English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 114401/145431 (79%)
Visitors : 53148677      Online Users : 277
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/110794
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/110794


    Title: 投資人情緒是否影響資訊解讀-以月營收揭露為例
    The effect on sales information on sentiment and stock returns
    Authors: 張軒瑜
    Contributors: 周冠男
    張軒瑜
    Keywords: 月營收資訊
    股票報酬
    投資人情緒
    行為財務學
    Sales information
    Stock returns
    Investor sentiment
    Behavioral finance
    Date: 2017
    Issue Date: 2017-07-11 11:28:20 (UTC+8)
    Abstract: 本研究旨在探討投資人情緒與月營收資訊是否能夠解釋台灣股票報酬,以及投資人情緒是否影響對於月營收資訊的解讀。實證結果發現,前期月營收資訊、前期投資人情緒以及兩者乘積對當期股票報酬有顯著的正向影響。表示月營收資訊的揭露能帶給投資人資訊,作為交易時的考量,而前期投資人情緒能夠部分解釋當期股票報酬。兩者乘積表示營收資訊和投資人情緒為同期時,投資人對於資訊的解讀會受到情緒影響,進而影響股票的報酬。進一步探討,當投資人面對月營收成長率高、月營收波動低時,對於其月營收資訊的解讀傾向伴隨著情緒。
    This study wants to discuss whether sales information and investor sentiment could explain Taiwan stock market and whether investor sentiment affects their interpretation on sales information. The empirical results show that the sales information last period, investor sentiment last period and the multiplication of these two are significantly positively correlated to current stock returns. It indicates that the sales disclosure is informative to investors as a consideration while trading and investor sentiment can partially explain the stock returns. The estimate of multiplication which is positive indicates that when sales information and investor sentiment are in the same period, investors’ interpretation on sales information would be affected by their sentiment, and further affecting the stock returns. We further find that when companies have the characteristics of high sales growth rate and low sales volatility, their sales information tends to be interpreted by investors emotionally.
    Reference: The Research Center for Taiwan Economic Development (RCTED), National Central University http://rcted.ncu.edu.tw/upload.phtml
    簡雪芳 (1998),「月營收公告資訊內涵之相關研究」,國立台灣大學商學研究所,博士論文 Chien (1998)
    何秀芳 (2000),「再論月營收公告之資訊內涵」,國立台灣大學會計學研究所,碩士論文 Ho (2000)
    周賓凰、張宇志、林美珍 (2007),「投資人情緒與股票報酬互動關係」,《證券市場發展季刊》,19卷2期,頁153-190 Chou, Chang and Lin (2007)
    陳彥易 (2016),「上市櫃公司每月營收成長率資訊價值探討」,國立中央大學財務金融系在職專班,碩士論文 Chen (2016)
    Baker, M. and J. Wurgler (2006), “Investor Sentiment and the Cross Section of Stock Returns,” Journal of Finance, 61, 1645-1680.
    Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of accounting research, 159-178.
    Black, F. (1986). Noise. The journal of finance, 41(3), 528-543.
    Brown, G. W., & Cliff, M. T. (2004). Investor sentiment and the near-term stock market. Journal of Empirical Finance, 11(1), 1-27.
    DeLong, J. B., A. Shleifer, L. H. Summers and R. J. Waldmann, 1990, Noise trader risk in financial market, Journal of Political Economy 98, 703-738
    Fama, E. F. and K. R. French (1992), “The Cross-Section of Expected Stock Returns,” Journal of Finance, 47, 427-465.
    Fama, E. F. and K. R. French (1993), “Common Risk Factors in the Returns on Stocks and Bonds,” Journal of Finance, 33, 3-56.
    Hirshleifer, D., & Shumway, T. (2003). Good day sunshine: Stock returns and the weather. The Journal of Finance, 58(3), 1009-1032.
    Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica: Journal of the econometric society, 263-291.
    Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2000). Losing sleep at the market: The daylight saving anomaly. The American Economic Review, 90(4), 1005-1011.
    Kyle, A. S. (1985). Continuous auctions and insider trading. Econometrica: Journal of the Econometric Society, 1315-1335.
    Saunders, E. M. (1993). Stock prices and Wall Street weather. The American Economic Review, 83(5), 1337-1345.
    Description: 碩士
    國立政治大學
    財務管理研究所
    104357019
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104357019
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    701901.pdf976KbAdobe PDF229View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback