||Do Analysts Fully Appreciate the Implications of Customer Concentration for Future Earnings?
||Graduate Institute of Finance (on the job class)
analyst earnings forecast
analyst forecast bias
Customer concentration is a positive leading indicator of the company's future performance. This study explores whether analysts can fully understand the meaning of customer concentration on future earnings and reflect it in their earnings forecast. Customer concentration is a non-financial leading indicator with high complexity, and its impact on the company's operation and profit will vary with whether the company is in the initial stage or in the mature stage. The more complex the forecast information is, the analysts will not be able to make accurate financial forecasts. Therefore, this paper expects that analysts cannot fully understand the implication of customer concentration on future earnings. The empirical results show that there is a positive correlation between the change of customer concentration and analysts' prediction bias, which means that analysts can not fully understand the meaning of customer concentration on future earnings.
第一章 緒論 1
第二章 研究背景與假說發展 3
第三章 研究設計 6
第一節 樣本及資料來源 6
第二節 顧客集中度衡量 6
第三節 實證模型 7
第四章 實證結果分析 9
第一節 敘述性統計量 9
第二節 相關係數分析 11
第三節 迴歸係數分析 14
第五章 結論 17
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