進階搜尋


 
系統識別號 U0026-0812200912053263
論文名稱(中文) 內部人股票交易與會計資訊品質關聯性之研究
論文名稱(英文) A study of the relationship between insider trading and accounting information quality
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 94
學期 2
出版年 95
研究生(中文) 劉若蘭
研究生(英文) Jo-Lan Liu
學號 r1889102
學位類別 博士
語文別 中文
論文頁數 101頁
口試委員 指導教授-王萬成
口試委員-張瑞當
口試委員-張福星
口試委員-李宏志
口試委員-賴秀卿
中文關鍵字 內部人股票交易  盈餘時效性  會計資訊評價能力  產業專家會計師事務所  資訊不對稱  機構投資者  盈餘管理 
英文關鍵字 institution investors  earnings timeliness  insider trading  valuation ability of accounting information  earnings management  industry specialist auditor firms  information asymmetry 
學科別分類
中文摘要 本研究旨在探討內部人股票交易與會計資訊品質的關係,主要研究議題包括:(1)內部人股票交易、質押交易與盈餘管理的關係,以及(2)此關係反映在會計盈餘時效上的結果;(3)內部人股票交易對會計資訊評價能力之影響;(4)公司與分析師盈餘預測資訊品質,以及產業專家會計師事務所與機構投資者的監督機制,對內部與外部投資者資訊不對稱之影響。實證結果彙總如下:

(1)董監事本季出售股票交易與上季的裁決性應計數呈正向關係,支持董監事出售股票交易是盈餘管理的一種誘因,但董監事購買股票交易與盈餘管理關係不顯著。董監事出售交易對於調高所得的盈餘管理誘因大於購買行為。因無法取得董監事質押借款金額資料,只能間接驗證在固定借款金額的前提下,董監事質押股票交易與上季的裁決性應計數呈負向關係,支持董監事質押股票交易是盈餘管理的一種訊息發放。實證結果說明了在追求自利的前提下,董監事運用盈餘管理做為出售股票交易與質押交易獲利的手段。

(2)董監事質押股票交易與盈餘管理關係,反映在會計盈餘時效上的結果顯示,在固定借款金額的前提下,董監事質押股票的張數愈少,隱含上季調高所得的盈餘管理愈大,反映出在壞消息下盈餘與股票報酬的關聯性,小於在好消息下盈餘與股票報酬的關聯性,間接支持在借款金額固定的前提下,董監事質押股票交易的公司的上季盈餘對壞消息認列的時效性,低於無質押交易公司。董監事購買(出售)股票交易與盈餘管理關係,反映出董監事購買(出售)股票交易的公司的會計盈餘對壞消息認列的時效性,高於(低於)無股票交易的公司,與預期方向相符,但未達統計顯著性。

(3)會計資訊品質影響內部人股票交易的動機,而內部人也會操弄會計數字使股票交易獲得利益。實證結果發現內部人股票交易與會計資訊評價能力具有內生關係,內部人持股淨增加愈大,會計資訊評價能力愈高;而會計資訊評價能力愈高,內部人持股淨增加愈大,支持內部人股票交易影響會計資訊與股價間的評價關係。

(4)公司與分析師發佈的盈餘預測愈正確,內部與外部投資者資訊不對稱愈低。公司預測更新後,預測更新幅度愈大,內部與外部投資者資訊不對稱愈小。而且預測更新後,向下修正預測更新所能減緩的資訊不對稱,小於向上預測更新所能減緩的資訊不對稱。實證結果支持公開資訊的品質愈好,投資者之間的股票交易報酬差異愈小。然而,產業專家會計師事務所與機構投資者對降低內部與外部投資者資訊不對稱,無顯著成效。為避免研究樣本未包括沒有預測的公司,而影響監督機制對資訊不對稱的影響,另以單一年度全體上市櫃公司為研究對象,實證結果發現產業專家會計師事務所對降低資訊不對稱有顯著成效,支持高審計品質對股票交易公平性的貢獻。

綜述本研究結果,內部人股票交易、質押交易會影響會計資訊品質,而公司或分析師的盈餘預測正確性可以降低內部與外部投資者資訊不對稱,支持提升盈餘預測資訊、內部人股票交易與質押資訊的揭露,可以促進股票交易市場的公平性。



英文摘要 The aim of this study is to examine the relationship between insider trading and accounting information quality in the Taiwan capital market. The study contains four research issues: (1) insider trading and earnings management, (2) insider trading and accounting earnings timeliness, (3) insider trading and valuation ability of accounting information, (4) the impact of earnings forecast quality and monitoring mechanisms on the information asymmetry between insiders and outsiders. The empirical results are summarized below.

