機構投資人持股比例與盈餘預測之關係研究

本篇探討機構投資人持股比例與盈餘預測之關係研究。我們發現機構投資人持股比例越高的公司，這些公司之盈餘相關資訊揭露越多，分析師對公司作盈餘預測之準確性越高。在Regulation of Fair Disclosure施行後，研究發現機構投資人持股比例愈高的公司，其分析師盈餘預測的準確性下降。若公司之機構投資人是較為保守或是較受法令規範的，則分析師對公司之盈餘預測準確性越高。

關鍵字

機構投資人；盈餘預測；公司治理

並列摘要

We empirically investigate the association between institutional ownership and earnings forecasted by analysts. Consistent with this hypothesis, we find that firms with greater institutional ownership are more likely pressed to disclose and analysts’ forecasts tend to be more accurate. Subsample analysis conclude that the accuracy of forecast decline after implementation of Regulation Fair Disclosure (Reg. FD). In addition, we examine the relation between types of institutional investors and the quality of earnings forecasts. If the firm has more conservative and restricted institutional investors such as pension fund and brokerage firms, it may have more accurate analysts’ forecasts.

並列關鍵字

Institutional ownership ； earnings forecasts ； corporate governance

參考文獻

Agrawal, A., and G..N.Mandelker, 1990. Large Shareholders and the Monitoring of Managers-The Cases of Antitakeover Charter Amendments. Journal of Financial and Quantitative Analysis 25, 143-61

Ajinkya B., Bhojraj S., and Sengupta P.,2005. The Association between Outside Directors , Institutional Investors and the Properties of Management Earnings Forecasts. Journal of Accounting Research 3, 343-376

Bailey, W., H.T. Li, C.X.Mao, and R.Zhong, 2003. Regulation Fair Disclosure and Earnings Information : Market, Analyst, and Corporate Responses. Journal of Finance 6, 2487-2514

Beasley, M.S., 1996. An empirical analysis of the relation Between the Board of Director Composition and Financial Statement Fraud. The Accounting Review 71,443-465

Bushee, B. J., C.F.Noe.,2000. Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility. Journal of Accounting Research 38, 171-202

國際替代計量

機構投資人持股比例與盈餘預測之關係研究

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