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題名 Analyst responses to stock-index adjustments: Evidence from MSCI Taiwan Index additions
作者 張元晨
Tu, Chia-Jung ; Chang, Yuanchen
貢獻者 財管系
關鍵詞 Index adjustment; MSCI Taiwan Index; Absolute forecast error
日期 2012.03
上傳時間 17-四月-2014 17:44:04 (UTC+8)
摘要 Using data from MSCI Taiwan Index adjustments, we study analyst responses to stock additions from 1999 to 2007. The empirical results show that the magnitudes of changes in analysts` earnings-per-share forecasts are similar to those of their two benchmarks for new additions to the index. Therefore, in our sample we find no significant information effect from the additions. We also find that the absolute forecast errors made by analysts are smaller for new additions and those foreign analysts are more accurate than local analysts. This finding demonstrates that new additions to the index exhibit significant performance improvements.
關聯 Review of Financial Economics,21(2),82-89
資料來源 http://dx.doi.org/10.1016/j.rfe.2012.03.004
資料類型 article
DOI http://dx.doi.org/http://dx.doi.org/10.1016/j.rfe.2012.03.004
dc.contributor 財管系en_US
dc.creator (作者) 張元晨zh_TW
dc.creator (作者) Tu, Chia-Jung ; Chang, Yuanchenen_US
dc.date (日期) 2012.03en_US
dc.date.accessioned 17-四月-2014 17:44:04 (UTC+8)-
dc.date.available 17-四月-2014 17:44:04 (UTC+8)-
dc.date.issued (上傳時間) 17-四月-2014 17:44:04 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/65486-
dc.description.abstract (摘要) Using data from MSCI Taiwan Index adjustments, we study analyst responses to stock additions from 1999 to 2007. The empirical results show that the magnitudes of changes in analysts` earnings-per-share forecasts are similar to those of their two benchmarks for new additions to the index. Therefore, in our sample we find no significant information effect from the additions. We also find that the absolute forecast errors made by analysts are smaller for new additions and those foreign analysts are more accurate than local analysts. This finding demonstrates that new additions to the index exhibit significant performance improvements.en_US
dc.format.extent 207738 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Review of Financial Economics,21(2),82-89en_US
dc.source.uri (資料來源) http://dx.doi.org/10.1016/j.rfe.2012.03.004en_US
dc.subject (關鍵詞) Index adjustment; MSCI Taiwan Index; Absolute forecast erroren_US
dc.title (題名) Analyst responses to stock-index adjustments: Evidence from MSCI Taiwan Index additionsen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.rfe.2012.03.004en_US
dc.doi.uri (DOI) http://dx.doi.org/http://dx.doi.org/10.1016/j.rfe.2012.03.004en_US