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題名 顏質對分析師領先度、大膽程度的影響
Is beauty a leader and bolder analyst?
作者 余楚冰
Yu，Chu-Bing
貢獻者 金成隆
Chin, Chen-Lung
余楚冰
Yu，Chu-Bing
關鍵詞 顏質
領先
大膽
分析師
Beauty
Leading degree
Boldness
Analysts
日期 2020
上傳時間 3-Aug-2020 17:29:16 (UTC+8)
摘要 本研究主要研究顏質是否會對分析師領先大膽產生影響。由於會計師的個人特徵對於會計師的預測行為有很大影響，本人認為顏質越高的分析師預測報告值可能越為大膽並且預測報告時更為領先。本文以大陸 2010 至 2019 十年的所有分析師數據作為樣本，實證考察了分析師顏質對分析師預測發佈領先程度及大膽程度的影響，實證結果表明：第一，顏質愈高的分析師越可能成為領先分析師，與本文預期一致。第二，顏質與分析師大膽程度之間是正相關，即分析師顏質愈高，盈餘預測越大膽。
The objective of this thesis is to examine the association between is study beauty and lead analysts and bold analysts. In this hypothesize that good-looking analysts are more likely to be a lead analysts and bold analysts. Using a sample of analysts in China during 2010-2019, my empirical results can be summarized as follows. First, I find that good-looking analysts are more likely to be lead analysts, relative to other counterparts, consistent with my hypothesis. Second, there is a positive correlation between the beauty and the bold of the analyst, indicating that the good-looking analysts are more likely to be a bolder.
參考文獻 陳弘浩，2017，中國證券分析師盈利預測的羊群行為——基於分析師調研的實證 研究，北京：對外經濟貿易大學。
儲一昀與倉勇濤，2008，財務分析師預測的價格可信嗎—來自中國證券市場的經 驗證據，管理世界，(3):58-69。
管總平與黃文峰，2012，證券分析師特徵、利益衝突與盈餘預測準確性，中國會 計評論，371-394。
郭傑與洪潔瑛，2009，中國證券分析師的盈餘預測行為有效性研究，經濟研究。
胡奕明與林文雄，2005，資訊關注深度、分析能力與分析品質，金融研究。
金成隆與陳美惠，2015，高等財務會計研究─理論與實證(第二版)，臺北：滄海 書局出版總經銷。
江求川與張克中，2013，中國勞動力市場中的“美貌經濟學”：身材重要嗎？，經 濟學(季刊)，第 3 期。
阮瑋仕，2010，賣方分析師的盈利預測大膽程度與預測準確性，碩士學位論文， 清華大學。
葉瓊燕與於忠泊，2011，審計師個人特徵與審計品質，財務與會計。
Agthe, M., M. Sporrle and, J. Maner. 2010. Don’t hate me because I’m beautiful: Anti attractiveness bias and decision making. Journal of Experimental Social Psychology 46:1151–1154.
Alrajih, S., and J. Ward. 2014. Increased facial width-to-height ratio and perceived dominance in the faces of the UK’s leading business leaders. British Journal of Psychology105: 153–161.
Alford, A., Jones, J., Leftwich, R., and Zmijewski, M. 1993.The relative informativeness of accounting disclosures in different countries. Journal of Accounting Research31(2):183-224.
Andreoni, J; Petrie, R. 2008. Beauty, gender and stereotypes: Evidence from laboratory experiments Journal of Economic Psychology 29 (1): 73-93.
Belot, M; Bhaskar, V; van de Ven, J. 2012. Beauty and the Sources of Discrimination Journal of Human Resources 47 (3): 851-872.
Boo, F.L., M.A. Rossi, and S.S. Urzua. 2013. The labor market return to an attractive face: Evidence from a field experiment.Economic Letters118:170-172.
Bikhchandani S, Hirshleifer D, Welch I. 1992.A Theory of Fads,Fashion,Custom,And Cultural Change as Informational Cas-cades. Joumal of Political Economy100(5):992-1026.
Byrnes, J. P., Miller, D. C., and Schafer, W. D. 1999. Gender differences in risk taking: A meta-analysis. Psychological Bulletin 125, 367-383.
Brennan,M., and C. 2000. Tamarowski,Investor Relations, Liquidity,adn Stock Prices.Jounal of Applied Corporate Financem12:26-37.
