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題名 供應鏈上游公司分析師財務預測修正與下游公司盈餘預測資訊之關聯性
The Association between Analysts’ Forecast Revision and Management Earnings Forecast from Firms in the Supply Chain
作者 粘凱婷
Nien, Kai Ting
貢獻者 金成隆<br>張清福
Chin, Chen Lung<br>Chang, Ching Fu
粘凱婷
Nien, Kai Ting
關鍵詞 分析師盈餘修正
供應鏈
管理者盈餘預測
Analysts` Forecast Revision
Supply Chain
Management Earnings Forecast
日期 2013
上傳時間 12-Aug-2014 14:00:43 (UTC+8)
摘要 本文研究分析師的盈餘預測行為是否與供應鏈下游公司所發布之盈餘預測資訊有關。過去文獻已經探討有關於資訊在產業內水平移轉的現象，本研究進一步分析資訊在上下游不同產業間垂直移轉(vertical information transfer)的現象。研究結果顯示，管理者盈餘預測資訊確實在供應鏈上下游間存在垂直資訊移轉。本研究同時發現，資訊在供應鏈上下游間垂直移轉的現象與供應鏈上下游公司間的經濟關聯性(economic bond)呈現正相關，而與供應鏈上游下游公司在供應鏈層級距離的差異(echelon distance)呈現負相關。本研究更進一步發現，當上下游公司間的經濟關聯性越強時，供應鏈層級距離越遠則垂直資訊移轉越弱的這個現象會隨著減緩。整體而言，本研究實證發現垂直資訊移轉現象的存在，且資訊在供應鏈間傳遞的強弱受到供應鏈上下游公司之間的經濟關聯性和層級距離遠近的影響。
This dissertation examines whether the analysts’ forecast behavior is associated with management earnings forecast from relative downstream firms in the supply chain. Intuitively, information transfers are more likely to occur between economically related firms, such as firms in the same industry and firms along the supply chain. This study attempts to fill the void in the literature by examining the potential vertical information transfer along the supply chain facilitates financial analysts in making earnings forecasts. My research results indicate that the management forecast information transfer vertically along the supply chain. I further show that the vertical information transfer is more pronounced as the economic bond between the customer-supplier pairs become stronger and less pronounced as the echelon distance between the customer-supplier pairs goes far. I also indicate that the economic bond between the customer-supplier pairs reduce the impact of echelon distance between the customer-supplier pairs on the vertical information transfer.
參考文獻 Akhigbe, A. and J. Madura. 1999. Intraindustry effects of bank stock repurchases. Journal of Financial Services Research 15, 23-36.
Ackere A., E. R. Larsen,and J. Morecroft. 1993. Systems Thinking and Business Process Redesign. The European Management Journal 11(4), 412-423.
Baginski, S. 1987. Intraindustry information transfers associated with management forecasts of earnings. Journal of Accounting Research 25, 196-216.
Baginski, S.P., J.M. Hassell. 1990. The market interpretation of management earnings forecasts as a predictor of subsequent financial analyst forecast revision. The Accounting Review 65(1), 175-190.
Banerjee, S., S. Dasgupta, and Y. Kim. 2008. Buyer-supplier relationships and the stakeholder theory of capital structure. Journal of Finance 63, 2507-2552.
Bowen R., L. Ducharme, and D. Shores. 1995. Stakeholders’ implicit claims and accounting method choice. Journal of Accounting and Economics 20, 255-295.
Chen, S. S. 2006. The economic impact of corporate capital expenditures: focused firms versus diversified firms. Journal of Financial and Quantitative Analysis 41(2), 341-355.
Clinch, G. and N. Sinclair. 1987. Intra-industry information transfers: A recursive systems approach. Journal of Accounting and Economics 9, 89-106.
Cohen, L. and A. Frazzini. 2008. Economics links and predictable returns. The Journal of Finance 4, 1997-2011.
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, 383-416.
Cooke, T. E. 1991. An assessment of voluntary disclosure in the annual reports of Japanese corporations. The International Journal of Accounting 26, 174-189.
Cotter, J., I. Tuna, and P. Wysocki. 2006. Expectations management and beatable targets: How do analysts react to public earnings guidance? Contemporary Accounting Research 23(3), 593-624.
Dhaliwal, D., S. X. Huang, I. K. Khurana, and R. Pereira. 2009. Product market competition and accounting conservatism. Working Paper. University of Arizona.
Erwin, G.R. and J.M. Miller. 1998. The intra-industry effects of open market share repurchases: Contagion or competitive? Journal of Financial Research 21, 389-406.
Evans, G. N., M. M. Naim, and D. R. Towill. 1993. Dynamic supply chain performance: assessing the impact of information systems. Logistics Information Management 6(4), 15-23.
Fee, C. E. and S. Thomas. 2004. Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics 74(3), 423-460.
Fee, C. E., C. J. Hadlock, and S. Thomas. 2006. Corporate equity ownership and the governance of product market relationships. Journal of Finance 61(3). 1217-1251.
Forrester, J.W. 1958. Industrial dynamics: a major breakthrough for decision makers. Harvard Business Review July/August, 37-66.
Forrester, J.W. 1961. Industrial Dynamics, MIT Press, Boston, MA.
Foster, G. 1981. Intra-industry Information Transfers Associated with Earnings Releases. Journal of Accounting and Economics 3, 201–232.
Financial Accounting Standards Board (FASB). (1997). Disclosures about segments of an Enterprise and Related Information. Statement of Financial Accounting Standards No. 131. Stamford, CT: FASB.
Freeman, R. and S. Tse. 1992. An earnings prediction approach to examining intercompany information transfers. Journal of Accounting and Economics 15(4), 509-523.
Gaur, V., S. Gilone, and S. Seshadri. 2005. Information sharing in a supply chain under ARMA demand. Management Science 51(6), 961-969.
Galbraith, J. K. 1952. American Capitalism: The concept of Countervailing Power. Houghton MifflinCo., Boston.
Gleason, C., N. Jenkins and W. Johnson. 2008. The contagion effect of accounting restatements. The Accounting Review 83 (1), 83-110.
Han, J. Y., J. Wild, and K. Ramesh. 1989. Managers’ earnings forecasts and intra-industry information transfers. Journal of Accounting and Economics 11, 3-33.
Han, J. Y. and J. Wild. 1990. Unexpected earnings and intra-industry information transfers: Further evidence. Journal of Accounting Researches 28, 211-219.
Hassell, J. M., R. H. Jennings, and D. J. Lasser. 1988. Management earnings forecasts: their usefulness as a source of firm-specific information to security analysts. The Journal of Financial Research 11(4), 303-319.
Hertzel, M.G. 1991. The effects of stock repurchases on rival firms. Journal of Finance 46, 707-715.
Hertzel, M. G., Z. Li, M. S. Officer, and K. J. Rodgers. 2008. Inter-firm linkages and the wealth effect of financial distress along the supply chain. Journal of Financial Economics 87, 374-387.
Hong, H., T. Lim, and J. Stein. 2000. Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies. The Journal of Finance: 265-95.
Hong-Minh, S. M., S. M. Disney, and M. M. Naim. 2000. The dynamics of emergency transhipment supply chains. International Journal of Physical Distribution & Materials Management 30(9), 788-815.
Jennings, R. 1987. Unsystematic security price movements, management earnings forecasts, and revisions in consensus analyst earnings forecasts. Journal of Accounting Research 25(1), 90-110.
Kim, Y., M. Lacina, and M. S. Park. 2008. Positive and negative information transfers from management forecasts. Journal of Accounting Research 46(4), 885-908.
Kulp, S. C., H. L. Lee, and E. Ofek. 2004. Manufacturer benefits from information integration with retail customers. Management Science 50(4), 431-444.
Lai, S. M. 2009. The spillover effects of earnings restatements along the supply chain. PhD Dissertation, National Chengchi University.
Lang, L. and R. Stulz. 1992. Contagion and competitive intra-industry effects of bankruptcy announcements. Journal of Financial Economics 32, 45–60.
Lee, H. L., V. Padmanabhan, and S. Whang. 1997. Information Distortion in a supply chain: The bullwhip effect. Management Science 43(4), 546-558.
Lee, H. L., K. C. So, and C. S. Tang. 2000. The value of information sharing in a two-level supply chain. Management Science 46(5), 626-643.
Libby, R., H. T. Tan, and J. E. Hunton. 2006. Does the form of the management’s earnings guidance affect analysts’ earnings forecasts? The Accounting Review 81(1), 207-225.
Lustgarten, S. 1975. The impact of buyer concentration in manufacturing industries. Review of Economics and Statistics, 125–132.
Mason-Jones, R. and D. R. Towill. 1999. Using the information decoupling point to improve supply chain performance. International Journal of Logistics Management 10(2), 13-26.
Meek, G. K., C. B. Roberts, S. J. Gray. 1995. Factors influencing voluntary annual report disclosure by U.S., U.K. and continental European multinational corporations. Journal of International Business Studies 26(3), 555-572.
Olsen, C., and R. Dietrich. 1985. Vertical information transfers: The association between retailers’ sales announcements and suppliers’ security returns. Journal of Accounting Research 23(Supplement), 144-166.
Patell, J.M. 1976. Corporate forecasts of earnings per share and stock price behavior: Empirical tests. Journal of Accounting Research 14(2), 246-276.
Pandit, S., S. Wasley, and T. Zach. 2011. Information externalists along the supply chain: The economic determinants of suppliers’ and stock price reaction to their customers’ earnings announcements. Contemporary Accounting Research 28(4), 1304-1343.
Paik, S. K. and P. K. Bagchi. 2007. Understanding the causes of the bullwhip effect in a supply chain. International Journal of Retail & Distribution Management 35(4), 308-324.
Porter, M. 1980. Competitive Strategy. Free Press, New York.
Pownall, G. and G. Waymire. 1989. Voluntary disclosure choice and earnings information transfer. Journal of Accounting Research 27, 85-105.
Pownall, G., C. Wasley, G. Waymire. 1993. The stock price effects of alternative types of management earnings forecasts. The Accounting Review 68(4), 896-912.
Pyo, Y. and S. Lustgarten. 1990. Differential intra-industry information transfer associated with management earnings forecasts. Journal of Accounting and Economics 13, 365-379.
Ramnath, S. 2002. Investor and analyst reactions to earnings announcements of related firms: an empirical analysis. Journal of Accounting Research 40(5), 1351-1376.
Schumacher, U. 1991. Buyer structure and seller performance in U.S. manufacturing industries. Review of Economics and Statistics 73, 277–284.
Sterman, J. D. 1989. Modeling managerial behavior: misperceptions of feedback in a dynamic decision-making environment. Management Science 35(3), 321-99.
Raghunathan, S. 2001. Information sharing in a supply chain: A note on its value when demand is non-stationary. Management Science 47(4), 605-610.
Titman, S. and R. Wessels. 1988. The determinants of capital structure choice. Journal of Finance 43, 1-19.
Towill, D. R. 1991. Supply chain dynamics. International Journal of Computer Integrated Manufacturing 4(3), 197-208.
Towill, D. R. and P. McCullen. 1999. The impact of agile manufacturing on supply chain dynamics. International Journal of Logistics Management 10(1), 83-96.
Towill, D. R., M. M. Naim, and J. Wikner. 1992. Industrial dynamics simulation models in the design of supply chains. International Journal of Physical Distribution & Logistics Management 22(5), 3-13.
Waymire, G. 1986. Additional evidence on the accuracy of analyst forecasts before and after voluntary management earnings forecasts. The Accounting Review 61(1), 129-142.
Xu, T., M. Najand, and D. Ziegenfuss. 2006. Intra-industry effects of earnings restatements due to accounting irregularities. Journal of Business Finance & Accounting 33(5-6), 696–714.
Zhang, X. 2004. Evolution of ARMA demand in supply chains. Manufacture Service Operations Management 6(2), 195-198.
描述 博士
國立政治大學
會計研究所
96353503
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096353503
資料類型 thesis
dc.contributor.advisor 金成隆<br>張清福zh_TW
dc.contributor.advisor Chin, Chen Lung<br>Chang, Ching Fuen_US
dc.contributor.author (Authors) 粘凱婷zh_TW
dc.contributor.author (Authors) Nien, Kai Tingen_US
dc.creator (作者) 粘凱婷zh_TW
dc.creator (作者) Nien, Kai Tingen_US
dc.date (日期) 2013en_US
dc.date.accessioned 12-Aug-2014 14:00:43 (UTC+8)-
dc.date.available 12-Aug-2014 14:00:43 (UTC+8)-
dc.date.issued (上傳時間) 12-Aug-2014 14:00:43 (UTC+8)-
dc.identifier (Other Identifiers) G0096353503en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/68521-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 96353503zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本文研究分析師的盈餘預測行為是否與供應鏈下游公司所發布之盈餘預測資訊有關。過去文獻已經探討有關於資訊在產業內水平移轉的現象，本研究進一步分析資訊在上下游不同產業間垂直移轉(vertical information transfer)的現象。研究結果顯示，管理者盈餘預測資訊確實在供應鏈上下游間存在垂直資訊移轉。本研究同時發現，資訊在供應鏈上下游間垂直移轉的現象與供應鏈上下游公司間的經濟關聯性(economic bond)呈現正相關，而與供應鏈上游下游公司在供應鏈層級距離的差異(echelon distance)呈現負相關。本研究更進一步發現，當上下游公司間的經濟關聯性越強時，供應鏈層級距離越遠則垂直資訊移轉越弱的這個現象會隨著減緩。整體而言，本研究實證發現垂直資訊移轉現象的存在，且資訊在供應鏈間傳遞的強弱受到供應鏈上下游公司之間的經濟關聯性和層級距離遠近的影響。zh_TW
dc.description.abstract (摘要) This dissertation examines whether the analysts’ forecast behavior is associated with management earnings forecast from relative downstream firms in the supply chain. Intuitively, information transfers are more likely to occur between economically related firms, such as firms in the same industry and firms along the supply chain. This study attempts to fill the void in the literature by examining the potential vertical information transfer along the supply chain facilitates financial analysts in making earnings forecasts. My research results indicate that the management forecast information transfer vertically along the supply chain. I further show that the vertical information transfer is more pronounced as the economic bond between the customer-supplier pairs become stronger and less pronounced as the echelon distance between the customer-supplier pairs goes far. I also indicate that the economic bond between the customer-supplier pairs reduce the impact of echelon distance between the customer-supplier pairs on the vertical information transfer.en_US
dc.description.tableofcontents CHAPTER 1 INTRODUCTION 1
CHAPTER 2 LITERATURE REVIEW 10
2.1 Information Transfer 10
2.2 Financial Analysts’ Forecast Behavior around Managements’ Forecast 19
2.3 Economic Bonding 23
2.4 Bullwhip Effect 24
CHAPTER 3 RESEARCH HYPOTHESIS 30
3.1 Information Transfer along the Supply Chain Partners 30
3.2 Information Transfer along a Multi-Echelon Supply Chain 32
CHAPTER 4 RESEARCH METHODOLOGY 38
4.1 Identifying Corporate Suppliers and Customers 38
4.2 Research Models 39
4.3 Research Sample Sources 48
CHAPTER 5 EMPIRICAL RESULTS 51
5.1 Descriptive Statistics 51
5.2 Main Empirical Results 52
5.3 Additional Tests 57
5.3.1 Robustness Check for Analysts’ Forecast Revision 57
5.3.2 Robustness Check for Management Earnings Forecast 58
5.3.3 Different form of management earnings forecasts 59
CHAPTER 6 SUMMARY AND CONCLUSIONS 62
REFERENCES 64
TABLE 69		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096353503en_US
dc.subject (關鍵詞) 分析師盈餘修正zh_TW
dc.subject (關鍵詞) 供應鏈zh_TW
dc.subject (關鍵詞) 管理者盈餘預測zh_TW
dc.subject (關鍵詞) Analysts` Forecast Revisionen_US
dc.subject (關鍵詞) Supply Chainen_US
dc.subject (關鍵詞) Management Earnings Forecasten_US
dc.title (題名) 供應鏈上游公司分析師財務預測修正與下游公司盈餘預測資訊之關聯性zh_TW
dc.title (題名) The Association between Analysts’ Forecast Revision and Management Earnings Forecast from Firms in the Supply Chainen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Akhigbe, A. and J. Madura. 1999. Intraindustry effects of bank stock repurchases. Journal of Financial Services Research 15, 23-36.
Ackere A., E. R. Larsen,and J. Morecroft. 1993. Systems Thinking and Business Process Redesign. The European Management Journal 11(4), 412-423.
Baginski, S. 1987. Intraindustry information transfers associated with management forecasts of earnings. Journal of Accounting Research 25, 196-216.
Baginski, S.P., J.M. Hassell. 1990. The market interpretation of management earnings forecasts as a predictor of subsequent financial analyst forecast revision. The Accounting Review 65(1), 175-190.
Banerjee, S., S. Dasgupta, and Y. Kim. 2008. Buyer-supplier relationships and the stakeholder theory of capital structure. Journal of Finance 63, 2507-2552.
Bowen R., L. Ducharme, and D. Shores. 1995. Stakeholders’ implicit claims and accounting method choice. Journal of Accounting and Economics 20, 255-295.
