4.Bushee, Brian J.、Noe, Christopher F.(2000)。Corporate disclosure practices, institutional investors, and stock return volatility。Journal of Accounting Research,38(Suppl.),171-202。  new window
5.Brammer, S.、Millington, A.(2005)。Corporate reputation and philanthropy: an Empirical analysis。Journal of Business Ethics,61(1),29-44。  new window
6.McNichols, M.、O'Brien, P. C.(1997)。Self-selection and analyst coverage。Journal of Accounting Research,35(3),167-199。  new window
7.Brennan, Michael J.、Hughes, Patricia J.(1991)。Stock Prices and the Supply of Information。Journal of Finance,46(5),1665-1691。  new window
8.Lewellen, W. G.、Badrinath, S. G.(1997)。On The Measurement of Tobin's Q。Journal of Financial Economics,44(1),77-122。  new window
9.Fang, L.、Yasuda, A.(2009)。The effectiveness of reputation as a disciplinary mechanism in sell-side research。Review of Financial Studies,22(9),3735-3777。  new window
10.Moses, O. D.(1990)。On bankruptcy indicators from analysts' earnings forecasts。Journal of Accounting, Auditing, and Finance,5(3),379-404。  new window
11.Green, T. Clifton(2004)。Economic News and the Impact of Trading on Bond Prices。Journal of Finance,59(3),1201-1234。  new window
12.Chung, K. H.、Jo, H.(1996)。The impact of security analysts' monitoring and marketing functions on the market value of firms。Journal of Financial and Quantitative Analysis,31(4),493-512。  new window
13.Xu, N.、Chan, K. C.、Jiang, X.、Yi. Z.(2013)。Do Star Analysts Know More Firm-Specific Information? Evidence from China。Journal of Banking and Finance,37(1),89-102。  new window
14.Bhushan, R.(1989)。Firm Characteristics and Analyst Following。Journal of Accounting and Economics,11(2/3),255-274。  new window
15.Lehavy, Reuven、Li, Feng、Merkley, Kenneth(2011)。The effect of annual report readability on analyst following and the properties of their earnings forecasts。The Accounting Review,86(3),1087-1115。  new window
16.Brown, Lawrence D.、Call, Andrew C.、Clement, Michael B.、Sharp, Nathan Y.(2015)。Inside the "black box" of sell-side financial analysts。Journal of Accounting Research,53(1),1-47。  new window
17.Ayers, B. C.、Freeman, R. N.(2003)。Evidence that analyst following and institutional ownership and accelerate the pricing of future earnings。Review of Accounting Studies,8(1),47-67。  new window
18.Frankel, R.、Kothari, S. P.、Weber, J.(2006)。Determinants of the Informativeness of Analyst Research。Journal of Accounting and Economics,41(1/2),29-54。  new window
19.Groysberg, B.、Healy, P.、Maber, D.(2011)。What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?。Journal of Accounting Research,49(4),969-1000。  new window
20.Gu, Z. Y.、Li, Z. Q.、Yang, Y. G.(2013)。Monitors or Predators: The Influence of Institutional Investors on Sell-Side Analysts。The Accounting Review,88(1),137-169。  new window
21.Hong, Harrison、Kubik, Jeffrey D.、Solomon, Amit(2000)。Security Analysts' Career Concerns and Herding of Earnings Forecasts。The RAND Journal of Economics,31(1),121-144。  new window
22.Mensah, Yaw M.、Song, X.、Ho, S. M.(2004)。The Effect of Conservatism on Analysts' Annual Earnings Forecast Accuracy and Dispersion。Journal of Accounting, Auditing and Finance,19(2),159-183。  new window
23.Lang, Mark H.、Lins, Karl V.、Miller, Darius P.(2004)。Concentrated Control, Analyst Following, and Valuation: Do Analysts Matter Most When Investors Are Protected Least?。Journal of Accounting Research,42(3),589-623。  new window
24.謝文良、李進生、王芊儒(20131200)。臺股外資分析師報告預測目標價之正確性與影響因素分析。臺大管理論叢,24(1),43-70。new window  延伸查詢new window
25.Piotroski, J. D.、Roulstone, D. T.(2004)。The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices。The Accounting Review,79(4),1119-1151。  new window
26.Das, S.、Guo, R.-J.、Zhang, H.(2006)。Analysts' selective coverage and subsequent performance of newly public firms。The Journal of Finance,61(3),1159-1185。  new window
27.Campbell, J. Y.(1991)。A Variance Decomposition for Stock Returns。The Economic Journal,101(405),155-179。  new window