First, we find a marginal significant positive relation between insider’s (directors and supervisors) sales of current-quarter and discretionary accruals of last-quarter; however, we do not find a negative relation for the case of insider purchases. Besides, because of the amount for shares collateralized are not available, we use share volumes collateralized to proxy. Our evidence only indirectly infers insiders (directors and supervisors) are prone to engaging earnings management when they intend to collateralize their ownership in the next period. It shows that shares collateralized increased by directors and supervisors of current-quarter are negatively related to discretionary accruals of last-quarter, which implied that lower income-increasing discretionary accrual adjustments of current-quarter is related more shares collateralized in the next quarter for given amount of shares collateralized. Directors and supervisors increasing their collateralized shares is a kind of signal about earnings management.

Second, the relationship between insider trading and earnings management is also reflected in accounting earnings timeliness. The timeliness of bad news reflected in earnings is positively related to the insider increasing collateralized shares. For given amount of shares collateralized, increased number of shares collateralized by directors and supervisors suggests lower earnings manipulations in the last period, Therefore, ceteris paribus, firms with insiders stock collateralized trading do not adopt a conservative approach to recording bad news in earnings. In addition, the timeliness of bad news reflected in earnings is negatively (positively) related to the insider sales (insider purchases) trading, but no statistic significant level was attained.

Third, insiders manipulate accounting numbers to make benefit and accounting information quality influence insider trading incentives. The endogenous relationship between insider trading and the value relevance of accounting information was embeded in the empirical results. When insiders increase their ownership, the value relevance of accounting information is higher, which supports insider trading affect valuation ability of accounting information.

Finally, I examine the influence of earnings forecast quality and monitoring mechanism on the information asymmetry between insiders and outsiders. I use the stock abnormal return to proxy for information asymmetry and find that accuracy of earnings forecast numbers are negatively associated with profitability of insider trading. It supports the more accurate of earnings forecast numbers announced by companies and analysts, the less of information asymmetry between insiders and outsiders. When the degree of earnings forecast numbers revised gets higher, the information asymmetry between insiders and outsiders will get lower. Besides, the decrease of information asymmetry by earnings forecast numbers revised downward is lower than those revised upward. Our results support improving available public information quality and transparency can promote capital market fairness, but it does not support monitoring mechanisms about institutional ownership and industry specialist audit firm can reduce information asymmetry between insiders and outsiders. Using all public companies in one year as research samples, the evidence shows industry specialist audit firms can reduce information asymmetry.

The results of this study should provide implications for regulatory policy makers and investors. Improving available public information quality and transparency, insider trading and insider shares collateralized information can promote capital market fairness.



論文目次 第一章 緒論                     1
第一節 研究背景與動機                1
第二節 研究目的                   5
第三節 論文貢獻                   7
第二章 文獻探討                   8
第一節 內部人股票交易與盈餘管理           8
第二節 會計資訊品質                 10
第三節 財務預測資訊                 14
第四節 監督機制降低資訊不對稱            16
第三章 研究方法                   19
第一節 研究假說之建立                19
第二節 研究模型之建立與研究變數定義         25
第三節 樣本選取與資料來源              37
第四章 實證結果與分析                38
第一節 內部人股票交易與盈餘管理           38
第二節 內部人股票交易與盈餘認列時效性        45
第三節 內部人股票交易與會計資訊評價能力       49
第四節 財務資訊環境與內外部投資者之資訊不對稱    53
第五章 結論與討論                  60
參考文獻                        87
附錄一 公司內部人股票交易之相關法規         99
參考文獻 方智強、吳安妮,1997,台灣經理人員主動揭露盈餘預測之實證研究,會計評論,第30期,頁253-269。
王萬成、劉若蘭,2005,保守原則與新經濟下會計資訊的有用性,台灣財務金融學會年會暨學術論文研討會。
王勇勝,2003,內部關係人交易與盈餘品質之關聯性暨市場反應效率性研究,台灣大學會計研究所碩士論文。
周行一、 陳錦村、 陳坤宏, 1996, 家族企業、聯屬持股與公司價值之研究,中國財務學刊,第四卷第一期,頁115-139。
李建然,2000,影響台灣上市公司自願性盈餘預測頻率之研究,會計評論,第32期,頁49-79。
林家靜,2004,公司治理、盈餘管理與投資人報酬之關連性研究,政治大學會計研究所碩士論文。
林靜香,1994,我國財務預測公告資訊內涵之研究,政治大學會計研究所碩士論文。
金成隆、林修葳、張永芳,1999,強制性財務預測誤差與盈餘管理關係:20﹪門檻限制影響之研究,中國財務學刊,第7卷,第1期,頁59-96。
金成隆、林修葳與洪郁珊,2003,無形資產、新股折價與內部人持股關係之研究,會計評論,第36期,頁23-53。
柯承恩,蘇裕惠,李文智,1993a,談審計總體簽證市場研究之供給面,會計研究月刊,第89期,頁91-98。
柯承恩,蘇裕惠,李文智,1993b,談審計總體簽證市場研究之需求面,會計研究月刊,第88期,頁76-82。
吳安妮,1993,財務分析師、管理當局、及統計模式預測準確度之比較研究,管理評論,第12卷 (7月),頁1-48。
高蘭芬,2002,董監事股權質押之代理問題對會計資訊與公司績效之影響,成功大學會計研究所博士論文。
許周全,2001,機構投資人與管理當局自願性盈餘預測之關聯性研究,台北大學會計學系碩士論文。
許永聲、王泰昌,2005,盈餘管理行為與會計資訊的評價能力,台灣財務金融學會年會暨學術論文研討會。
許加昂,2000,董監質押比率與公司經營績效、融資政策、股利政策關聯性之研究,台灣大學會計研究所碩士論文。
陳子琦,1996,強制性財務預測資訊特質與內涵之研究,國立政治大學會計學研究所碩士論文。
陳宏姿,2001,董監事結構與企業財務績效關聯之研究,政治大學會計研究所碩士論文。
陳育成、黃瓊瑤,2001,台灣資本市場盈餘預測與盈餘管理關連性之研究,證券市場發展,第13卷,第2期,頁97-121。
陳坤宏,1995,家族企業、聯屬持股與經營績效之研究,中央大學財務管理研究所碩士論文。
陳其美、韓千山、蕭玄逸沂,2002,股票質押契約中斷頭條款之設計對大股東交易行為、証券市場與公司投資效率之影響,證券市場發展,第14卷,第2期,頁71-110。
陳耀宗、劉若蘭、林坤霖,2003,產業專家、客戶滿意度與審計公費關聯性之研究,會計評論,第37期,頁31-52。
戚務君、沈中華、呂美慧,2005,會計盈餘對好消息認列之時效性與對壞消息認列之穩健性的實證研究:分量迴歸的應用,政治大學working paper。
郭玟君,1997,外資法人之投資行為與會計資訊關係之研究,政治大學會計研究所碩士論文。
郭建宏,2004,自願性與強制性財務預測資訊品質與資訊內涵之研究,淡江大學會計學系碩士論文。
程心瑤、蔡宜芬,2006,分析師預測與管理當局預測對於企業評價之相對有用性:發佈時機與先後順序,會計評論,第42期,頁81-107。
張文瀞、周玲臺、林修葳,2003,內部人持股連續變動公司之盈餘管理行為特色,會計評論,第37期,頁53-83。
張旭玲,1998,我國股票上市公司股權結構暨經營績效之研究,成功大學會計學研究所碩士論文。
楊俊中,1998,股權結構與經營績效相關性之研究,台灣大學會計學研究所碩士論文。
楊麗弘,2000,台灣上市公司股權結構與經營績效研究—由董監事持股質押效果論之,長庚大學管理研究所碩士論文。
葉銀華、李存修、施俊義,1998,家族控股、董事會組成與經營績效─台灣家族企業管治機制之研究,中國財務學會87年會暨學術研討會論文集,頁161-180。
廖仲協,1995,強制性財務預測、盈餘操縱及股票投資報酬之實證研究,政治大學會計研究所碩士論文。
劉綠萍,2004,董監事股權質押的代理問題與公司價值關聯性之研究,台北大學企業管理學系博士論文。
蘇勇儒,1996,管理當局與財務分析師財務預測相對準確性之比較,東吳大學會計研究所碩士論文。
鍾俊文、陳漢沖,2004,對上市櫃公司授信比較有保障嗎?—兼論董監事持股與質押對違約風險之影響,貨幣觀測與信用評等,頁3-20。
羅庚辛、蔡文賢、許明峰、簡瑞廷,2005,國內上市公司內部人交易與經營績效及影響交易因素關係之研究,會計評論,第41期,頁33-51。
蕭志高,2000,錸德股價大暴跌追追追—揭開大股東張昭焚股票質押之迷,財訊月刊224期。
Aboody, D., and B. Lev. 2000. Information asymmetry, R&D, and insider gains. Journal of Finance 55: 2747-2766.
Aboody, D., J. Hughes, and J. Liu. 2004. Earnings quality, insider trading, and cost of capital. Working paper, University of California – Los Angeles.
Agrawal, A., and G. N. Mandelker. 1990. Large shareholders and monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis 25: 143-161.
Ajinkya, B. B., and M. J. Gift. 1984. Corporate managers’ earnings forecasts and symmetrical adjustments of market expectations. Journal of Accounting Research 22 (Autumn): 425-444.
Amir, E., and B. Lev. 1996. Value-relevance of nonfinancial information: the wireless communications industry. Journal of Accounting and Economics 22 (1): 3-30.
Atiase, R. 1985. Predisclosure information, firm capitalization, and security price behavior earnings announcements. Journal of Accounting Research 23 (1): 21-36.
Ayers, B. C., and R. N. Freeman. 2003. Evidence that analyst following and institutional ownership accelerate the pricing of future earnings. Review of Accounting Studies 8: 47-67.
Baginski, S., and J. M. Hassell. 1997. Determinants of management forecast precision. The Accounting Review 72 (2): 303-312.
Baiman, S., and R. Verrecchia. 1996. The relation among capital markets, financial disclosure, production efficiency, and insider trading. Journal of Accounting Research 34 (1): 1-22.
Ball, R., S. P. Kothari, and A. Robin. 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29 (1): 1-51.
Ball, R., L. Shivakumar. 2005. Earnings quality in UK private firms: comparative loss recongition timeliness. Journal of Accounting and Economics 39 (1): 83-128.
Bar-Gill, O., and L. A. Bebchuk. 2003. Misreporting corporate performance. Working paper, Harvard University.
Barth, M. E., W. H. Beaver, and W. R. Landsman. 1998. Relative valuation roles of equity book value and net income as a function of financial health. Journal of Accounting and Economics 25 (1): 1-34.
Barth, M., R. Kasznik, and M. McNichols. 2001. Analyst coverage and intangible assets. Journal of Accounting Research 39 (1): 1-34.
Bartov, E., S. Radhakrishnan, and I. Krinsky. 2000. Investor sophistication and patterns in stock returns after earnings announcements. The Accounting Review 75 (1): 43-63.
Basu, S. 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24 (1): 3-37.
Beaver, W., R. Lambert, and D. Morse. 1980. The information content of security prices. Journal of Accounting and Economics 2 (1): 13-28.
Beaver, W., R. Lambert, and S. Ryan. 1987. The information content of security prices: A second look. Journal of Accounting and Economics 9 (2): 139-157.
Beaver, W., and S. Ryan. 1993. Accounting fundamentals of the book-to-market ratio. Financial Analysts Journal 49 (6): 50-56.
Becker, C., M. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting research 15 (1): 1-24.
Beekes, W., P. Pope, and S. Young. 2004. The link between earnings timeliness, earnings conservatism and board composition: evidence from the UK. Corporate Governance 12 (1): 47-59.
Beneish, M., and M. Vargus. 2002. Insider trading, earnings quality, and accrual mispricing. The Accounting Review 77 (4): 755-791.
Bhushan, R. 1989. Collection of information about publicly traded firms: theory and evidence. Journal of Accounting and Economics 11 (2/3): 183-206.
Brown, S., K. Lo, and T. Lys. 1999. Use of R2 in accounting research: measuring changes in value relevance over the last four decades. Journal of Accounting and Economics 28 (1): 83-115.
Brown, S., S. A. Hillegeist, and K. Lo. 2004. Conference calls and information asymmetry. Journal of Accounting and Economics 37 (3): 343-366.
Bushman, R., Q. Chen, E. Engel, and A. Smith. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics 37 (2): 167-201.
Carcello, J. V., and A. L. Nagy. 2004. Client size, auditor specialization and fraudulent financial reporting. Managerial Auditing Journal 19 (5): 651-668.
Chen, Y., and S. Hu. 2001. The controlling shareholder’s personal stock loan and firm performance. Working paper, National Taiwan University.
Chen, K. Y., K. L. Lin, and J. Zhou. 2005a. Audit quality and earnings management for Taiwan IPO firms. Managerial Auditing Journal 20 (1): 86-104.
Chen, K. Y., and R. J. Elder. 2001. Industry specialization and audit fees: The effect of industry type and market definition. Working Paper, Syracuse University.
Chen, K. Y., R. J. Elder, and J. L. Liu. 2005b. Auditor independence, audit quality and auditor-client negotiation outcomes: some evidence from Taiwan. Journal of Contemporary Accounting & Economics 1 (2): 119-146.
Chen, K. Y., and S. Wu. 2004. The effect of industry specialization on audit fees in Taiwan: The role of industry type. Taiwan Accounting Review 5 (1): 41-69.
Cheng, Q., and K. Lo. 2004. Insider trading and voluntary disclosures. Working paper, British Columbia University.
Cheng, Q., and T. D. Warfield. 2005. Equity incentives and earnings management. The Accounting Review 80 (2): 441-476.
Coller, M., and T. L. Yohn. 1997. Management forecasts and information asymmetry: An examination of bid-ask spreads. Journal of Accounting Research 35 (2): 181-191.
Collins, D. W., S. P. Kothari, J. Shanken, and R. Sloan. 1994. Lack of timeliness and noise as explanations for the low contemporaneous return-earnings association. Journal of Accounting and Economics 18 (3): 289-324.
Collins, D. W., S. P. Kothari, and J. D. Rayburn. 1987. Firm size and the information content of prices with respect to earnings. Journal of Accounting and Economics 9 (2): 111-138.
Collins, D. W., E. L. Maydew, and I. S. Weiss. 1997. Changes in the value relevance of earnings and book values over past forty years. Journal of Accounting Economics 24 (1): 39-67.
Core, J. E., W. R. Guay, and A. V. Buskirk. 2003. Market valuations in the new economy: an investigation of what has changed. Journal of Accounting and Economics 34 (1): 43-67.
Craswell A. T., J. R. Francis, and S. L. Taylor. 1995. Auditor brand name reputations and industry specializations. Journal of Accounting and Economics 20 (3): 297-322.
Das, S., and H. Zhang. 2003. Round-up in reported EPS, behavioral thresholds, and earnings management. Journal of Accounting and Economics 35 (1): 31-50.
DeAngelo, L. E. 1981. Auditor size and auditor quality. Journal of Accounting and Economics 1 (December): 183-199.
Dechow, P., R. Sloan, and A. Sweeney. 1995. Detecting earnings management. The Accounting Review 70 (1): 193-225.
DeFond, M. L., J. R. Francis, and T. J. Wong. 2000. Auditor industry specialization and market segmentation: Evidence from Hong Kong. Auditing: A Journal of practice & Theory 19 (1): 49-66.
DeFond, M. L., and C. W. Park. 1997. Smoothing income in anticipation of future earnings. Journal of Accounting and Economics 23 (1): 115-139.
DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17 (1): 145-176.
DeFond, M. L. 1992. The association between changes in client firm agency costs and auditor switching. Auditing: A Journal of Practice & Theory 11 (Spring): 16-31.
Demers, E., and B. Lev. 2001. A rude awakening: Internet shakeout in 2000. Review of Accounting Studies 6:331-359.
Dopuch, N., and D. A. Simunic. 1980. The nature of competition in the auditing profession: A descriptive and normative view. In Regulation and the Accounting Profession, edited by J.W. Buckly and J.F. Weston (Lifetime Learning, 1980, 77-94).
Easton, P., and T. Harris. 1991. Earnings as an explanatory variable for returns. Journal of Accounting Research 29 (1): 19-36.
El-Gazzar, S. M. 1998. Predisclosure information and institutional ownership: a cross-sectional examination of market revaluation during earnings announcement periods. The Accounting Review 73 (1): 119-129.
Elitzur, R., and V. Yaari. 1995. Executive incentive compensation and earnings manipulation in a multi-period setting. Journal of Economic Behavior and Organization 26: 201-219.
Elliott, J., D. Morse, and G. Richardson. 1984. The association between insider trading and information announcements. Rand Journal of Economics 15 (4): 521-536.
Emby, C., and R. Davidson. 1998. The effects of engagement factors on auditor independence: Canadian evidence. Journal of International Accounting, Auditing & Taxation 7 (2): 135-150.
Erickson, M., and S. Wang. 1999. Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting Economics 27: 146-176.
Fama, E. F. 1991. Efficient capital market: II. The Journal of Finance 46 (5): 1575-1617.
Feltham, G., and J. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11: 689-731.
Finnerty, J. 1976. Insiders and market efficiency. Journal of Finance 31: 1141-1148.
Fischer, P. E., and R. E. Verrecchia. 2000. Reporting bias. The Accounting Review 75: 229-245.
Francis, J., and K. Schipper. 1999. Have financial statements lost their relevance? Journal of Accounting Research 37 (2): 319-352.
Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory 18 (2): 17-34.
Francis, J. R., and E. Wilson. 1988. Auditor changes: a joint test of theories relating to agency costs and auditor differentiation. The Accounting Review 63 (October): 663-682.
Frankel, R., and X. Li. 2004. Characteristics of a firm’s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics 37 (2): 229-259.
Freeman, R. 1987. The association between accounting earnings and security returns for large and small firms. Journal of Accounting and Economics 9 (2): 195-228.
Gibbins, M., S. Salterio, and A. Webb. 2001. Evidence about auditor-client management negotiation concerning clients financial reporting. Journal of Accounting Research 39: 535-563.
Gibbins, M., S. McCracken, and S. Salterio. 2003. Auditor-client management negotiation concerning client’s financial reporting: evidence from the client’s side. Working Paper, University of Alberta.
Givoly, D., and C. Hayn. 2000. The changing time-series properties of earnings, cash flows and accruals: has financial reporting become more conservative? Journal of Accounting and Economics 29: 287-320.
Gul, F. A., S. Leung, and B. Srinidhi. 2003. Informative and opportunistic earnings management and value relevance of earnings: Some evidence on the role of IOS. Working paper, City University of Hong Kong.
Hand, J. R. 1990. A test of the extended functional fixation hypothesis. The Acccounting Review 65 (4): 734-763.
Healy, P. M., and J. M. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13: 365-383.
Hogan, C. E., and D. C. Jeter. 1999. Industry specialization by auditors. Auditing: A Journal of practice & Theory 18 (Spring): 1-17.
Holthausen, R. W., and R. L. Watts. 2001. The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics 31 (1): 3-75.
Irani, A. J. 2003. Management earnings forecast bias and insider trading: comparison of distressed and non-distressed firms. Journal of Business & Economic Studies 9 (1): 12-25.
Jaffe, J. 1974. The effect of regulation changes on insider trading. The Journal of Business 47 (3): 410-428.
Kasznik, R. 1999. On the association between voluntary disclosure and earnings management. Journal of Accounting Research 37 (1): 57-81.