Chen, S. S. 2006. The economic impact of corporate capital expenditures: focused firms versus diversified firms. Journal of Financial and Quantitative Analysis 41(2), 341-355.
Clinch, G. and N. Sinclair. 1987. Intra-industry information transfers: A recursive systems approach. Journal of Accounting and Economics 9, 89-106.
Cohen, L. and A. Frazzini. 2008. Economics links and predictable returns. The Journal of Finance 4, 1997-2011.
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, 383-416.
Cooke, T. E. 1991. An assessment of voluntary disclosure in the annual reports of Japanese corporations. The International Journal of Accounting 26, 174-189.
Cotter, J., I. Tuna, and P. Wysocki. 2006. Expectations management and beatable targets: How do analysts react to public earnings guidance? Contemporary Accounting Research 23(3), 593-624.
Dhaliwal, D., S. X. Huang, I. K. Khurana, and R. Pereira. 2009. Product market competition and accounting conservatism. Working Paper. University of Arizona.
Erwin, G.R. and J.M. Miller. 1998. The intra-industry effects of open market share repurchases: Contagion or competitive? Journal of Financial Research 21, 389-406.
Evans, G. N., M. M. Naim, and D. R. Towill. 1993. Dynamic supply chain performance: assessing the impact of information systems. Logistics Information Management 6(4), 15-23.
Fee, C. E. and S. Thomas. 2004. Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics 74(3), 423-460.
Fee, C. E., C. J. Hadlock, and S. Thomas. 2006. Corporate equity ownership and the governance of product market relationships. Journal of Finance 61(3). 1217-1251.
Forrester, J.W. 1958. Industrial dynamics: a major breakthrough for decision makers. Harvard Business Review July/August, 37-66.
Forrester, J.W. 1961. Industrial Dynamics, MIT Press, Boston, MA.
Foster, G. 1981. Intra-industry Information Transfers Associated with Earnings Releases. Journal of Accounting and Economics 3, 201–232.
Financial Accounting Standards Board (FASB). (1997). Disclosures about segments of an Enterprise and Related Information. Statement of Financial Accounting Standards No. 131. Stamford, CT: FASB.
Freeman, R. and S. Tse. 1992. An earnings prediction approach to examining intercompany information transfers. Journal of Accounting and Economics 15(4), 509-523.
Gaur, V., S. Gilone, and S. Seshadri. 2005. Information sharing in a supply chain under ARMA demand. Management Science 51(6), 961-969.
Galbraith, J. K. 1952. American Capitalism: The concept of Countervailing Power. Houghton MifflinCo., Boston.
Gleason, C., N. Jenkins and W. Johnson. 2008. The contagion effect of accounting restatements. The Accounting Review 83 (1), 83-110.
Han, J. Y., J. Wild, and K. Ramesh. 1989. Managers’ earnings forecasts and intra-industry information transfers. Journal of Accounting and Economics 11, 3-33.
Han, J. Y. and J. Wild. 1990. Unexpected earnings and intra-industry information transfers: Further evidence. Journal of Accounting Researches 28, 211-219.
Hassell, J. M., R. H. Jennings, and D. J. Lasser. 1988. Management earnings forecasts: their usefulness as a source of firm-specific information to security analysts. The Journal of Financial Research 11(4), 303-319.
Hertzel, M.G. 1991. The effects of stock repurchases on rival firms. Journal of Finance 46, 707-715.
Hertzel, M. G., Z. Li, M. S. Officer, and K. J. Rodgers. 2008. Inter-firm linkages and the wealth effect of financial distress along the supply chain. Journal of Financial Economics 87, 374-387.
Hong, H., T. Lim, and J. Stein. 2000. Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies. The Journal of Finance: 265-95.
Hong-Minh, S. M., S. M. Disney, and M. M. Naim. 2000. The dynamics of emergency transhipment supply chains. International Journal of Physical Distribution & Materials Management 30(9), 788-815.
Jennings, R. 1987. Unsystematic security price movements, management earnings forecasts, and revisions in consensus analyst earnings forecasts. Journal of Accounting Research 25(1), 90-110.
Kim, Y., M. Lacina, and M. S. Park. 2008. Positive and negative information transfers from management forecasts. Journal of Accounting Research 46(4), 885-908.
