達成或超越分析師的盈餘預期為公司重要目標之一，市場包括投資人或分析師對於公司達成盈餘預期目標的反應，一直為學界所關心。文獻發現達成盈餘預期目標的公司，確實享有較未達成目標者更高的股價報酬，顯示市場對此持有正面的反應，因為達成目標的公司，未來將有較佳的獲利能力。本文延伸文獻之探討，進一步考量經濟環境因素---景氣反轉，在這一議題上可能扮演的角色，亦即試圖探討景氣反轉時市場對公司達成或超越分析師盈餘預期的反應，以及達成盈餘預期目標的資訊內涵，會如何受到景氣反轉因素的影響。 實證結果發現達成或超越分析師盈餘預期事件所帶來的股價反應，不會受到景氣由上往下反轉的影響而有所差異，但分析師對此等事件的反應則會隨景氣由上往下反轉而更為強烈，在景氣由下往上反轉時則較無差異；至於此等事件所隱含公司未來將有較佳獲利能力的資訊內涵，雖不會隨著景氣由上往下反轉而有所差異，卻會隨著景氣由下往上反轉而更為增強。 / Meeting or beating analysts’ earnings forecasts is an important goal for the management to achieve. As a result, the market reaction to the meeting of earnings expectations has been intensively explored. In general, the meeting of earnings expectations signals brilliant future profitability to the investors. Following this line of research, this study further investigates the effect of business cycle on the relationship between market reaction and the meeting of earnings expectations. We find that the stock returns of firms meeting or beating analysts’ forecasts are not affected by the sudden downturn of the economy. On the contrary, analysts’ response to such events becomes stronger in the economic downturn though it remains the same when the economy rebounds. As for the issue of information content, meeting earnings expectations is more informative when the economy rebounds from recession but not in the downturn of the economy.

分析師扮演著公司與投資大眾之間的資訊中介者角色。本文旨在探討企業研發支出對分析師預測品質的影響，以及企業聘雇屬於產業專家會計師是否能夠緩和研發支出所引發的盈餘管理及代理問題，並進而改善分析師預測品質。本文援引Balsam (2003)之定義，計算會計師事務所於各產業之市場佔有率(auditor industry market share)。作為產業專家之代理變數。實證結果發現：(1)分析師離散性與整合分析師間私有利益的程度，與公司研發費用多寡有關。研發費用愈高的公司，分析師的離散程度及整合分析師間的私有利益也愈高；(2)透過產業專家查核，可以緩和研發費用支出所引發的盈餘操縱及代理問題，因此研究發展費用透過產業專家會計師查核，可以提升企業的會計盈餘資訊品質，以降低分析師盈餘預測的離散程度及降低分析師間整合私有資訊的利益。 / Analysts, as an informational intermediary, produce research reports that include forecasts of future earnings, thus fulfill an important role in capital market. The objective of this paper is to investigate the association between analyst forecast’s quality and firm’s R&D expenditure. Recent work has hypothesized that intangible assets affect analyst forecast’s quality. Extending this literature, we hypothesized that firm seek to reduce the degree of earnings’ management and agency’s cost from R&D expenditure by retaining high quality auditor firms, auditor industry expertise, and then increase analyst forecast’s quality. We measure auditor industry expertise based on Balsam (2003). We find that more R&D expenditure increases analyst forecast’s dispersion and enhances the benefits of aggregating individual analysts’ forecasts. Consistent with our hypothesis, we document that auditor industry expertise can mitigate the degree of earnings’ management and agency’s cost from R&D expenditure. We also find that firms retaining auditor industry expertise are more likely to enhance the accounting information quality, decrease analyst forecast’s dispersion, and eliminate the benefits of aggregating individual analysts’ forecasts.

