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法人說明會資訊對供應鏈上下游公司間股價之影響-以我國半導體產業為例 / The effect from up-stream company’s conference call information on down-stream’s company’s stock price-an example from semi-conductor industry in Taiwan汪戊安, Wang, Wu An Unknown Date (has links)
本研究主要探討台灣半導體產業供應鏈上游公司召開法人說明會是否會影響中下游公司之股價。本研究將法人說明會公布之資訊區分為財務資訊及非財務資訊,除探討財務資訊對供應鏈中、下游公司股價是否具影響效果外,亦探討財務及非財務的法人說明會資訊是否具有增額效果。實證結果顯示財務資訊在法人說明會召開前後一天與累積異常報酬呈現顯著正向關係,但非財務資訊卻呈現顯著反向關係,顯示非財務資訊會修正財務資訊所造成之效果。另外,資訊於供應鏈中移轉之距離越長,則移轉效果會越小,但若單純為好消息或壞消息,則移轉效果將增強。 / This research examines the influence of conference call information on the stock price of supply chain partners. The semi-conductor industries in Taiwan were used in this paper to examine the issue. I examined two kinds of information disclosed from conference calls: financial information and non-financial information.
I first examined the information contained in conference calls for any effects on supply chain partners. Furthermore, I also examined to see if the non-financial information contains any additional effects to the supply chain partners. The empirical results show that the accumulated abnormal return of the supply chain partners is significantly positive related to the financial information around the conference call date. The accumulated abnormal return of the supply chain partners is significantly negative related to the non-financial information around the conference call date.
The results show that both financial and non-financial information would influence the accumulated abnormal return of supply chain partners. The non-financial information contains additional information that revises the influence of the financial information.
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文字背後的意含-資訊的量化測量公司基本面與股價(以中鋼為例) / Behind the words - quantifying information to measure firms' fundamentals and stock return (taking the China steel corporation as example)傅奇珅, Fu, Chi Shen Unknown Date (has links)
本研究蒐集經濟日報、聯合報、與聯合晚報的新聞文章,以中研院的中文斷詞性統進
行結構性的處理,參考並延伸Tetlock、Saar-Tsechansky和Macskassy(2008)的研究方法,檢驗
使用一個簡單的語言量化方式是否能夠用來解釋與預測個別公司的會計營收與股票報酬。有
以下發現:
1. 正面詞彙(褒義詞)在新聞報導中的比例能夠預測高的公司營收。
2. 公司的股價對負面詞彙(貶義詞)有過度反應的現象,對正面詞彙(褒義詞)則有效率地充分
反應。
綜合以上發現,本論文得到,新聞媒體的文字內容能夠捕捉到一些關於公司基本面難
以量化的部份,而投資者迅速地將這些資訊併入股價。 / This research collects all of the news stories about China Steel Corporation from
Economic Daily News, United Daily News, and United Evening News. These articles I collect
are segmented by a Chinese Word Segmentation System of Academia Sinica and used by the
methodology of Tetlock, Saar-Tsechansky, and Macskassy(2008). I examine whether a simple
quantitative measure fo language can be used to predict individual firms’ accounting sales and
stock returns. My two main findings are:
1. the fraction of positive words (commendatory term) in firm-specific news stories forecasts
high firm sales;
2. firm’s stock prices briefly overreaction to the information embedded in negative words
(Derogatory term); on the other hand, firm’s stock prices efficiently incorporate the
information embedded in positive words (commendatory term).
All of the above, we conclude this linguistic media content captures otherwise hard-toquantify
aspects of firms’ fundamentals, which investors quickly incorporate into stock prices.
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春秋・戦国・秦漢時代の都市の構造と住民の性格江村, 治樹 03 1900 (has links)
科学研究費補助金 研究種目:一般研究(C) 課題番号:62510192 研究代表者:江村 治樹 研究期間:1987-1989年度
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研究留学生にみられる日本語発話能力の変化と日本語使用環境に関する基礎的研究尾崎, 明人, 村上, 京子, 鹿島, 央, 神田, 紀子 03 1900 (has links)
科学研究費補助金 研究種目:基盤研究(B)(2) 課題番号:07458049 研究代表者:尾崎 明人 研究期間:1995-1997年度
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