Brown, Becky J., Mark E. Hanson, Diana M. Liverman, and Robert W. Merideth, Jr. 1987. Global Sustainability: Toward Definition. Environmental Management 11 (6): 713-719
Clement M., and S., Tse. 2003. Do investors respond to analysts’ forecast revisions as if forecast accuracy is all that matters? The Accounting Review78 (1): 227-249.
Cooper R. A., T. E. Day, and C. M. Lewis. 2001.Following the leader: A Study of individual analysts` earnings forecasts. Journal of Financial Economics 61(3): 383-416.
Chan K, and Hameed A..2006.Stock price synchronicity and analyst coverage in emerging markets.Journal of Financial Economics80(1):155-147.
Chang B. 2008. Which analysts lead? University of Ontario Institute of Technology. Working paper.
Dowen, and Richard J..1989.What Are Analysts` Forecasts Worth? One-period Growth Expectations and Subsequent Stock Returns. Financial Analysts Journal45:71-45.
Easterwood,J.C. and S.R.Nutt.1999.Inefficiency in Analysts`Earnings Forecasts:Systematic Misreaction or Systematic Optimism?The Journal of Finance54(5):1777-1797.
Fletcher JA, Doebeli M .2009 .A simple and general explanation for the evolution of altruism. Proc R Soc Lond B Biol Sci 276: 13–19.
Frieze, I., J. Olson, and J. Russell.1991. Attractiveness and income for men and women in management. Journal of Applied Social Psychology 21(13):1039–1057.
Guttman, Ilan . 2010.The Timing of analysts’ earnings forecasts. The Accounting Review 85(2): 513-545.
Hamermesh, D., and J. Biddle. 1994. Beauty and the labor market. American Economic Review 84:1174–94.
Hong H., J. Kubik and A. Solomon. 2000. Security analysts’ career concerns and herding of earnings forecasts. RAND Journal of Economics 31(1): 121-144.
Hamermesh, D., X. Meng, and J. Zhang. 2002. Dress for success–does primping pay? Labour Economics 9 (3):361–373.
Kim Y., G. L. Lobo., and M. Song. 2011. Analyst characteristics, timing of forecast revisions, analyst forecasting ability. Journal of Banking & Finance 35(8): 2158-2168.
Kuhn, P., and K. Shen. 2013. Gender discrimination in job ads: Evidence from China. The Quarterly Journal of Economics 128: 287–336.
Kumar A. 2010.Self-selection and the forecasting abilities of female eauity analysts . Journal of Accounting Re-search48(2):393-435.
Landry, CE; Lange, A; List, JA; Price, MK; Rupp, NG. 2006. Toward an understanding of the economics of charity: Evidence from a field experiment Source: Quarterly Journal of Economics121 (2): 747-782.
Li C. , A.P. Lin, H. Lu, andK. Veenstra. 2018. Gender and beauty in the financial analyst profession: Evidence from the U.S. and China available at SSRN.
Lim T. 2001.Rationality and analsts` forecast bias.The Journal of Finance56(1):369-385.
Loh,R., and R. Stultz. 2010.When are Analyst Recommendation Changes Influential? Review of Financial Study 24(2): 593-627.
Liu, X., and E. Sierminska. 2015. Evaluating the effect of beauty on labor market outcomes: A review of the literature. LISER Working Paper Series. Available at SSRN: https://ssrn.com/abstract=2613431
Luxen, M., and F. Van de Vijver. 2006. Facial attractiveness, sexual selection, and personnel selection: When evolved preferences matter. Journal of Organizational Behavior27: 241–255.
Mulford M.,Orbell J., Shatto C.,and Stockard J.. 1998. Physical attractiveness,opportunity, and success in everyday exchange American Journal of Sociology103 (6): 1565-1592.
Niessen, A., and Ruenzi, S. 2006. Sex matters: Gender and mutual funds.manuscript, University of Cologne.
Rooth D.,2009.Obesity,Attractiveness,and differential treatment in hiring field experiment,Journal of Human Resources44(3):710-735.
Rooth, D.O. 2009. Obesity, Attractiveness, and Differential Treatment in Hiring A Field Experiment Journal of Human Resources44 (3): 710-735.
Ruffle, B., and Z. Shtudiner. 2015. Are good-looking people more employable? Management Science 61:1760–1776.
