不同型式法說會召開之資訊內涵、因素與影響

The incremental information, determinants and impacts of conference calls with different public accessibility

楊雅婷(Ya-Ting Yang)

指導教授 ： 陳聖賢

國立臺灣大學/管理學院/財務金融學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.10003

摘要

無資料

關鍵字

法人說明會 ； 資訊不對稱 ； 資訊內涵 ； 事件研究法 ； 機構投資人

並列摘要

This study discussed the determinants and market impacts of open and closed conference calls. Since there were no explicit indicators for open and closed calls in Taiwan, we used two criteria to separate calls into open (public) and closed (private) ones. The first criterion was whether the call provided video records on the company’s website or Market Observation Post System (MOPS). The other was whether the convention of the conference call was announced at least 3 days before the events. First, we adopted an event study and verified that conference calls in 2014 provided incremental information. Then, we applied logit models to analyze the determinants of holding different types of calls. We discovered that companies with more shareholders (LNOWN), higher BP ratio (BP), more intangible assets (INTAN), a smaller number of employees (LNEMP), larger market value (LMV), less public listing time (LTIME), and in hi-tech industries (DTECH) were more likely to convene open calls. In the last part of this study, we used the univariate analysis to compare the market changes before and after open and closed calls. We found out that open calls would lead to more increase of non-institutional trades and larger stock-trading volume than closed calls.

並列關鍵字

Conference Calls ； Information Asymmetry ； Information Content ； Event Study ； Institutional Investor

參考文獻

[16] Yu-Hsuan Chung, Shaio-Yan Huang and Wuchun Chi, 2013, The Effect of Conference Calls on Information Asymmetry, Journal of Management, 30(4), 295-322.

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