28.Arand, Daniel、Kerl, Alexander、Walter, Andreas(2015)。When do sell-side analyst reports really matter? Shareholder protection, institutional investors and the informativeness of equity research。European Financial Management,21(3),524-555。  new window
29.Huang, H. H.、Chan, M. L.、Chang, C. H.、Wong, J. L.(2012)。Is Corporate Governance Related to the Conservatism in Management Earnings Forecasts?。Emerging Markets Finance and Trade,48(supp. 2),105-121。  new window
30.Byard, D.、Shaw, K. W.(2003)。Corporate disclosure quality and properties of analyst's information environment。Journal of Accounting, Auditing and Finance,18(3),355-378。  new window
31.Herrmann, D.、Thomas, W. B.(2005)。Rounding of Analyst Forecasts。The Accounting Review,80(3),805-823。  new window
32.Bushee, B. J.、Carter, M. E.、Gerakos, J. J.(2014)。Institutional investor preferences for corporate governance mechanisms。Journal of Management Accounting Research,26(2),123-149。  new window
33.Barth, Mary E.、Kasznik, Ron、McNichols, Maureen F.(2001)。Analyst coverage and intangible assets。Journal of Accounting Research,39(1),1-34。  new window
34.Ertimur, Y.、Muslu, V.、Zhang, F.(2011)。Why are recommendations optimistic? Evidence from analysts' coverage initiations。Review of Accounting Studies,16(4),679-718。  new window
35.Irvine, P. J.(2003)。The incremental impact of analyst initiation of coverage。Journal of Corporate Finance,9(4),431-451。  new window
36.Derrien, François、Kecskés, Ambrus(2013)。The real effects of financial shocks: Evidence from exogenous changes in analyst coverage。The Journal of Finance,68(4),1407-1440。  new window
37.金慶平、周彥妤、李佳玲(20151100)。機構投資者持股與分析師跟隨對企業股權價值評估之攸關性。當代會計,16(2),175-209。new window  延伸查詢new window
38.Abel, A. B.、Eberly, J. C.(2011)。How Q and Cash Flow Affect Investment without Frictions: An Analytic Explanation。Review of Economic Studies,78(4),1179-1200。  new window
39.Altinkihc, O.、Balashov, V.、Hansen, R. S.(2013)。Are Analyst' Forecasts Informative to the General Public?。Management Science,59(11),2550-2565。  new window
40.Altinkilic, Oya、Hansen, Robert S.(2009)。On the Information Role of Stock Recommendation Revisions。Journal of Accounting and Economics,48(1),17-36。  new window
41.Barber, B.、Lehavy, R.、McNichols, M.、Trueman, B.(2006)。Buys, Holds, and Sells: The Distribution of Investment Banks' Stock Ratings and the Implications for the Profitability of Analysts, Recommendations。Journal of Accounting and Economics,41(1/2),87-117。  new window
42.Bloch, M.、Guerard, J. B. Jr.、Markowitz, H. M.、Todd, P.、Xu, G. L.(1993)。A Comparison of Some Aspects of the U.S. and Japanese Equity Markets。Japan and the World Economy,5(1),3-26。  new window
43.Bradley, D.、Clarke, J.、Lee, S.、Ornthanalai, C.(2014)。Are Analyst's Recommendations Informative? Intraday Evidence on the Impact of Time Stamp Delays。Journal of Finance,69(2),645-673。  new window
44.Bradshaw, M.(2009)。Analyst Information Processing, Financial Regulation, and Academic Research。The Accounting Review,84(4),1073-1083。  new window
45.Bushee, B. J.、Miller, G. S.(2012)。Investor Relation, Firm Visibility, and Investor Following。The Accounting Review,87(3),867-897。  new window
46.Bushman, R.、Piotroski, J.、Smith, A.(2005)。Insider Trading Restrictions and Analysts' Incentives to follow Firms。Journal of Finance,60(1),35-66。  new window
47.Call, A.、Chen, S.、Tong, Y. H.(2013)。Are Analysts' Cash Flow Forecasts Naive Extensions of Their Own Earnings Forecasts?。Contemporary Accounting Research,30(2),438-465。  new window
48.Chen, Tao、Harford, Jarrad、Lin, Chen(2015)。Do Analysts Matter for Governance? Evidence from Natural Experiments。Journal of Financial Economics,115(2),383-410。  new window
49.Chhaya, G.、Nigam, P.(2015)。Value Investing with Price-Earnings Ratio in India。The IUP Journal of Applied Finance,21(2),34-48。  new window