本研究以I/B/E/S中2004至2005年所有美國公司為樣本，依財務分析師盈餘預測值與所有財務分析師盈餘預測平均值之差異程度，將財務分析師分類為大膽或膽怯的財務分析師，並依財務分析師盈餘預測發布之時點將財務分析師分類為領導型或從眾型財務分析師。針對財務分析師盈餘預測行為大膽及領導特性，探討時效性領導型財務分析師之盈餘預測是否會較大膽，並進一步研究大膽的財務分析師其盈餘預測準確度是否較高，以及時效性之領導型財務分析師其盈餘預測準確度是否較高。 研究結果發現時效性之領導型財務分析師其盈餘預測行為會較大膽，但大膽的財務分析師其盈餘預測準確度較低，且時效性之領導型財務分析師其盈餘預測準確度並未出現較高的現象。 / Security analysts can be characterized as bold or herding based on the absolute distance between their earnings forecasts and the consensus forecast. Security analysts can also be classified as lead or following based on the timeliness of their earnings forecasts. Based on I/B/E/S annual earnings forecasts of all American companies during the period of 2004-2005, this study addresses the association between bold and lead and the relation between bold forecast and forecast accuracy. In addition, the relation between lead forecast and forecast accuracy is investigated as well. It is shown that lead analysts are bolder than following analysts and boldness likelihood increases with the frequency of analysts’ forecast and declines with the analysts’ prior accuracy. Further, bold analysts’ earnings forecasts are less accurate than herding analysts’ and lead analysts’ earnings forecasts are less accurate than following analysts.

Relevance has become one of the key priorities for accounting policy, and implies that accounting should have an impact on the economic decision-making of accounting users. Despite the increased importance given to users, however, little is known concerning the properties of such relevance in practice. Furthermore, the lack of insight into the practices of users has been mitigated with a theoretical perspective of decision-making which supports an insufficient understanding of how stock markets function and how accounting users behave. This dissertation contributes to the emerging interest in the sociology of financial analysis by following users in their pursuit of relevance. By theorising financial analysis as a social and institutional practice, this dissertation investigates not only how accounting is relevant but also how such relevance is influenced by the particular setting of accounting users. Furthermore, the understanding of relevance as located within the activities leading up to a decision is here extended by emphasising the continuous activities of users and therefore also the role of accounting in the management of their decisions. Based on in-depth field studies targeting the activities of (sell-side) equity research analysts and equity sales brokers, this dissertation presents four papers addressing different notions of accounting, users and relevance. Theoretical insights are drawn from sociology and include actor-network theory, dramaturgy and text-and-conversation-theory. The studies find that the organisation of the sell-side industry necessitates a use of accounting which accentuates the links between accounting, users and investments recommendations. This dissertation concludes that, in order to produce and sustain such links, relevance becomes (a) mediated by a variety of elements, (b) based on the production of differences, and (c) mutually constitutive for accounting and users. / <p>At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 2: Manuscript. Paper 3: Manuscript. Paper 4: Manuscript.</p><p> </p>

The financial crisis of 2008 highlighted problems with the accounting standard IAS 39, with claims of high complexity, introduction of procyclicality in the financial statements and a proposed role of contributing to the financial crisis. The International Accounting Standard Board issued the predecessor, IFRS 9, which became effective on January 1st, 2018. IFRS 9 introduces a forward-looking Expected Credit Loss model, which significantly change the accounting of loss provisions. With the objective to provide high accounting quality, the International Accounting Standard Board and Financial Accounting Standard Board develop accounting standards based on the conceptual framework, consisting of qualitative characteristics. The study addresses the accounting quality of IFRS 9 through the research question; What implications does IFRS 9 have for equity analysts?  In order to capture the implications, a survey is designed, to reach out to accessible equity analysts of European banks. The results show that the Expected Credit Loss model under IFRS 9 implicate difficulties for equity analysts. Three themes of implications are identified, Time aspect, Complexity and Comparison. Although IFRS 9 provides useful information for the respondents, there are tendencies of a trade-off between relevance and faithful representation. The accounting quality of faithful representation is valued low due to high complexity and low comparability, which might be derived from that IFRS 9 is newly implemented. Despite the implications of IFRS 9, respondents find impairments, today, to be low and a non-vital part of the valuation process of the banking industry.

