多重資訊下不對稱之保守偏誤及確定性效果之研究;A Study on the Asymmetric Conservatism Bias and the Creditability Effect to Multiple Information Contents

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題名:	多重資訊下不對稱之保守偏誤及確定性效果之研究;A Study on the Asymmetric Conservatism Bias and the Creditability Effect to Multiple Information Contents
作者:	陳鴻毅
貢獻者:	國立中央大學財務金融學系
關鍵詞:	管理科學
日期:	2012-12-01
上傳時間:	2014-03-17 14:05:24 (UTC+8)
出版者:	行政院國家科學委員會
摘要:	研究期間：10108~10207;This study proposes two behavioral effects, asymmetric conservatism bias and creditability effect, to investigate the process of the market reaction to individual information contents and the joint implications of earnings surprises and revenue surprises. Asymmetric conservatism bias shows that investors underreact more to good news than bad news, leading asymmetric post-announcement-drifts. Creditability effect shows that decreasing uncertainty when two contemporaneous information variables point in the same direction leads a less conservatism bias and smaller post-announcement-drifts. By decomposing price reactions to the announcement into returns related to individual information contents and returns related to joint implication of two information variables, this study shows how the asymmetric conservatism bias and the creditability effect can explain the process of the market reaction to the multiple information contents.
關聯:	財團法人國家實驗研究院科技政策研究與資訊中心
顯示於類別:	[財務金融學系] 研究計畫

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