||Do Analysts Impound and Understand the Informativness of Customer Concentration?
||Department of Accountancy
changes in customer concentration
analyst forecast revision
analyst forecast error
Prior studies suggest that customer concentration is a leading indicator of performance in business, because efficiencies accrue to suppliers with concentrated customer bases. This study uses samples from 1988 to 2018 listed companies in the U.S. to examine whether analysts accurately capture and understand the information contained in measures of customer concentration. This study hypothesizes that analysts can incorporate changes in customer concentration in their earnings forecasts, but often can’t fully understand the meaning of them. This study finds that analysts revise their earnings forecasts in response to changes in customer concentration even though they do not fully understand the implications of what is contained in their customer concentration data. The study then provides evidence that analysts with more experience are better at appreciating the implications of customer concentration data than others. Overall, our findings suggest that analysts often have difficulty completely understanding the meaning of complicated information.
第一章 緒論 1
第二章 文獻回顧與假說發展 2
第三章 研究設計 5
第一節 顧客集中度衡量 5
第二節 實證模型設計 5
第三節 資料來源與樣本選擇 7
第四章 實證結果分析 7
第一節 敘述統計分析 7
第二節 相關係數分析 9
第三節 多元迴歸分析 12
第四節 額外測試 14
第五章 結論 16
附錄 變數定義 21
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