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題名:臺灣上市公司月盈餘揭露行為之實証研究
書刊名:證券市場發展季刊
作者:金成隆 引用關係林修葳 引用關係
作者(外文):Chin, Chen-longLin, Hsiou-wei
出版日期:1998
卷期:10:3=39
頁次:頁31-63
主題關鍵詞:月盈餘變異性揭露頻率經常性自願揭露選樣偏鋘Monthly EPS variabilityDisclosure frequencySelection bias
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(5) 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:5
  • 共同引用共同引用:0
  • 點閱點閱:66
     本研究以民國七十八至八十五年資料,實證檢視國內上市公司自願性月盈餘揭露 行為,暨資本市場對月盈餘揭露頻率不同企業未預期月盈餘值的反應差異。本研究特點是( 1 )因自願性揭露環境的特殊性, 這項檢測係針對國內公司資料( 2 )提出克服選樣偏誤 的實證設計。 研究結果為( 1 )月盈餘變異性較小(大)的公司,較傾向於經常(非經常 )作月盈餘揭露, ( 2 )非經常揭露者會選擇業績較佳月份作自願性盈餘揭露的假說未獲 支持,( 3 )股價被資本市場評為不佳, 但同期間業績較過去良好時,非經常性揭露者的 揭露頻率, 並未顯著高於經常性揭露者,( 4 )採行經常性月盈餘揭露政策的公司,其反 應係數顯著高於非經常揭露者。
     This study examines the monthly EPS disclosure decisions of firms listed on the Taiwan Stock Exchange (TSE) during 1989-1996 and documents the followings: (1) Firms with greater earnings variability disclose the EPS's on a less frequent basis. (2) There exists no corroborative evidence that firms with greater earnings volatility choose to disclose their EPS in months with more positive earnings surrprises. (3) When they are with unfavorable prior-period security returns but positive monthly earnings surprises, less frequently disclosing firms do not have signficantly stronger incentives to disclose their EPS's than more frequently disclosing ones. (4) Consis tent with the notion that the market perceives the less frequent disclosure providers as more cyclical firms, EPS reporting frequency serves as a variable to earnings response coefficient. Aiming at TSE firms' unique disclosure environment, this study also contributes to research work in the related fields via identifying the potential of two types of selection biases and presenting measures to mitigate them.
期刊論文
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17.Kross, William、Schroeder, Douglas A.(1984)。An Empirical Investigation of the Effect of Quarterly Earnings Announcement Timing on Stock Returns。Journal of Accounting Research,22(1),153-176。  new window
18.Penman, Stephen H.(1987)。The Distribution of Earnings News over Time and Seasonalities in Aggregate Stock Returns。Journal of Financial Economics,18(2),199-228。  new window
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20.Spence, Michael(1973)。Job Market Signaling。The Quarterly Journal of Economics,87(3),355-374。  new window
21.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society,48(4),817-838。  new window
22.Lang, M. H.、Lundholm, R. J.(1993)。Cross-sectional determinants of analyst ratings of corporate disclosures。Journal of Accounting Research,31(2),246-271。  new window
23.Collins, D. W.、Kothari, S. P.(1989)。An Analysis of Intertemporal and Cross-sectional Determinants of Earnings Response Coefficients。Journal of Accounting and Economics,11(2/3),143-181。  new window
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學位論文
1.卓瑞蘋(1994)。我國上市公司盈餘公告日其時間特性之研究,0。  延伸查詢new window
 
 
 
 
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