Sala E., Wakely S., Senior E. et al. 2007. MRI of malignant neoplasms of the uterine corpus and cervix. American Journal of Roentgenology188:1577-1587.
Shroff K., V. Ramgopal, and X. Baohua.2004.Leaders and followers among security analysts: Analysis of impact and accuracy. 14th Annual Conference on Financial Economics and Accounting (FEA), Available at SSRN: http: //ssrn. com/ abstract=487902.
Solnick SJ. ,Schweitzer ME..1999. The influence of physical attractiveness and gender on ultimatum game decisions Source: Organizational Behavior and Human Decision Processes79 (3): 199-215.
Trueman, B. 1994. Analyst forecast and herding behavior. Review of Financial Studies 7(1): 97-124.
Trueman, B. 1990. On the incentives for security analysts to revise their earnings forecasts. Contemporary Accounting Research 7(1): 203-222.
Welch I. 2000. Herding among security analysts. Journal of Financial Economics 58(3): 369-396.
He., X., H. Yin, Y. Zeng, H. Zhang, and H. Zhao. 2018. Facial structure and achievement drive: Evidence from financial analysts. Journal of Accounting Research.
Zwiebel J. 1995.Corporate Conserveatism and Relative Compensa-tion. Journal of Political Economy103(1):1-25.
描述 碩士
國立政治大學
會計學系
107353047
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353047
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.advisor Chin, Chen-Lungen_US
dc.contributor.author (Authors) 余楚冰zh_TW
dc.contributor.author (Authors) Yu，Chu-Bingen_US
dc.creator (作者) 余楚冰zh_TW
dc.creator (作者) Yu，Chu-Bingen_US
dc.date (日期) 2020en_US
dc.date.accessioned 3-Aug-2020 17:29:16 (UTC+8)-
dc.date.available 3-Aug-2020 17:29:16 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2020 17:29:16 (UTC+8)-
dc.identifier (Other Identifiers) G0107353047en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130942-
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) 107353047zh_TW
dc.description.abstract (摘要) 本研究主要研究顏質是否會對分析師領先大膽產生影響。由於會計師的個人特徵對於會計師的預測行為有很大影響，本人認為顏質越高的分析師預測報告值可能越為大膽並且預測報告時更為領先。本文以大陸 2010 至 2019 十年的所有分析師數據作為樣本，實證考察了分析師顏質對分析師預測發佈領先程度及大膽程度的影響，實證結果表明：第一，顏質愈高的分析師越可能成為領先分析師，與本文預期一致。第二，顏質與分析師大膽程度之間是正相關，即分析師顏質愈高，盈餘預測越大膽。zh_TW
dc.description.abstract (摘要) The objective of this thesis is to examine the association between is study beauty and lead analysts and bold analysts. In this hypothesize that good-looking analysts are more likely to be a lead analysts and bold analysts. Using a sample of analysts in China during 2010-2019, my empirical results can be summarized as follows. First, I find that good-looking analysts are more likely to be lead analysts, relative to other counterparts, consistent with my hypothesis. Second, there is a positive correlation between the beauty and the bold of the analyst, indicating that the good-looking analysts are more likely to be a bolder.en_US
dc.description.tableofcontents 致謝辭
摘要
Abstract
目次
表次
圖次
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機及目的 3
第二章 文獻探討 4
第一節 分析師的顏質研究 4
第二節 領先分析師研究基礎 6
第三節 大膽分析師研究基礎 8
第四節 分析師個人特徵及其他研究 9
第五節 文獻探討綜述 10
第三章 研究設計 12
第一節 研究假說 12
第二節 實證模型與變數衡量 13
第三節 資源來源與樣本選取 18
第四章 實證分析 20
第一節 敘述性統計分析 20
第二節 相關係數分析 22
第三節 回歸分析 23
第四節 穩健性檢驗 26
第五節 實證結論 27
參考文獻 29		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353047en_US
dc.subject (關鍵詞) 顏質zh_TW
dc.subject (關鍵詞) 領先zh_TW
dc.subject (關鍵詞) 大膽zh_TW
dc.subject (關鍵詞) 分析師zh_TW