Ke, B., S. Huddart, and K. Petroni. 2003. What insiders know about future earnings and how they use it: evidence from insider trades. Journal of Accounting and Economics 35 (3): 315-346.
Kothari, S. P., A. J. Leone, and C. E. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39 (1): 163-197.
Kothari, S. P., T. Lys, C. W. Smith, and R. L. Watts. 1988. Auditor liability and information disclosure. Journal of Accounting, Auditing and Finance 3 (Fall): 307-339.
Kothari, S. P., and R. Sloan. 1992. Information in prices about future earnings: Implications for earnings response coefficients. Journal of Accounting and Economics 15: 143-171.
Krishnan, G. V. 2005. The association between Big 6 auditor industry expertise and the asymmetric timeliness of earnings. Journal of Accounting, Auditing, and Finance 20 (4): 209-228.
Lakonishok, J., and I. Lee. 2001. Are insider trades informative? The Review of Financial Studies 14 (1): 79-111.
Lang, M. H., and R. J. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (2): 246-271.
Lang, M. H., and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71 (4): 467-491.
Lev, B., and P. Zarowin. 1998. The boundaries of financial reporting and how to extend them. Journal of Accounting Research 37(2): 353-385.
Lustgarten, S., and V. Mande. 1995. Financial analysts’ earnings forecasts and insider trading. Journal of Accounting and Public Policy 14: 233-261.
Lustgarten, S., and V. Mande. 1998. The effect of insider trading on financial analysts’ forecast accuracy and dispersion. Journal of Accounting and Public Policy 17: 311-327.
Masson, R. T., and A. Madhavan. 1991. Insider trading and the value of the firm. The Journal of Industrial Economics XXXIX (4): 333-353.
Mayhew, B., and M. Wilkins. 2003. Audit firm industry specialization as a differentiation strategy: Evidence from fees charged to firms going public. Auditing: A Journal of Practice and Theory 22 (Fall): 33-52.
Mitra, S., and W. M. Cready. 2005. Institutioal stock ownership, accrual management, and information evnironment. Journal of Accounting, Auditing, and Finance 20 (3): 257-286.
Morck, R., A. Shleifer, and R. Vishny. 1988. Management ownership and market valuation, an empirical analysis. Journal of Financial Economics 20: 293-315.
Noe, C. 1999. Voluntary disclosures and insider transactions. Journal of Accounting and Economics 27 (3): 305-326.
Owhoso, V. E., W. F. Messire, Jr., and J. G. Lynch, Jr. 2002. Journal of Accounting Research 40 (June): 883-900.
Palepu, K. G., P. M. Healy, and V. L. Bernard. 2004. Business analysis and valuation: Using financial statements, 3rd edition. Published by South-Western.
Palmer, R. 1989. Accounting as a “mature industry.” Journal of Accountancy 167 (May): 84-88.
Palmrose, Z. V. 1988. An analysis of auditor litigation and audit service quality. The Accounting Review 63 (January): 55-73.
Park, M. S., and T. Park. 2004. Insider sales and earnings management. Journal of Accounting and Public Policy 23: 381-411.
Piotroski, J. D., and D. T. Roulstone. 2004. The influence of analysts, institutional investors, and insider on the incorporation of market, industry, and firm-specific information into stock prices. The Accounting Review 79 (4): 1119-1151.
Piotroski, J. D., and D. T. Roulstone. 2005. Do insider trades reflect both contrarian beliefs and superior knowledge about future cash flow realizations? Journal of Accounting and Economics 39 (1): 55-81.
Pope, P., and M. Walker. 1999. International differences in the timeliness, conservatism, and classification of earnings. Journal of Accounting Research 37 (Supplement): 53-99.
Potter, G. 1992. Accounting earnings announcements, institutional investor concentration, and common stock returns. Journal of Accounting Research 30 (1): 146-155.
Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20 (1-2): 237-265.
Rajgopal, S., and M. Venkatachalam. 1998. The role of institutional investors in corporate governance: an empirical investigation. Working Paper, University of Washington.
Rangan, S. 1998. Earnings management and the performance of seasoned equity offerings. Journal of Financial Economics 50 (1): 101-122.
