盈餘警示對其競爭者及上下游產業之市場反應

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：8

、訪客IP：18.226.17.210

姓名

方莉雅(Li-Ya Fang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

盈餘警示對其競爭者及上下游產業之市場反應
(The Impact of Earnings Warning on Firm's Rivals, Suppliers, and Customers)

相關論文

★ 上市公司財務主管異動宣告對股價報酬與企業經營績效之影響	★ 國內綜合證券商轉投資海外子公司內部控制實務探討
★ IPO承銷新制對市場波動性、效率性及流動性之影響	★ 探討影響本益比之各項變數－IC設計產業之實證研究
★ 避險基金交易策略在台灣市場獲利性之研究	★ 財富管理業務與顧客行為之研究－以本國銀行業為例
★ 購併活動與資訊揭露—以公開收購為例	★ 臺灣證券期貨市場後台作業整合模式之研究
★ 道瓊指數、日經225指數、美國及日本10年期公債利率與日圓匯率之相互關係	★ 銀行投資公債業務之探討分析
★ 所得稅法新制對債券流通市場之影響	★ 私募基金入主國內銀行之認購價格實證研究-以凱雷入主大眾銀行為例
★ 虛擬銀行之可行性分析－以HSBC為例	★ 台灣中小企業融資、客群經營模式與經營策略問題之探討-以C銀行為例
★ 美元兌新台幣匯率與台灣股市關聯性之理論探討與實證分析	★ 動態投資組合保險策略之應用— 以紐約證券交易所發行之ETFs為實證

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

本文探討當公司發佈盈餘警示時，其上下游產業對此消息的市場反應。我們以美國上市公司為研究對象，研究期間為2006年，共1,190筆盈餘警示新聞。我們發現競爭對手、客戶以及供應商對盈餘警示的結果可分為競爭效果以及傳染效果。當公司發佈好消息時，競爭對手、客戶以及供應商報酬顯著為負，表示競爭效果較為強烈。在壞消息方面，結果顯示傳染效果較為顯著，亦即競爭對手與上下游的超額報酬為負。另外，儘管我們並未找到一致的變數，我們仍發現當警示公司發佈好消息時，其市占率與供應商呈反向關係，符合購買者權力假說。

摘要(英)

We examine the wealth effects of earnings warning on rivals, and the warning industry’s supplier and customer industries. This study is based on a sample of 1,190 pre-announcements issued in 2006. Our results indicate distinct industry responses for good news and bad news. In good news disclosures, warning firms generate a dominant competitive (or negative) effect for rivals, suppliers and customers. Bad news disclosures elicit a contagion response (or negative) in returns. In addition, although cross-sectional tests show less consistent results, in good news disclosures, we find suppliers’ returns are negatively associated with warning firm’s market share, which supports buyer power hypothesis.

關鍵字(中)

★ 供應商
★ 盈餘警示
★ 傳染效果
★ 競爭效果
★ 客戶

關鍵字(英)

★ Customer
★ Supplier
★ Competitive Effect
★ Contagion Effect
★ Earnings warning

論文目次

1. Introduction 1
2. Literature Review 3
3. Hypotheses 7
3.1 Productive efficiency hypothesis 7
3.2 Buyer power hypothesis 8
3.3 Hypotheses link to earnings warning 8
4. Data and Methodology 11
4.1 Earnings warning sample 11
4.2 Define the customer and supplier 13
4.3 Methodology 15
5. Empirical Results 15
5.1 Abnormal return to the warning firms, warning industry, customers, and suppliers 19
5.2 Cross-sectional determinants of customer and supplier returns 23
6. Conclusion 25
7. References 27
Appendix 39

