查詢結果分析
來源資料
頁籤選單縮合
題名 | 框架效應:市場能否洞悉內部人申讓持股之資訊框架?=The Framing Effect: Does the Market See through the Announcement of Insider Shorting? |
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作者 | 郭敏華; 江念潔; | 書刊名 | 中華管理評論 |
卷期 | 7:2 2004.04[民93.04] |
頁次 | 頁30-45 |
分類號 | 563.54 |
關鍵詞 | 框架效應; 資訊框架; 行為財務學; 內部人持股申報轉讓; Framing effect; Information frame; Behavioral finance; Insider shorting; |
語文 | 中文(Chinese) |
中文摘要 | 根據眾多的實證文獻,內部人持股轉讓申報事件具有顯著的負向資訊效果,一般認為其頗具釋放內部資訊的價值。但是事實上,內部人申報後並沒有義務須按申報內容進行實際轉讓,使得此一資訊帶有很大的操弄空間,存在框架效應的潛在負面影響。本研究擇取財測前後的內部人申讓事件進行探討,藉由事件研究法與多元迴歸分析等方法實證發現:如果內部人持股轉讓之申報言過其實(亦即事後並未按其申報實際轉讓),將對資訊效果造成負面衝擊:「不實」程度越大者,負向資訊效果越嚴重。換句話說,市場投資人無法超越內部人申讓資訊本身的框架,而易做出過度反應,呈現明顯的框架效應。本研究係國內外首篇探討內部人申讓資訊框架效應之研究,對於國內行為財務學的發展應具有一定程度的啟示。 |
英文摘要 | According to literature findings, insider transaction brings about significant negative market response and thus considered valuable in releasing inside information. However, the insiders are not obligated to sell as they announced. It may lead to a framing effect, if the market cannot see through it. This study aims at exploring the framing effect. With event study and multiple regression analysis, it demonstrates significant framing effects. That is, the market cannot see through the information frame and tends to overreact. This is the first research on the framing effect by the observation of insider shorting events. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。