投資人注意力與營收宣告的效果

林智勇

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投資人注意力與營收宣告的效果

The Effect of Investor Attention on Revenue Announcements

林智勇 , Masters　　Advisor：林美珍　　

繁體中文

異常交易量；營收宣告；投資人注意力；未預期營收； Revenue surprises ； Abnormal trading volume ； Revenue announcements ； Investor attention

Abstract │ Reference (73) │ Altmetrics

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This research examines whether investor attention and revenue announcements influence the stock returns in Taiwan securities market. First, we use abnormal trading volume as a proxy of investor attention. Besides, with event study method, this study not only observes whether or not companies that releasing revenue announcements have significant cumulative abnormal returns around the announcement day but also analyzes its factors. Afterwards, we divide full samples into two subsamples, positive and negative revenue surprises, investigating whether investor attention enhances the impact of positive and negative revenue surprises on abnormal returns. The empirical result shows that when investors notice company’s unexpected revenues, the cumulative abnormal returns become larger with the increase of unexpected revenues. It indicates that investor attention actually affects the stock returns of companies having revenue announcement previously. Furthermore, no matter in the circumstances of positive or negative revenue surprises, investor attention more sufficiently aids the implicit information content of revenue surprises in reacting on stock prices.

Reference ( 73 ) 〈TOP〉

池祥萱、林煜恩、陳韋如、周賓凰（2009）。公司執行長的媒體曝光度會影響公司績效嗎？交大管理學報，29(1)，139-173。
連結：
傅英芬、康信鴻、劉海清（2010）。基金的廣告效果-收購與贖回之觀點。經濟論文，38(3)，459-502。
連結：
劉毅馨、蔡彥卿（2006）。月營收宣告期間私有資訊交易之探究。管理與系統，13(1)，47-76。
連結：
顧廣平（2011）。盈餘與營收動能。管理學報，28(6)，521-544。
連結：
Badrinath, S. G., Kale, J. R., & Noe, T. H. (1995). Of shepherds, sheep, and the cross-autocorrelations in equity returns. Review of Financial Studies, 8(2), 401-430.
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