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

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Title:	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
Authors:	方莉雅;Li-Ya Fang
Contributors:	財務金融研究所
Keywords:	供應商;盈餘警示;傳染效果;競爭效果;客戶;Customer;Supplier;Competitive Effect;Contagion Effect;Earnings warning
Date:	2008-06-26
Issue Date:	2009-09-22 14:42:45 (UTC+8)
Publisher:	國立中央大學圖書館
Abstract:	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。 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.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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