dc.subject (關鍵詞) Beautyen_US
dc.subject (關鍵詞) Leading degreeen_US
dc.subject (關鍵詞) Boldnessen_US
dc.subject (關鍵詞) Analystsen_US
dc.title (題名) 顏質對分析師領先度、大膽程度的影響zh_TW
dc.title (題名) Is beauty a leader and bolder analyst?en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 陳弘浩，2017，中國證券分析師盈利預測的羊群行為——基於分析師調研的實證 研究，北京：對外經濟貿易大學。
儲一昀與倉勇濤，2008，財務分析師預測的價格可信嗎—來自中國證券市場的經 驗證據，管理世界，(3):58-69。
管總平與黃文峰，2012，證券分析師特徵、利益衝突與盈餘預測準確性，中國會 計評論，371-394。
郭傑與洪潔瑛，2009，中國證券分析師的盈餘預測行為有效性研究，經濟研究。
胡奕明與林文雄，2005，資訊關注深度、分析能力與分析品質，金融研究。
金成隆與陳美惠，2015，高等財務會計研究─理論與實證(第二版)，臺北：滄海 書局出版總經銷。
江求川與張克中，2013，中國勞動力市場中的“美貌經濟學”：身材重要嗎？，經 濟學(季刊)，第 3 期。
阮瑋仕，2010，賣方分析師的盈利預測大膽程度與預測準確性，碩士學位論文， 清華大學。
葉瓊燕與於忠泊，2011，審計師個人特徵與審計品質，財務與會計。
Agthe, M., M. Sporrle and, J. Maner. 2010. Don’t hate me because I’m beautiful: Anti attractiveness bias and decision making. Journal of Experimental Social Psychology 46:1151–1154.
Alrajih, S., and J. Ward. 2014. Increased facial width-to-height ratio and perceived dominance in the faces of the UK’s leading business leaders. British Journal of Psychology105: 153–161.
Alford, A., Jones, J., Leftwich, R., and Zmijewski, M. 1993.The relative informativeness of accounting disclosures in different countries. Journal of Accounting Research31(2):183-224.
Andreoni, J; Petrie, R. 2008. Beauty, gender and stereotypes: Evidence from laboratory experiments Journal of Economic Psychology 29 (1): 73-93.
Belot, M; Bhaskar, V; van de Ven, J. 2012. Beauty and the Sources of Discrimination Journal of Human Resources 47 (3): 851-872.
Boo, F.L., M.A. Rossi, and S.S. Urzua. 2013. The labor market return to an attractive face: Evidence from a field experiment.Economic Letters118:170-172.
Bikhchandani S, Hirshleifer D, Welch I. 1992.A Theory of Fads,Fashion,Custom,And Cultural Change as Informational Cas-cades. Joumal of Political Economy100(5):992-1026.
Byrnes, J. P., Miller, D. C., and Schafer, W. D. 1999. Gender differences in risk taking: A meta-analysis. Psychological Bulletin 125, 367-383.
Brennan,M., and C. 2000. Tamarowski,Investor Relations, Liquidity,adn Stock Prices.Jounal of Applied Corporate Financem12:26-37.
Brown, Becky J., Mark E. Hanson, Diana M. Liverman, and Robert W. Merideth, Jr. 1987. Global Sustainability: Toward Definition. Environmental Management 11 (6): 713-719
Clement M., and S., Tse. 2003. Do investors respond to analysts’ forecast revisions as if forecast accuracy is all that matters? The Accounting Review78 (1): 227-249.
Cooper R. A., T. E. Day, and C. M. Lewis. 2001.Following the leader: A Study of individual analysts` earnings forecasts. Journal of Financial Economics 61(3): 383-416.
Chan K, and Hameed A..2006.Stock price synchronicity and analyst coverage in emerging markets.Journal of Financial Economics80(1):155-147.
Chang B. 2008. Which analysts lead? University of Ontario Institute of Technology. Working paper.
Dowen, and Richard J..1989.What Are Analysts` Forecasts Worth? One-period Growth Expectations and Subsequent Stock Returns. Financial Analysts Journal45:71-45.
Easterwood,J.C. and S.R.Nutt.1999.Inefficiency in Analysts`Earnings Forecasts:Systematic Misreaction or Systematic Optimism?The Journal of Finance54(5):1777-1797.
Fletcher JA, Doebeli M .2009 .A simple and general explanation for the evolution of altruism. Proc R Soc Lond B Biol Sci 276: 13–19.