Este trabalho busca investigar a hipótese de que a teoria dos Quatro Discursos de Jacques Lacan, construída em 1969-70, representa sua tentativa de tratar, formalmente, certas questões que lhe sobraram desde a teoria do Ato Psicanalítico que fora estabelecida pouco tempo antes. Dessa maneira, o texto parte da apresentação das relações de aproximação e afastamento entre as noções de discurso e de ato no interior do ensino de Lacan até o ano de 1968. Para isso, elege, como enquadramento dessas relações, as operações relativas ao sujeito no que toca sua constituição e percurso na experiência analítica, bem como a forma como isso se articula aos registros do simbólico e do real propostos por Lacan. Em seguida o trabalho propõe que a teoria do Ato Psicanalítico fez com que Lacan herdasse certas questões de ordem lógica e ética que lhe abriram espaço para a retomada da formalização a partir de concepções inovadoras a respeito da noção de estrutura em psicanálise. O texto pretende, então, acompanhar, segundo as formalizações de Lacan, como a teoria dos Discursos funda aquilo que ele mesmo denominou de campo lacaniano, um campo erguido sobre o que definiu como não relação sexual e que reflete o campo bipartido do gozo. Busca, por fim, evidenciar como o Discurso do Analista é a formalização do Ato Psicanalítico a partir da lógica da não relação sexual e examina como tal formalização porta implicações vi fundamentais para se pensar o terreno da ética a partir do que Lacan denomina como laço social / This study investigates the hypothesis that Lacans theory of the Four Discourses (1969-70) is an attempt to formalize certain questions which were left open within the theory of Psychoanalytic Act established, by himself, shortly before. Thus, the text parts with the investigation of the relationship between notions of discourse and act within Lacans teaching up to the year 1968, emphasizing the proximity and remoteness movements of these notions. Therefore elects the operations related to the subject within his constitution and the operations regarding the psychoanalytic experience in order to frame such concepts, as well as the debate on the implications of these notions of act and discourse on both symbolic and real registers. It goes on to indicate that the renewed notion of structure, linked to Lacans theory of discourse, is an answer to some logical and ethical questions that the theory of the act left him with. Further on, the thesis exposes the intention of following Lacan\'s formalizations of how the theory of Discourses configures the Lacanian Field, a field based on what Lacan called \"impossibility of sexual relationship\", which reflects the bipartite field of enjoyment (jouissance). Finally, the study brings evidence of how the discourse of the analyst is the formalization of the Psychoanalytic Act based on the logic of non sexual relationship and how such formalization brings up fundamental implications on the field of ethics, denominated as the social bond by Lacan

Este trabalho busca investigar a hipótese de que a teoria dos Quatro Discursos de Jacques Lacan, construída em 1969-70, representa sua tentativa de tratar, formalmente, certas questões que lhe sobraram desde a teoria do Ato Psicanalítico que fora estabelecida pouco tempo antes. Dessa maneira, o texto parte da apresentação das relações de aproximação e afastamento entre as noções de discurso e de ato no interior do ensino de Lacan até o ano de 1968. Para isso, elege, como enquadramento dessas relações, as operações relativas ao sujeito no que toca sua constituição e percurso na experiência analítica, bem como a forma como isso se articula aos registros do simbólico e do real propostos por Lacan. Em seguida o trabalho propõe que a teoria do Ato Psicanalítico fez com que Lacan herdasse certas questões de ordem lógica e ética que lhe abriram espaço para a retomada da formalização a partir de concepções inovadoras a respeito da noção de estrutura em psicanálise. O texto pretende, então, acompanhar, segundo as formalizações de Lacan, como a teoria dos Discursos funda aquilo que ele mesmo denominou de campo lacaniano, um campo erguido sobre o que definiu como não relação sexual e que reflete o campo bipartido do gozo. Busca, por fim, evidenciar como o Discurso do Analista é a formalização do Ato Psicanalítico a partir da lógica da não relação sexual e examina como tal formalização porta implicações vi fundamentais para se pensar o terreno da ética a partir do que Lacan denomina como laço social / This study investigates the hypothesis that Lacans theory of the Four Discourses (1969-70) is an attempt to formalize certain questions which were left open within the theory of Psychoanalytic Act established, by himself, shortly before. Thus, the text parts with the investigation of the relationship between notions of discourse and act within Lacans teaching up to the year 1968, emphasizing the proximity and remoteness movements of these notions. Therefore elects the operations related to the subject within his constitution and the operations regarding the psychoanalytic experience in order to frame such concepts, as well as the debate on the implications of these notions of act and discourse on both symbolic and real registers. It goes on to indicate that the renewed notion of structure, linked to Lacans theory of discourse, is an answer to some logical and ethical questions that the theory of the act left him with. Further on, the thesis exposes the intention of following Lacan\'s formalizations of how the theory of Discourses configures the Lacanian Field, a field based on what Lacan called \"impossibility of sexual relationship\", which reflects the bipartite field of enjoyment (jouissance). Finally, the study brings evidence of how the discourse of the analyst is the formalization of the Psychoanalytic Act based on the logic of non sexual relationship and how such formalization brings up fundamental implications on the field of ethics, denominated as the social bond by Lacan

