查詢結果分析
相關文獻
- 臺灣股市券商分析師盈餘預測之利益衝突
- [裁判簡評]公職人員利益衝突迴避法規範對象與範圍之爭議/北高行99訴1718
- 證券商推薦評等改變與利益衝突之探討
- 臺灣股市年度盈餘公告對股價的影響
- 論公司與董事間之非常規交易與利益衝突--淺釋日本商法第二百六十五條的規定
- 論董事與公司間交易之規範
- 管理當局盈餘預測精確度與自願性盈餘預測揭露關係之研究
- Security Analysts' Earnings Forecasts and Recommendations for Regulated Companies
- 我國銀行兼營證券業務法制之研究
- 上市公司管理當局自願性盈餘預測揭露及揭露時點之影響因素--臺灣地區之實證分析
頁籤選單縮合
題 名 | 臺灣股市券商分析師盈餘預測之利益衝突=The Conflicts of Interest on Security Analysts' Earnings Forecasts in Taiwan |
---|---|
作 者 | 賴紀誠; 林問一; 劉亞秋; | 書刊名 | 臺大管理論叢 |
卷 期 | 22:1 2011.12[民100.12] |
頁 次 | 頁357-389 |
分類號 | 563.54 |
關鍵詞 | 盈餘預測; 自營部門; 利益衝突; Earnings forecasts; Proprietary dealing department; Conflicts of interest; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究主要探討券商分析師對台灣上市櫃公司發佈的盈餘預測是否會與投資人產生利益衝突。實證結果發現,券商分析師的盈餘預測和自營部門的股票操作有顯著關聯,且無論是樂觀抑或悲觀盈餘預測的股票,所屬券商自營部門均有明顯反向操作的情形,而且有反向操作的股票報酬率是優於沒有反向操作的股票。因此本研究推測券商分析師盈餘預測的利益衝突問題存在。此外,在分析師樂觀盈餘預測下,不論是電子工業類股還是傳統產業類股,均可發現利益衝突,但在分析師悲觀預測下,卻只有電子工業類股才有出現,因而本研究推論利益衝突的產業效應僅發生於分析師的悲觀盈餘預測。 |
英文摘要 | This study investigates the possible conflicts of interest of security analysts with market investors when making earnings forecasts. Using a sample of listed companies in Taiwan, we show evidence of close connections between analysts' earnings forecasts and their firm's proprietary dealing department's trading patterns, specifically, our findings indicate that the analyst firm's proprietary trading actions tend to be in the opposite direction as suggested by the earnings forecasts, whether they are optimistic or pessimistic. Additionally, the returns on proprietary dealing department's opposite-direction trading stocks are better than no opposite-direction trading ones. Hence we presume the conflicts of interest exist in analysts' earnings forecasts. Furthermore, we find that the conflicts of interest are presented in stocks of both electronic and traditional companies under the optimistic earnings forecasts, but exist only in electronic companies given pessimistic forecasts, suggesting a possible industry effect of conflicts of interest when earning forecasts’ biases are positive. |
本系統中英文摘要資訊取自各篇刊載內容。