Frieze, I., J. Olson, and J. Russell.1991. Attractiveness and income for men and women in management. Journal of Applied Social Psychology 21(13):1039–1057.
Guttman, Ilan . 2010.The Timing of analysts’ earnings forecasts. The Accounting Review 85(2): 513-545.
Hamermesh, D., and J. Biddle. 1994. Beauty and the labor market. American Economic Review 84:1174–94.
Hong H., J. Kubik and A. Solomon. 2000. Security analysts’ career concerns and herding of earnings forecasts. RAND Journal of Economics 31(1): 121-144.
Hamermesh, D., X. Meng, and J. Zhang. 2002. Dress for success–does primping pay? Labour Economics 9 (3):361–373.
Kim Y., G. L. Lobo., and M. Song. 2011. Analyst characteristics, timing of forecast revisions, analyst forecasting ability. Journal of Banking & Finance 35(8): 2158-2168.
Kuhn, P., and K. Shen. 2013. Gender discrimination in job ads: Evidence from China. The Quarterly Journal of Economics 128: 287–336.
Kumar A. 2010.Self-selection and the forecasting abilities of female eauity analysts . Journal of Accounting Re-search48(2):393-435.
Landry, CE; Lange, A; List, JA; Price, MK; Rupp, NG. 2006. Toward an understanding of the economics of charity: Evidence from a field experiment Source: Quarterly Journal of Economics121 (2): 747-782.
Li C. , A.P. Lin, H. Lu, andK. Veenstra. 2018. Gender and beauty in the financial analyst profession: Evidence from the U.S. and China available at SSRN.
Lim T. 2001.Rationality and analsts` forecast bias.The Journal of Finance56(1):369-385.
Loh,R., and R. Stultz. 2010.When are Analyst Recommendation Changes Influential? Review of Financial Study 24(2): 593-627.
Liu, X., and E. Sierminska. 2015. Evaluating the effect of beauty on labor market outcomes: A review of the literature. LISER Working Paper Series. Available at SSRN: https://ssrn.com/abstract=2613431
Luxen, M., and F. Van de Vijver. 2006. Facial attractiveness, sexual selection, and personnel selection: When evolved preferences matter. Journal of Organizational Behavior27: 241–255.
Mulford M.,Orbell J., Shatto C.,and Stockard J.. 1998. Physical attractiveness,opportunity, and success in everyday exchange American Journal of Sociology103 (6): 1565-1592.
Niessen, A., and Ruenzi, S. 2006. Sex matters: Gender and mutual funds.manuscript, University of Cologne.
Rooth D.,2009.Obesity,Attractiveness,and differential treatment in hiring field experiment,Journal of Human Resources44(3):710-735.
Rooth, D.O. 2009. Obesity, Attractiveness, and Differential Treatment in Hiring A Field Experiment Journal of Human Resources44 (3): 710-735.
Ruffle, B., and Z. Shtudiner. 2015. Are good-looking people more employable? Management Science 61:1760–1776.
Sala E., Wakely S., Senior E. et al. 2007. MRI of malignant neoplasms of the uterine corpus and cervix. American Journal of Roentgenology188:1577-1587.
Shroff K., V. Ramgopal, and X. Baohua.2004.Leaders and followers among security analysts: Analysis of impact and accuracy. 14th Annual Conference on Financial Economics and Accounting (FEA), Available at SSRN: http: //ssrn. com/ abstract=487902.
Solnick SJ. ,Schweitzer ME..1999. The influence of physical attractiveness and gender on ultimatum game decisions Source: Organizational Behavior and Human Decision Processes79 (3): 199-215.
Trueman, B. 1994. Analyst forecast and herding behavior. Review of Financial Studies 7(1): 97-124.
Trueman, B. 1990. On the incentives for security analysts to revise their earnings forecasts. Contemporary Accounting Research 7(1): 203-222.
Welch I. 2000. Herding among security analysts. Journal of Financial Economics 58(3): 369-396.
He., X., H. Yin, Y. Zeng, H. Zhang, and H. Zhao. 2018. Facial structure and achievement drive: Evidence from financial analysts. Journal of Accounting Research.
Zwiebel J. 1995.Corporate Conserveatism and Relative Compensa-tion. Journal of Political Economy103(1):1-25.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202000983en_US