Ross, S. 1979. Disclosure regulation in financial markets: implications of modern finance theory and signaling theory. In: Edwards, Franklin, R. (Eds.). Issues in Financial Regulation. McGraw Hill, New York, pp. 177-202.
Roulstone, D. 2003. Analyst following and market liquidity. Contemporary Accounting Research 20 (3): 551-578.
Rozeff, M., and M. Zaman. 1988. Market efficiency and insider trading: new evidence. Journal of Business 61: 25-44.
Rozeff, M., and M. Zaman. 1998. Overreaction and insider trading: Evidence from growth and value portfolios. The Journal of Finance: 701-716.
Ruland, W., S. Tung, and N. G. George. 1990. Factors associated with the disclosure of managers’ forecasts. The Accounting Review 65 (3): 710-721.
Ryan, S. G., and P. A. Zarowin. 2003. Why has the contemporaneous linear returns-earnings relation declined? The Accounting Review 78 (2): 523-553.
Sankar, M. R. 1999. The impact of alternative forms of earnings management on the return-earnings relation. Working paper, University of Southern California.
Scott, W. R. 2000. Financial Accounting Theory, 2nd edition. Published by Prentice-Hall Canada Inc., Scarborough, Ontario. Pearson Education.
Seyhun, H. N. 1986. Insider’s profits, cost of trading, and market efficiency. Journal of Financial Economics 16: 189-212.
Seyhun, H. N. 1992. Why does aggregate insider trading predict future stock returns? Quarterly Journal of Economics 107: 1303-1331.
Seyhun, H. N. 1998. Investment intelligence from insider trading. The MIT Press. Cambridge MA.
Sivakumar, K., and J. Vijayakumar. 2001. Insider trading, analysts’ forecast revisions, and earnings changes. Journal of Accounting, Auditing & Finance 16 (2): 167-187.
Sivakumar, K., and G. Waymire. 1994. Insider trading following material news events: Evidence from earnings. Financial Management 23 (Spring): 23-32.
Simunic, D. A., and M. Stein. 1987. Product differentiation in Auditing: Auditor choice in the market of unseasoned new issues. Canadian Certified General Accountants’ Research Foundation Vancouver, BC.
Skinner, D. 1994. Why firms voluntarily disclose bad news. Journal of Accounting Research 32 (1): 38-60.
Subramanyam, K. R. 1996. The price of discretionary accruals. Journal of Accounting and Economics 22: 249-281.
Szewczyk, S. H., G. P. Tsetsekos, and R.Varma. 1992. Institutional ownership and the liquidity of common stock offerings. The Financial Review 27 (2): 211-225.
Teoh, S., I. Welch, and T. J. Wong. 1998a. Earnings management and the long-run market performance of initial public offerings. The Journal of Finance LIII (6): 1935-1974.
Teoh, S., I. Welch, and T. J. Wong. 1998b. Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics 50: 63-99.
Trueman, B. 1990. Theories of earnings announcement timing. Journal of Accounting and Economics 13: 285-301.
Trueman, B. 1986. Why do managers voluntarily release earnings forecasts? Journal of Accounting and Economics 8 (1): 53-71.
Udpa, S. 1996. Insider trading and the information content of earnings. Journal of Business Finance and Accounting 23 (8): 1069-1095.
Verrecchia, R. E. 2001. Essays on disclosure. Journal of Accounting and Economics 32 (1-3): 97-180.
Verrecchia, R. E. 1983. Discretionary disclosure. Journal of Accounting and Economics 5 (3): 179-194.
Wallace, W. 1980. The economic role of the audit in free and regulated markets. Touche Ross & Co.
Watts, R. L. 1993. A proposal for research on conservatism. Working paper, University of Rochester (also presented at American Accounting Association Annual Meeting, San Francisco, CA).
Watts, R. L., and J. Zimmerman. 1986. Positive Accounting Theory. Prentice-Hall, Inc.
Yeh, Y. H., T. S. Lee, and T. Woidtke. 2001. Family control and corporate governance: evidence for Taiwan. International Review of Finance 2: 21-48.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2007-08-08起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2007-08-08起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw