關鍵字：法人說明會、供應鏈累積異常報酬議價能力資訊移轉 、總體環境 、總體環境 之不確定性 This research mainly examine the semiconductor-industry supply chain in Taiwan, the downstream forms’ Conference call with Preliminary earnings will reduce Up-stream firm’s post-earnings announcements drift. In this research, we classified the semiconductor industry supply chain in Taiwan and point the time of conference call held, we separate conference call into two part which are conference and non-conference call, and examine the down-stream firm play an important information role in supply chain by cumulative abnormal return, meanwhile, we also add down-stream Barging Power and VIX which represent the macro uncertainty into model to examine the enforce effect.
The results show the down-stream firm’s conference call really exist information effect, and down-stream firm’s barging power and macro uncertainty also enforce the conference call’s information effect.
