查詢結果分析
來源資料
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題 名 | 券商分析師盈餘預測與內部關係人持股異動資訊內涵之比較=The Comparison between Informativeness of Analysts' Earnings Forecasts and Insider Trading |
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作 者 | 林問一; 賴紀誠; 趙志偉; | 書刊名 | 國立金門技術學院學報 |
卷 期 | 4 2010.01[民99.01] |
頁 次 | 頁21-36 |
分類號 | 563.54 |
關鍵詞 | 分析師盈餘預測; 內部關係人持股異動; 資訊內涵; Analysts' earnings forecasts; Insider trading; Informativeness; |
語 文 | 中文(Chinese) |
中文摘要 | 本文主要探討券商分析師對台灣地區上市櫃公司的盈餘預測,與這些公司的內部關係人持股異動間資訊內涵的比較。在運用分析師發佈其研究涵蓋公司的盈餘預測後一個月之累計異常報酬的資料後發現,內部關係人持股異動的資訊比分析師盈餘預測更能影響股票累計異常報酬。所以內部關係人股權異動的訊息是比券商分析師的盈餘預測更具資訊內涵,投資人可藉由跟隨內部關係人的交易情形以獲取異常報酬。 |
英文摘要 | This study examines if the informativeness of securities analysts’ earnings forecasts are stronger than the one of insider trading in Taiwan market. By using the data of cumulative abnormal returns (CAR) on the companies which analysts issue earning forecasts, we find the insider trading which impacts on CAR is more obvious than analysts’ earnings forecasts do. So, we can conclude that the informativeness on insider trading is stronger than the informativeness on analysts’ earnings forecasts.Investors can follow the activities of insider trading and earn abnormal return accordingly. |
本系統中英文摘要資訊取自各篇刊載內容。