50.Clinton, S. B.、Pinello, A. S.、Skaife, H. A.(2014)。The Implications of Ineffective Internal Control and SOX 404 Reporting for Financial Analysts。Journal of Accounting and Public Policy,33(4),303-327。  new window
51.Demiroglu, C.、Ryngaert, M.(2010)。The First Analyst Coverage of Neglected Stock。Financial Management,39(2),555-584。  new window
52.Eng, L. L.、Teo, H. K.(1999)。The Relation between Annual Report Disclosure, Earnings Forecasts and Analyst Following: Evidence from Singapore。Pacific Accounting Review,11(2),219-239。  new window
53.Firth, M.、Lin, C.、Liu, P.、Xuan, Y.(2013)。The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations?。Journal of Accounting Research,51(1),165-200。  new window
54.Gharghoria, P.、Stryjkowski, S.、Veeraraghavan, M.(2013)。Value versus Growth: Australian Evidence。Accounting and Finance,53(2),393-417。  new window
55.Guagliano, C.、Linciano, N.、Contento, C. M.(2013)。The Impact of Financial Analyst Reports on Small Caps Prices in Italy。Economic Notes,42(3),217-246。  new window
56.Guerard, J. B. Jr.、Rachev, R. T.、Shao, B.(2013)。Efficient Global Portfolios: Big Data and Investment Universes。IBM Journal of Research and Development,57(5),1-11。  new window
57.Guerard, J. B. Jr.、Markowitz, H.、Xu, G. L.(2015)。Earnings Forecasting in a Global Stock Selection Model and Efficient Portfolio Construction and Management。International Journal of Forecasting,31(2),550-560。  new window
58.Hansen, R. S.(2015)。What Is the Value of Sell-Side Analysts? Evidence from Coverage Changes -- A Discussion。Journal of Accounting and Economics,60(2),58-64。  new window
59.Huang, A. H.、Zang, A. Y.、Zheng, R.(2014)。Evidence on the Information Content of Text in Analyst Reports。The Accounting Review,89(6),2151-2180。  new window
60.Hutchinson, M.、Seamer, M.、Chappie, L. (E.)(2015)。Institutional Investors, Risk/Performance and Corporate Governance。International Journal of Accounting,50(1),31-52。  new window
61.James, C.、Karceski, J.(2006)。Strength of Analyst Coverage Following IPOs。Journal of Financial Economics,82(1),1-34。  new window
62.Jiambalvo, J.、Rajgopal, S.、Venkatachalam, M.(2002)。Institutional Ownership and Extent to Which Stock Prices Reflect Future Earnings。Contemporary Accounting Research,19(1),117-145。  new window
63.Jirapom, P.、Chintrakarn, P.、Kim, Y.(2012)。Analyst Following, Staggered Boards, and Managerial Entrenchment。Journal of Banking and Finance,36(11),3091-3100。  new window
64.Jo, H.、Harjoto, M.(2014)。Analyst Coverage, Corporate Social Responsibility, and Firm Risk。Business Ethics: A European Review,23(3),272-292。  new window
65.Jung, J. H.、Pae, J.、Yoo, C. Y.(2015)。Do Analysts Treat Winners and Losers Differently When Forecasting Earnings?。International Journal of Forecasting,31(2),531-549。  new window
66.Jung, B.、Sun, K.、Yang, S.(2012)。Do financial Analysts Add Value by Facilitating More Effective Monitoring of Firms' Activities?。Journal of Accounting, Auditing and Finance,27(1),61-99。  new window
67.Jung, M. J.、Wong, M. H. F.、Zhang, X. F.(2015)。Analyst Interest as an Early Indicator of Firm Fundamental Changes and Stock Returns。The Accounting Review,90(3),1049-1078。  new window
68.Kadan, O.、Madureira, L.、Wang, R.、Zach, T.(2012)。Analysts, Industry Expertise。Journal of Accounting and Economics,54(2/3),95-120。  new window
69.Kelly, Bryan T.、Ljungqvist, Alexander(2012)。Testing Asymmetric-Information Asset Pricing Models。Review of Financial Studies,25(5),1366-1413。  new window
70.Kim, Y.、Park, M. S.(2009)。Market Uncertainty and Disclosure of Internal Control Deficiencies under the Sarbanes-Oxley Act。Journal of Accounting and Public Policy,28(5),419-445。  new window
71.Lai, S.、Teo, M.(2008)。Home-Biased Analyst in Emerging Markets。Journal of Financial and Quantitative Analysis,43(3),685-716。  new window
72.Leledakis, G.、Davidson, I.(2001)。Are Twofactors Enough? The UK Evidence。Financial Analysts Journal,57(6),96-105。  new window
73.Li, K. K.、You, H.(2015)。What Is the Value of Sell-Side Analysts? Evidence from Coverage Initiations and Terminations。Journal of Accounting and Economics,60(2/3),141-160。  new window
