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TitleInformation and Timing of New Product Preannouncement and Firm Value
Creator陳建維
Yang, Chi-Lin
Lin, Tsai-Yin
Chen, Chien-Wei
Chiang, Min-Hsien
Contributor國貿系
Key WordsInformation asymmetry; marketing–finance interface; new product preannouncement; signalling theory; stock market valuationD82; M31
Date2018-02
Date Issued8-Oct-2018 17:32:56 (UTC+8)
SummaryThis study investigates how both the amount of information provided in and the timing of new product preannouncements (NPPAs) influence firm value over the NPPA period, the new product introduction (NPI) period and in the long term, respectively. We adopt an information economics perspective, and signalling theory in particular, to motivate our tests. The findings show that the share price impact of the product information content varies over the different time horizons assessed. It is positive within the NPPA period and in the long term, but insignificant within the NPI period. The use of an early NPPA is associated with a negative impact on firm value across the NPPA, NPI and long-term horizons. We also test for moderating effects and show that earlier timing weakens the positive impacts of information amount on firm value both within the NPPA period and the long-term horizon.
RelationAustralian Journal of Management, Vol.43, No.1, pp.111-131
Typearticle
DOI https://doi.org/10.1177/0312896217702202
dc.contributor 國貿系
dc.creator (作者) 陳建維zh_TW
dc.creator (作者) Yang, Chi-Linen_US
dc.creator (作者) Lin, Tsai-Yinzh_TW
dc.creator (作者) Chen, Chien-Weien_US
dc.creator (作者) Chiang, Min-Hsienzh_TW
dc.date (日期) 2018-02
dc.date.accessioned 8-Oct-2018 17:32:56 (UTC+8)-
dc.date.available 8-Oct-2018 17:32:56 (UTC+8)-
dc.date.issued (上傳時間) 8-Oct-2018 17:32:56 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/120419-
dc.description.abstract (摘要) This study investigates how both the amount of information provided in and the timing of new product preannouncements (NPPAs) influence firm value over the NPPA period, the new product introduction (NPI) period and in the long term, respectively. We adopt an information economics perspective, and signalling theory in particular, to motivate our tests. The findings show that the share price impact of the product information content varies over the different time horizons assessed. It is positive within the NPPA period and in the long term, but insignificant within the NPI period. The use of an early NPPA is associated with a negative impact on firm value across the NPPA, NPI and long-term horizons. We also test for moderating effects and show that earlier timing weakens the positive impacts of information amount on firm value both within the NPPA period and the long-term horizon.en_US
dc.format.extent 124 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Australian Journal of Management, Vol.43, No.1, pp.111-131
dc.subject (關鍵詞) Information asymmetry; marketing–finance interface; new product preannouncement; signalling theory; stock market valuationD82; M31en_US
dc.title (題名) Information and Timing of New Product Preannouncement and Firm Valueen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1177/0312896217702202
dc.doi.uri (DOI) https://doi.org/10.1177/0312896217702202