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系統識別號 U0026-0812200915334551
論文名稱(中文) 產業多角化與資訊不對稱之實證:全球的觀點
論文名稱(英文) International evidence on industrial diversification and asymmetric information
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance & Banking
學年度 97
學期 2
出版年 98
研究生(中文) 林伯軒
研究生(英文) Bo-syuan Lin
學號 r8695105
學位類別 碩士
語文別 英文
論文頁數 56頁
口試委員 口試委員-林軒竹
口試委員-林囿成
指導教授-黃炳勳
指導教授-王明隆
中文關鍵字 分析師預測  資訊不對稱  產業多角化 
英文關鍵字 analyst forecast  asymmetric information  industrial diversification 
學科別分類
中文摘要 本篇論文主要探討公司產業多角化對資訊不對稱的影響。本研究以分析師預測值和盈餘宣告後市場異常報酬為衡量資訊不對稱之代理變數來檢驗兩者之間的關係。資料來源方面,我們採用2000至2006年間符合同時存在於I/B/E/S與Worldscope資料庫的全球樣本。實證結果與資訊多角化假說一致,跟單一化公司相較下,多角化公司有較小的分析師預測誤差、較小的預測分歧度、以及較小的盈餘宣告後異常報酬。而此現象在拿掉美國和日本公司的樣本下依然成立。綜上所述,本研究推論公司產業多角化並不會帶來嚴重的資訊不對稱問題。
英文摘要 The purpose of this paper is to examine the effect of industrial diversification on asymmetric information. We seek to test this effect by using the information asymmetry measures including analyst forecast errors and dispersion, and abnormal returns around the announcement date. We obtain data from I/B/E/S and Worldscope datasets during the period from 2000 to 2006. Consistent with the information hypothesis, we find that diversified firms have smaller analyst forecast errors, dispersions, and smaller market reactions after earning announcement than focused firms. In addition, our findings are robust to the exclusion of the U.S. and Japan firms. Taken together, our results suggest that industrial diversification reduces the level of asymmetric information rather than aggravates the adverse selection problem.
論文目次 ABSTRACT………………………………………………..……………………………..Ⅲ
CONTENTS……………………………………………………..………….…….. Ⅳ
TABLE OF CONTENTS…………………………………………………………….…..Ⅴ
FIGURE OF CONTENTS………………………………………………………….…..ⅤI
Chapter 1 Introduction…………………………………………………………………...1
1.1 Research Motivations and Background………………………………………… 1
1.2 Research Objective………………………………………………………………2
1.3 Research Framework…………………………………………………………….3
Chapter 2 Literature Review and Hypotheses Development………………………….5
2.1 Literature review of corporate diversification strategy…………………………5
2.2 Literature review of diversification and information asymmetry………………7
2.3 Hypotheses Development……………………………………………………….11
Chapter 3 Data and Methodology……………………………………………………….13
3.1 Data Selection and Sources……………………………………………………..13
3.2 Definitions of the Variables……………………………………………………..15
3.2.1 Diversification measure………………………………………..…………..15
3.2.2 Forecast accuracy and dispersion measures…………………………..…...16
3.2.3 Price reaction to earnings surprise……………………………..…………..17
3.2.4 Other control variables……………………………………..……………...18
3.3 Methodology……………………………………………………………………21
3.3.1 Analysts’ earnings forecast accuracy and dispersion………...……….…….21
3.3.2 Abnormal return after earnings announcement and diversification…….…..23
Chapter 4 Empirical Results…………………………………………………………….26
4.1 The result of univariate comparisons…………………………………………...26
4.2 The regressions results of global forecast accuracy…………….…………30
4.3 The regressions results of global forecast dispersion………………….……...37
4.4 The regressions results of price impact of earnings surprises………………....44
Chapter 5 Summary and Conclusions………………………………………………....51
5.1 Research Conclusions……………………………………………………….....51
5.2 Research Constraints and Suggestions………………………………………....51
Reference:………………………………………………………………………………53
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