Google搜尋量、資訊不確定性 和月營收公告後漂移之探討;The Exploration of Google Search Volume, Information Uncertainty, and Post-Revenue Announcement Drift

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Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/92975

Title:	Google搜尋量、資訊不確定性和月營收公告後漂移之探討;The Exploration of Google Search Volume, Information Uncertainty, and Post-Revenue Announcement Drift
Authors:	林杰逸;LIN, JIE-YI
Contributors:	會計研究所
Keywords:	營收公告;未預期營收;Google SVI;資訊不確定性;累積異常報酬
Date:	2023-08-07
Issue Date:	2024-09-19 16:36:31 (UTC+8)
Publisher:	國立中央大學
Abstract:	台灣特有的月營收公告規定，使資本市場的投資者在做出投資決策時，可以獲得資訊頻率快、更加具有即時性的月營收資訊。本研究將月營收公告區分為好壞消息，利用 Google 日搜尋量指數（Search Volume Index（SVI）），探討台灣月營收公告周圍的 Google 搜尋量對市場反應的影響。研究結果顯示：（1）Google 搜尋量與即將公布月營收公告的公司的資訊不確定性有關，（2）當月營收為好消息時，月營收公告期前較高的 Google 搜尋量會降低月營收公告期市場對營收的反應；當月營收為壞消息時，月營收公告期前較高的 Google 搜尋量會增加月營收公告期市場對營收的反應，（3）當月營收為好消息時，透過 Google 搜尋可以緩解月營收公告後漂移（PRAD）。整體而言，資訊不足的投資者可以透過網絡搜尋來減少資訊不確定性的問題，同時，在月營收公告時，好壞消息的不同會對月營收公告後的累積異常報酬產生不同的影響。;Taiwan′s unique monthly revenue announcement regulations enable investors in the capital market to access high-frequency and real-time monthly revenue information when making investment decisions. This study categorizes the monthly revenue announcements into positive and negative news and investigates the impact of Google search volume around these announcements on market reactions. The research findings indicate the following: (1) Google search volume is associated with the information uncertainty of companies about to announce monthly revenue, (2) for positive news, higher Google search volume before the announcement reduces the market′s reaction to the revenue, while for negative news, higher Google search volume before the announcement increases the market′s reaction to the revenue, and (3) for positive news, utilizing Google search helps mitigate the post-revenue announcement drift. Overall, investors with limited information can mitigate the problem of information uncertainty through online searches. Additionally, during monthly revenue announcements, the nature of the news (positive or negative) has varying impacts on the cumulative abnormal returns following the announcement.
Appears in Collections:	[Research institute of accounting ] Electronic Thesis & Dissertation

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