L'efficience fondamentale, i.e. l'efficience comprise comme conformité de la valorisation par les marchés financiers à la valeur fondamentale des titres est en tant que telle peu testée. Notre recherche vise à renouveler ses modes de test en se basant sur une conception constructiviste de la valeur fondamentale. Ce renouvellement, axé sur l'adoption d'un point de vue d'investi, est mis en oeuvre sur 4 cas de sociétés cotées françaises sur une période de 3 ans. La première partie de la thèse est consacrée à l'identification des acteurs les plus légitimés de ce type d'expression publique. Elle montre que ce sont les analystes financiers sell-side. La deuxième partie étudie la relation entre l'estimation publique de la valeur fondamentale par ces acteurs et l'évolution des cours. Elle aboutit au constat d'une estimation fortement dépendante de la dynamique du marché. La troisième partie apporte des éléments d'explication de ce constat en présentant sous la forme d'une configuration le mode d'interdépendance dans lequel s'inscrivent à la fois les analystes, les investisseurs et d'autres acteurs. / Fundamental efficiency, i.e. efficiency understood as the fact financial asset prices reflect their intrinsic value is as such rarely tested. Our research aims at a renewal of its test modes based on a constructivist conception of intrinsic value. This renewal, centered on an investee’s point of view, is implemented on 4 cases of French listed firms on a 3-year period. The first part of the thesis is devoted to the identification of the most recognized actors of this kind of public expression. It shows these are the sell-side financial analysts. The second part studies the relationship between the public appraisal of intrinsic value by these actors and stock price changes. It establishes this appraisal heavily depends on market dynamics. The third part tries to explain this by displaying as a figuration the interdependence mode in which analysts, investors and other actors are all involved.

Made available in DSpace on 2016-04-29T13:17:56Z (GMT). No. of bitstreams: 1 Renan Nobre Floriano.pdf: 1313563 bytes, checksum: 8c4f29563e75d7b7a57bcdcd28a810a8 (MD5) Previous issue date: 2015-10-21 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / In Verbal Behavior (1957), BF Skinner proposes a thorough analysis of verbal behavior by specifying the relationship between the speaker's behavior and the listener's behavior. Despite this, the speaker's behavior has been more emphasized and studied The aim of this study was to analyze the bibliographic production carried out by behavior analysts about the listener's behavior, as a mediator of consequences and while audience to the speaker's behavior, from the year of publication of Verbal Behavior and work through both articles published in international journals as JEAB, JABA, The Behavior Analyst and TAVB as in national journals as REBAC and RBTCC. It was analyzed 70 articles, of which 62 dealt with the listener as a mediator of consequences, while 7 audience and one treated both concepts. It was observed that articles about the listener's behavior (listener and audience) began to markedly small measure, the first published 26 years after the Verbal Behavior. Over the years the publications of articles geared to the study of these concepts have been increasing, as a result of the contribution of authors like Caio F. Miguel, R. Douglas Greer and Anna Ingeborg Petursdottir. With regard to the type of research, it was noted a balance between theoretical and conceptual research and experimental research and among the experimental research it was observed that the listener's behavior has been studied both as an independent variable as the dependent variable. Moreover, in both types of research the listener's behavior was studied more as a central object than a secondary object. Finally, there is the listener's behavior was notorious presence on subject-matters such as the relationship between the repertoire of the listener and the speaker, stimulus equivalence, verbal operant tact and naming. Summarizing the development of this field of research, it highlights two assertions of Skinner himself (1957/1992) regarding the understanding of verbal behavior that influenced a timid start, but also contributed to advances in research: on the one hand, verbal behavior was to focus the explicit individual speaker and postulated by Skinner (19957/1992), on the other hand, there is the need for the listener's behavior be closely analyzed so that a complete understanding of verbal behavior is achieved / Em Verbal Behavior (1957), B. F. de Skinner propõe uma análise minuciosa do comportamento verbal especificando a relação entre o comportamento do falante e o comportamento do ouvinte. Apesar disto, o comportamento do falante tem sido mais enfatizado e estudado O objetivo do presente estudo foi o de analisar a produção bibliográfica realizada pelos analistas do comportamento acerca do comportamento do ouvinte, enquanto mediador de consequências e enquanto audiência para o comportamento do falante, a partir do ano de publicação da obra Verbal Behavior e através dos artigos publicados tanto em periódicos internacionais como JEAB, JABA, The Behavior Analyst e TAVB como em periódicos nacionais como REBAC e RBTCC. Foram analisados 70 artigos, dos quais 62 trataram do ouvinte enquanto mediador de consequências, 7 enquanto audiência e 1 tratou em ambos os conceitos. Observou-se que artigos a respeito do comportamento do ouvinte (ouvinte e audiência) iniciaram-se de forma marcadamente acanhada, sendo o primeiro publicado 26 anos após o Verbal Behavior. No decorrer dos anos as publicações de artigos voltados ao estudo desses conceitos vêm aumentando, resultado este devido a contribuição de autores como Caio F. Miguel, R. Douglas Greer e Anna Ingeborg Petursdottir. No que diz respeito ao tipo de pesquisas, notou-se um equilíbrio entre pesquisas teórico-conceituais e pesquisas experimentais e dentre as pesquisas experimentais observou-se que o comportamento do ouvinte vem sendo estudado tanto como variável independente quanto como variável dependente. Além disso, em ambos os tipos de pesquisas o comportamento do ouvinte foi estudado mais como objeto central do que como objeto secundário. Por fim, destaca-se que o comportamento do ouvinte foi presença notória em temas como relação entre o repertório do ouvinte e do falante, equivalência de estímulos, operante verbal tato e nomeação. Sumarizando o desenvolvimento deste campo de investigação, destacam-se duas asserções do próprio Skinner (1957/1992) com relação a compreensão do comportamento verbal que influenciaram um início tímido, mas que também contribuíram para os avanços das pesquisas: se por um lado, o comportamento verbal teve como enfoque o falante individual explícito e postulado por Skinner (19957/1992), por outro lado, há a necessidade de o comportamento do ouvinte ser analisado de perto para que uma compreensão completa do comportamento verbal seja alcançada

