||Customer-Base Concentration and Analysts’ Earnings Forecasts
||Graduate Institute of Finance (on the job class)
analysts’ earnings forecasts accuracy
analysts’ forecast dispersion
Prior studies suggest that customer-base concentration firms are quite common in the capital market and the effects of customer-base concentration on firm performance exist two kinds of viewpoints. In this study, we use samples from 2001 to 2012 listed companies in the U.S. to investigate the relationship between customer-base concentration and analysts’ earnings forecast behaviors. Also, we use several analysts’ forecast attributes, such as analysts’ earnings forecasts accuracy, analysts following, and analysts’ forecast dispersion. The empirical results show that customer-base concentration doesn’t significantly affect analysts’ earnings forecasts accuracy; on the other hand, customer-base concentration firms have less analysts’ following. Besides, such firms with higher level of customer-base concentration, analysts tend to have greater magnitude of the forecast dispersion. We can infer that, due to the dispersion in analysts’ earnings forecasts on customer-base concentration firms, if the information of customer-base concentration couldn’t improve analysts’ earnings forecasts accuracy, the analysts’ willing to follow will decrease.
第一章 緒論 1
第二章 文獻回顧 3
第一節 顧客集中相關文獻 3
第二節 分析師盈餘預測相關文獻 5
第三節 假說發展 7
第三章 研究方法 9
第一節 實證模型設計 9
第二節 資料來源及樣本選取 12
第四章 實證結果分析 13
第一節 敘述統計分析 13
第二節 相關係數分析 14
第三節 多元迴歸分析 17
第四節 額外測試 20
第五章 結論 22
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