Kulp, S. C., H. L. Lee, and E. Ofek. 2004. Manufacturer benefits from information integration with retail customers. Management Science 50(4), 431-444.
Lai, S. M. 2009. The spillover effects of earnings restatements along the supply chain. PhD Dissertation, National Chengchi University.
Lang, L. and R. Stulz. 1992. Contagion and competitive intra-industry effects of bankruptcy announcements. Journal of Financial Economics 32, 45–60.
Lee, H. L., V. Padmanabhan, and S. Whang. 1997. Information Distortion in a supply chain: The bullwhip effect. Management Science 43(4), 546-558.
Lee, H. L., K. C. So, and C. S. Tang. 2000. The value of information sharing in a two-level supply chain. Management Science 46(5), 626-643.
Libby, R., H. T. Tan, and J. E. Hunton. 2006. Does the form of the management’s earnings guidance affect analysts’ earnings forecasts? The Accounting Review 81(1), 207-225.
Lustgarten, S. 1975. The impact of buyer concentration in manufacturing industries. Review of Economics and Statistics, 125–132.
Mason-Jones, R. and D. R. Towill. 1999. Using the information decoupling point to improve supply chain performance. International Journal of Logistics Management 10(2), 13-26.
Meek, G. K., C. B. Roberts, S. J. Gray. 1995. Factors influencing voluntary annual report disclosure by U.S., U.K. and continental European multinational corporations. Journal of International Business Studies 26(3), 555-572.
Olsen, C., and R. Dietrich. 1985. Vertical information transfers: The association between retailers’ sales announcements and suppliers’ security returns. Journal of Accounting Research 23(Supplement), 144-166.
Patell, J.M. 1976. Corporate forecasts of earnings per share and stock price behavior: Empirical tests. Journal of Accounting Research 14(2), 246-276.
Pandit, S., S. Wasley, and T. Zach. 2011. Information externalists along the supply chain: The economic determinants of suppliers’ and stock price reaction to their customers’ earnings announcements. Contemporary Accounting Research 28(4), 1304-1343.
Paik, S. K. and P. K. Bagchi. 2007. Understanding the causes of the bullwhip effect in a supply chain. International Journal of Retail & Distribution Management 35(4), 308-324.
Porter, M. 1980. Competitive Strategy. Free Press, New York.
Pownall, G. and G. Waymire. 1989. Voluntary disclosure choice and earnings information transfer. Journal of Accounting Research 27, 85-105.
Pownall, G., C. Wasley, G. Waymire. 1993. The stock price effects of alternative types of management earnings forecasts. The Accounting Review 68(4), 896-912.
Pyo, Y. and S. Lustgarten. 1990. Differential intra-industry information transfer associated with management earnings forecasts. Journal of Accounting and Economics 13, 365-379.
Ramnath, S. 2002. Investor and analyst reactions to earnings announcements of related firms: an empirical analysis. Journal of Accounting Research 40(5), 1351-1376.
Schumacher, U. 1991. Buyer structure and seller performance in U.S. manufacturing industries. Review of Economics and Statistics 73, 277–284.
Sterman, J. D. 1989. Modeling managerial behavior: misperceptions of feedback in a dynamic decision-making environment. Management Science 35(3), 321-99.
Raghunathan, S. 2001. Information sharing in a supply chain: A note on its value when demand is non-stationary. Management Science 47(4), 605-610.
Titman, S. and R. Wessels. 1988. The determinants of capital structure choice. Journal of Finance 43, 1-19.
Towill, D. R. 1991. Supply chain dynamics. International Journal of Computer Integrated Manufacturing 4(3), 197-208.
Towill, D. R. and P. McCullen. 1999. The impact of agile manufacturing on supply chain dynamics. International Journal of Logistics Management 10(1), 83-96.
Towill, D. R., M. M. Naim, and J. Wikner. 1992. Industrial dynamics simulation models in the design of supply chains. International Journal of Physical Distribution & Logistics Management 22(5), 3-13.
Waymire, G. 1986. Additional evidence on the accuracy of analyst forecasts before and after voluntary management earnings forecasts. The Accounting Review 61(1), 129-142.
Xu, T., M. Najand, and D. Ziegenfuss. 2006. Intra-industry effects of earnings restatements due to accounting irregularities. Journal of Business Finance & Accounting 33(5-6), 696–714.
Zhang, X. 2004. Evolution of ARMA demand in supply chains. Manufacture Service Operations Management 6(2), 195-198.		zh_TW