Made available in DSpace on 2016-04-29T13:30:51Z (GMT). No. of bitstreams: 1 Paula Angela de Figueiredo e Paula.pdf: 1576351 bytes, checksum: 9795de74ce3027117b19a818d50d47d1 (MD5) Previous issue date: 2011-06-09 / To defend the thesis that it is more appropriate to name the analyst s desire a love than social solidarity, it was first necessary to demonstrate that solidarity, as an ethical category of present times, arose specifically as a response to the social inequalities that are accentuated by capitalism. The theoretical basis for this study of love was consolidated on the three approaches in Lacan s teaching and that the solidarity is limited, being a type of love that has no virtue in itself as it is founded on the segregation of the different, so negating the otherness of the other. A distinction was made between joy and love, showing the analyst to be someone operating within the feminine logic of not-all as a means to escape the capitalist discourse. The thesis that analyst s desire is a more appropriate name of love than social solidarity was described by formulating a matheme. This should be sufficient to show analyst s desire to be the name of a new love . These two theses unite in my own desire to make psychoanalysis a political instrument for intervention in social contexts, overturning the currently hegemonic idea in our society that charitable solidarity should be the fundamental ethic capable of overcoming our social ills / Para defender a tese de que o desejo do analista é o nome de um amor mais digno que a solidariedade social foi preciso primeiro demonstrar que a solidariedade como categoria ética dos tempos modernos, surgiu justamente como resposta às desigualdades sociais acentuadas com o capitalismo. Consolidamos as bases teóricas de um estudo sobre o amor nos três registros do ensino de Lacan, mostrando os limites da solidariedade como um tipo de amor que não carrega nenhuma virtude em si, pois se funda na segregação do diferente, negando a alteridade do outro. Fizemos a distinção entre o gozo e o amor apresentando o analista como alguém que opera na lógica feminina do não-todo como forma de escapar do discurso capitalista. A tese foi escrita com a formalização de um matema que deve servir para mostrar o desejo do analista como o nome de um novo amor fora da dimensão de Eros de Philia e de Agape. Esta tese é fruto de meu desejo em fazer da psicanálise um instrumento político para a intervenção em contextos sociais, derrubando a idéia de que a solidariedade beneficente, hoje hegemônica em nossa sociedade, seja o fundamento ético capaz de superar nossas mazelas sociais