財務分析師盈餘預測修正頻率之研究

THUIR > College of Management > Department of Finance > National Research Council Report > Item 310901/14579

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Title:	財務分析師盈餘預測修正頻率之研究
Other Titles:	A Study of the Frequency of Financial Analysts' Earnings Forecast Revisions
Authors:	張永和 Chang, Yung-Ho
Contributors:	行政院國家科學委員會東海大學財務金融學系
Date:	2010
Issue Date:	2012-04-27T03:05:14Z (UTC)
Abstract:	財務分析師扮演傳遞資訊予市場?與者之重要角色，為企業與投資人之間之資訊中介與資訊提供者。但即使財務分析師持有具價值之資訊，也可能??即對投資人或對市場傳遞。因而，財務分析師公佈資訊或修改意?時機之探討，亦即財務分析師傳遞資訊之頻?值得研究。此研究計劃以Holden and Stuerke (2008)之研究為基礎，先呈現其??模型以決定最適盈餘預測修正頻?，再進一步建?迴歸模型做實證分析。?同於Holden and Stuerke (2008)，本研究除?有?新之盈餘預測樣本之外，亦加入股價資訊與先期盈餘預測變化與股票建議修正為解釋變?。透過此研究分析，期能提供市場?與者?解財務分析師對解?與反映相關資訊之程?。 Financial analysts (or security analysts) play an essential role in distributing information to market participants. Nevertheless, even if analysts hold valuable information, they may not always publish it immediately. It is thus doubtful when financial analysts are willing to release or revise their opinions. How often do they distribute their reports? This proposal intends to extend the research of Holden and Stuerke (2008) to further examine the sensitivity of the frequency of financial analysts’ releases of earnings forecast revisions to a larger selection of variables. The theoretical model that determines the optimal frequency of revisions is first presented. Then regression model for empirical tests is established to evaluate the degree to which share information and peer analysts reveal the information that could affect the revision frequency. This research will also employ a more updated database (1992~2008) provided by The First Call. By such approach, this research can provide insights to explain the role of analysts (information interpreter or information generator) from a variety of information sources.
Relation:	研究編號：NSC99-2410-H029-028 研究期間：2010-08~ 2011-07
Appears in Collections:	[Department of Finance ] National Research Council Report

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