74.Liu, M. H.(2011)。Analysts' Incentive to Produce Industry-Level versus Firm-Specific Information。Journal of Financial and Quantitative Analysis,46(3),757-784。  new window
75.Miller, J. S.、Sedor, L. M.(2014)。Do Stock Prices Influence Analysts' Earnings Forecast?。Behavioral Research in Accounting,26(1),85-108。  new window
76.Mola, S.、Rau, P. R.、Khorana, A.(2013)。Is There Life after the Complete Loss of Analyst Coverage?。The Accounting Review,88(2),667-705。  new window
77.Nezlobin, A.、Rajan, M. V.、Reichelstein, S.(2016)。Structural Properties of the Price-to-Earnings and Price-to-Book Ratios。Review of Accounting Studies,21(2),438-472。  new window
78.Niehaus, G.、Zhang, D.(2010)。The Impact of Sell-Side Analyst Research Coverage on an Affiliated Broker's Market Share of Trading Volume。Journal of Banking and Finance,34(4),776-787。  new window
79.Shon, J.、Young, S.(2011)。Determinants of Analysts' Dropped Coverage Decision: The Role of Analyst Incentives, Experience and Accounting Fundamentals。Journal of Business Finance and Accountings,38(7/8),861-886。  new window
80.Tehranian, H.、Zhao, M.、Zhu, J. L.(2014)。Can Analysts Analyze Mergers?。Management Science,60(4),959-979。  new window
81.Washburn, M.、Bromiley, P.(2014)。Managers and Analysts: An Examination of Mutual Influence。Academy of Management Journal,57(3),849-868。  new window
82.Webb, R.、Beck, M.、McKinnon, R.(2003)。Problems and Limitations of Institutional Investor Participation in Corporate Governance。Corporate Governance: An International Review,11(1),65-73。  new window
83.Young, S. M.、Peng, E. Y.(2013)。An Analysis of Accounting Frauds and the Timing of Analyst Coverage Decisions and Recommendation Revisions: Evidence from the US。Journal of Business Finance and Accounting,40(3/4),399-437。  new window
84.Zhang, M.、Tong, L.、Su, J.、Cui, Z.(2015)。Analyst Coverage and Corporate Social Performance: Evidence from China。Pacific-Basin Finance Journal,32,76-94。  new window
85.Zhou, Zhengyi、Wu, Chongfeng(2016)。Consistent Analyst Expectation Error and Earnings Management: Evidence from China。Emerging Markets Finance and Trade,52(9),2128-2148。  new window
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89.Yu, Fang Frank(2008)。Analyst Coverage and Earnings Management。Journal of Financial Economics,88(2),245-271。  new window
90.Graham, John R.、Harvey, Campbell R.、Rajgopal, Shiva(2005)。The economic implications of corporate financial reporting。Journal of Accounting and Economics,40(1-3),3-73。  new window
91.Hong, Harrison、Kubik, Jeferey D.(2003)。Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts。Journal of Finance,58(1),313-351。  new window
92.Aggarwal, Reena、Erel, Isil、Ferreira, Miguel、Matos, Pedro(2011)。Does Governance Travel around the World? Evidence from Institutional Investors。Journal of Financial Economics,100(1),154-181。  new window
93.Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1996)。Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC。Contemporary Accounting Research,13(1),1-36。  new window
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研究報告
1.Bacmann, J. F.、Bolliger, G.(2003)。Who Are the Best? Local versus Foreign Analysts on the Latin American Stock Markets。International Center for Financial Asset management and Engineering。  new window
圖書
1.Berk, J.、DeMarzo, P.(2011)。Corporate Finance。Boston, MA:Prentice Hall。  new window
2.Lundholm, R.、Sloan, R.(2013)。Equity Valuation and Analysis with eVal。New York, NY:McGraw-Hill Irwin。  new window
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4.Hsiao, Cheng(1986)。Analysis of Panel Data。Cambridge University Press。  new window
圖書論文
1.Haugen, R.、Baker, N.(2010)。Case Closed。The Handbook of Portfolio Construction: Contemporary Applications of Markowitz Techniques。New York:Springer。  new window
 
 
 
 
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