參考文獻

Akhigbe, A., S.F., Borde, and A.M., Whyte, 2003. Does an industry effect exist for initial public offerings? The Financial Review 38, 531-551.
Baginski, S. P., E. J., Conrad, and J. M. Hassell. , 1993. The effects of management forecast precision on equity pricing and on the assessment of earnings uncertainty. The Accounting Review 68, 913–927.
Bamber, L.S., and Y.S., Cheon, 1998. Discretionary Management Earnings Forecast Disclosures: Antecedents and Outcomes Associated with Forecast Specificity Choices. Journal Of Accounting Research 36 , 167-90.
Bowen, R., L., Ducharme, and D., Shores, 1995. Stakeholders' implicit claims and accounting method choice. Journal of Accounting and Economics 20, 255 – 295.
Broners, S., and D., Deere, 1991. The threat of unionization, the use of debt, and the preservation of shareholder wealth. Quarterly Journal of Economics 56, 231-254.
Dasgupta, S., and K., Sengupta, 1993. Sunk investment, bargaining and the choice of capital structure. International Economic Review 3, 203-220.
Evans III, J.H., and S.S., Sridhar, 2002. Disclosure-Disciplining Mechanisms: Capital Markets, Product Markets, and Shareholder Litigation. The Accounting Review 77, 595-626.
Fee, C.E., and S., Thomas, 2004. Source of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics 74, 423-460.
Firth, M.A., 1976. The impact of earnings announcements on the share price behavior of similar type firms, Economic Journal 86, 296-306.
Foster, G..,1981. Intra-industry information transfers associated with earnings releases. Journal of Accounting and Economics 3, 201-232.
Herflin, F., Shaw, K.W., and J. J. Wild., 2005. Disclosure policy and market liquidity: Impact of depth quotes and order sizes. Contemporary Accounting Research 22, 829-866.
Hong, H., T., Lim and J.C., Stein, 2000. Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies. Journal of Finance 55, 265– 295.
Kasznik, R., and B., Lev., 1995. To warn or not to warn: management disclosures in the face of an earnings surprise. The Accounting Review 70, 113-134.
Kohers, N., 1999. The industry-wide implications of dividend omission and initiation announcements and the determinants of information transfer, The Financial Review 34, 137– 58.
Kuhn, K.M., J.R., Hershey, K.M., Kramer, and A.K., Rantilla., 1999. Attribute tradeoffs in low probability /high consequence risks: The joint effects of dimension preference and vagueness. Risk, Decision, and Policy 4, 31–46.
Lang, L., R. Stulz, and R. Walkling, 1991. A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics 29, 315-335.
Lang, L., and R., Stulz, 1992. Contagion and competitive intra-industry effects of bankruptcy announcements: An empirical analysis. Journal of Financial Economics 32, 45-60.
Lev, B., and S., Penman, 1990. Voluntary forecast disclosure, nondisclosure, and stock prices. Journal of Accounting Research 28, 49-76.
Nofsinger, J.M., 2001. The impact of public information on investors. Journal of Banking and Finance 25, 1339-1366.
Patell, J.M., 1976. Corporate forecasts of earnings per share and stock price behavior: Empirical Tests. Journal of Accounting Research 14, 246-276.
Penman, S., 1980. An empirical investigation of the voluntary disclosure of corporate earnings forecasts. Journal of Accounting Research 18, 132-60.U.
Shahrur, H., 2005. Industry structure and horizontal takeovers: Analysis of wealth effects on rivals, suppliers, and corporate customers. Journal of Financial Economics 76, 61-98.
Skinner, D.J., 1994. Why firms voluntarily disclose bad news. Journal of Accounting Review 32, 38-60.
Skinner, D.J., and R.G., Sloan, 2002. Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio. Review of Accounting Studies 7, 289-312.
Snyder, C.M., 1996. A dynamic theory of countervailing power. Rand Journal of Economics 27, 747–769.
Snyder, C.M., 1998. Why do large buyers pay lower prices? Intense supplier competition. Economics Letters 58, 205–209.
Soffer, L., R., Thiagarajan, and B.Walther., 2000. Earnings preannouncement strategies. Review of Accounting Studies 5, 5-26.
Stigler, G..J., 1964. A theory of oligopoly. The Journal of Political Economy 72, 44–61.
Shepherd, W., 1985. The economics of industrial organization. New Your: Prentice Hall.

指導教授

周冠男(Robin K. Chou)

審核日期

2008-7-7

推文