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題名 分析師推薦對管理當局所釋出資訊量關聯性之研究
作者 管紹博
貢獻者 金成隆
管紹博
關鍵詞 分析師推薦
分析師預測準確性
資訊揭露評鑑系統
analysts’ stock recommendations
forecast accuracy of analysts
TSFIC
日期 2007
上傳時間 6-May-2016 16:35:06 (UTC+8)
摘要 本研究欲探討分析師推薦對管理當局所釋出資訊量之關聯性，當分析師越強力推薦公司時，公司的管理當局將願意提供較多的資訊給分析師做為預測的依據，則分析師對公司盈餘的預測也越準確。研究結果發現給予公司較佳推薦的分析師，預測準確性確實比給予公司較差推薦的分析師高。
之後再利用台灣證券暨期貨市場發展基金會設立的資訊揭露評鑑系統，探討資訊較為透明的公司，因為管理當局自願提供較多的資訊，即便分析師強力推薦，可能也無法得到額外的資訊，所以分析師推薦的效果應比資訊揭露較不透明的受評公司差。實證結果發現資訊揭露較透明的受評公司，分析師的推薦效果確實比資訊訊揭露較不透明的受評公司差。
This thesis examines directly whether that managers provide more (less) information to analysts with more (less) favorable stock recommendations, based on the Barron et al. model (1998). Prior study documents the relative forecast accuracy of analysts before and after a recommendation issuance under the assumption that increases (decreases) in management-provided information will increase (decrease) analysts’ relative forecast accuracy. In contrast, this paper directly measure amount of information based on Barron et al. model (1998), and examine whether amount of information varies between pre- and post- a recommendation. Contrary to our prediction, the results show no significant difference in amount of information after and before recommendation issuance.

However, we do find that analysts issuing more favorable recommendations experience a greater increase in their relative forecast accuracy compared with analysts with less favorable recommendations. In addition, we also find that the association is smaller for firms with higher information transparency than those with lower information transparency. The information transparency is measure by whether firms are listed in Taiwan Securities & Futures Information Center’s Information Disclosure and Transparence Ranking System (therefore TSFIC).
參考文獻 Angwin, J., and M. Peers. 2001. Cold calls: AOL may be snubbing Merrill. The Wall Street Journal, January 1, 2001, C1.
Atiase, R. 1985. Pre-disclosure information, firm capitalization, and security price behavior around financial report releases. Journal of Accounting Research 23 (Spring): 21-36.
Barron, O., D. Byard, C. Kile, and E.J. Riedl. 2002. High-technology intangibles and analyst’s forecasts. Journal of Accounting Research 40 (2): 289-311.
________, O. Kim, S. Lim, and D. Stevens. 1998. Using analysts’ forecasts to measure properties of analysts’ information environment. The Accounting Review 73: 421-33.
________, O., and P. Stuerke. 1998. Dispersion in analysts’ earnings forecasts as a measure of uncertainty. Journal of Accounting, Auditing and Finance 13: 243-68.
Bauman, W. S., S. Datta, and M. E. Iskandar-Datta. 1995. The value of analyst recommendations: a test of “the announcement effect” and ”the valuable information effect”. Journal of Business Finance & Accounting 22: 659-670.
Beneish, M. D. 1991. Stock prices and the dissemination of analysts` recommendations. Journal of Business 64: 393-416.
Brown, L., R. Hagerman, P. Griffin, and M. Zmijewski. 1987. Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings. Journal of Accounting & Economics 9: 61-87.
______, L., and E. Mohd. 2003. The predictive value of analyst characteristics. Journal of Accounting, Auditing, and Finance: 625-647.

Bowen, R, A. Davis, and D. Matsumoto. 2002. Do conference calls affects analysts forecasts? The Accounting Review 77: 285-316.
Chandy, P. R., J. W. Peavy, and W. Reichenstein. 1993. A note on the value line stock highlight effect. Journal of Financial Research 14: 171-179.
Chen, S., and D. A. Matsumoto. 2006. Favorable versus unfavorable recommendations: the impact on analyst access to management-provided information. Journal of Accounting Reaserach 44: 657-689.
Clement, M. 1999. Analyst forecast accuracy: do ability resources and portfolio complexity matter? Journal of Accounting & Economics 27: 285-304.
Fehr, E., and S.Gachter. 2000. Fairness and retaliation: the economics of reciprocity. The Journal of Economic Perspectives 14: 159-181.
Heflin, F., K. R. Subramanyam, and Y. Zhang. 2003. Regulation FD and the financial information environment: early evidence. The Accounting Review 78: 1-37.
Holthausen, R., and R. Verrecchia. 1990. The effect of informedness and consensus on price and volume behavior. The Accounting Review 65: 191-208.
Hope, O. 2003. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20: 295-321.
Kelly, K. 2003. One analyst learns candor doesn’t pay. The Wall Street Journal, February 5, 2003,C1.
Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71: 467-492.
Lees, F. 1981. Public disclosure of corporate earnings forecasts. New York: The Conference Board.
Liu, P., S. D. Smith, and A. A. Syed. 1990. Stock price reactions to the Wall Street journal` sdecurities recommendations. Journal of Financial and Quantitative Analysis 25 (3): 399-410.
Peterson, D. R. 1995. The informative role of the value line investment survey: evidence from stock highlights. Journal of Financial and Quantitative Analysis 30: 607-618.
Siconolfi, M. 1995. Incredible ”buys”: many companies press analysts to steer clear of negative ratings—stock research is tainted as naysayers are banned, undermined and berated—small investors in the dark. The Wall Street Journal, July 19, 1995, A1.
Womack, K. L. 1996. Do brokerage analysts’ recommendations have investment value? Journal of Finance 51: 137-167.
Zitzewitz, E. 2002. Regulation fair disclosure and the private information of analysts. Working paper, Stanford University.
描述 碩士
國立政治大學
會計學系
94353034
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094353034
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.author (Authors) 管紹博zh_TW
dc.creator (作者) 管紹博zh_TW
dc.date (日期) 2007en_US
dc.date.accessioned 6-May-2016 16:35:06 (UTC+8)-
dc.date.available 6-May-2016 16:35:06 (UTC+8)-
dc.date.issued (上傳時間) 6-May-2016 16:35:06 (UTC+8)-
dc.identifier (Other Identifiers) G0094353034en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/94403-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 94353034zh_TW
dc.description.abstract (摘要) 本研究欲探討分析師推薦對管理當局所釋出資訊量之關聯性，當分析師越強力推薦公司時，公司的管理當局將願意提供較多的資訊給分析師做為預測的依據，則分析師對公司盈餘的預測也越準確。研究結果發現給予公司較佳推薦的分析師，預測準確性確實比給予公司較差推薦的分析師高。
之後再利用台灣證券暨期貨市場發展基金會設立的資訊揭露評鑑系統，探討資訊較為透明的公司，因為管理當局自願提供較多的資訊，即便分析師強力推薦，可能也無法得到額外的資訊，所以分析師推薦的效果應比資訊揭露較不透明的受評公司差。實證結果發現資訊揭露較透明的受評公司，分析師的推薦效果確實比資訊訊揭露較不透明的受評公司差。		zh_TW
dc.description.abstract (摘要) This thesis examines directly whether that managers provide more (less) information to analysts with more (less) favorable stock recommendations, based on the Barron et al. model (1998). Prior study documents the relative forecast accuracy of analysts before and after a recommendation issuance under the assumption that increases (decreases) in management-provided information will increase (decrease) analysts’ relative forecast accuracy. In contrast, this paper directly measure amount of information based on Barron et al. model (1998), and examine whether amount of information varies between pre- and post- a recommendation. Contrary to our prediction, the results show no significant difference in amount of information after and before recommendation issuance.

However, we do find that analysts issuing more favorable recommendations experience a greater increase in their relative forecast accuracy compared with analysts with less favorable recommendations. In addition, we also find that the association is smaller for firms with higher information transparency than those with lower information transparency. The information transparency is measure by whether firms are listed in Taiwan Securities & Futures Information Center’s Information Disclosure and Transparence Ranking System (therefore TSFIC).		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題 3
第二章 文獻探討 4
第三章 研究方法 7
第一節 假說建立 7
第二節 樣本選取與資料來源 9
第三節 變數說明 11
第四節 研究設計 14
第四章 實證結果 17
第一節 敘述性統計 17
第二節 相關性檢定 21
第三節 迴歸結果分析 25
第四節 進一步檢測 31
第五節 敏感性分析 31
第五章 結論與建議 35
第一節 研究結論與貢獻 35
第二節 研究限制與建議 36
參考文獻 37		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094353034en_US
dc.subject (關鍵詞) 分析師推薦zh_TW
dc.subject (關鍵詞) 分析師預測準確性zh_TW
dc.subject (關鍵詞) 資訊揭露評鑑系統zh_TW
dc.subject (關鍵詞) analysts’ stock recommendationsen_US
dc.subject (關鍵詞) forecast accuracy of analystsen_US
dc.subject (關鍵詞) TSFICen_US
dc.title (題名) 分析師推薦對管理當局所釋出資訊量關聯性之研究zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Angwin, J., and M. Peers. 2001. Cold calls: AOL may be snubbing Merrill. The Wall Street Journal, January 1, 2001, C1.
Atiase, R. 1985. Pre-disclosure information, firm capitalization, and security price behavior around financial report releases. Journal of Accounting Research 23 (Spring): 21-36.
Barron, O., D. Byard, C. Kile, and E.J. Riedl. 2002. High-technology intangibles and analyst’s forecasts. Journal of Accounting Research 40 (2): 289-311.
________, O. Kim, S. Lim, and D. Stevens. 1998. Using analysts’ forecasts to measure properties of analysts’ information environment. The Accounting Review 73: 421-33.
________, O., and P. Stuerke. 1998. Dispersion in analysts’ earnings forecasts as a measure of uncertainty. Journal of Accounting, Auditing and Finance 13: 243-68.
Bauman, W. S., S. Datta, and M. E. Iskandar-Datta. 1995. The value of analyst recommendations: a test of “the announcement effect” and ”the valuable information effect”. Journal of Business Finance & Accounting 22: 659-670.
Beneish, M. D. 1991. Stock prices and the dissemination of analysts` recommendations. Journal of Business 64: 393-416.
Brown, L., R. Hagerman, P. Griffin, and M. Zmijewski. 1987. Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings. Journal of Accounting & Economics 9: 61-87.
______, L., and E. Mohd. 2003. The predictive value of analyst characteristics. Journal of Accounting, Auditing, and Finance: 625-647.

Bowen, R, A. Davis, and D. Matsumoto. 2002. Do conference calls affects analysts forecasts? The Accounting Review 77: 285-316.
Chandy, P. R., J. W. Peavy, and W. Reichenstein. 1993. A note on the value line stock highlight effect. Journal of Financial Research 14: 171-179.
Chen, S., and D. A. Matsumoto. 2006. Favorable versus unfavorable recommendations: the impact on analyst access to management-provided information. Journal of Accounting Reaserach 44: 657-689.
Clement, M. 1999. Analyst forecast accuracy: do ability resources and portfolio complexity matter? Journal of Accounting & Economics 27: 285-304.
Fehr, E., and S.Gachter. 2000. Fairness and retaliation: the economics of reciprocity. The Journal of Economic Perspectives 14: 159-181.
Heflin, F., K. R. Subramanyam, and Y. Zhang. 2003. Regulation FD and the financial information environment: early evidence. The Accounting Review 78: 1-37.
Holthausen, R., and R. Verrecchia. 1990. The effect of informedness and consensus on price and volume behavior. The Accounting Review 65: 191-208.
Hope, O. 2003. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20: 295-321.
Kelly, K. 2003. One analyst learns candor doesn’t pay. The Wall Street Journal, February 5, 2003,C1.
Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71: 467-492.
Lees, F. 1981. Public disclosure of corporate earnings forecasts. New York: The Conference Board.
Liu, P., S. D. Smith, and A. A. Syed. 1990. Stock price reactions to the Wall Street journal` sdecurities recommendations. Journal of Financial and Quantitative Analysis 25 (3): 399-410.
Peterson, D. R. 1995. The informative role of the value line investment survey: evidence from stock highlights. Journal of Financial and Quantitative Analysis 30: 607-618.
Siconolfi, M. 1995. Incredible ”buys”: many companies press analysts to steer clear of negative ratings—stock research is tainted as naysayers are banned, undermined and berated—small investors in the dark. The Wall Street Journal, July 19, 1995, A1.
Womack, K. L. 1996. Do brokerage analysts’ recommendations have investment value? Journal of Finance 51: 137-167.
Zitzewitz, E. 2002. Regulation fair disclosure and the private information of analysts. Working paper, Stanford University.		zh_TW