A Study on the Relationship among the Characteristics of Board, Owership Structure and Analysts' Forecast Error
| Autor: | Wei-Chiuan Wang, 王偉全 |
|---|---|
| Rok vydání: | 2005 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 93 The primary objective of this study is to examine the association between corporate governance and analyst earnings forecast errors. I first focus on the effect of firm size on analyst forecast accuracy and test whether analysts distinguish the usefulness of the information signaled by corporate governance under different firm size. I next study whether the characteristics of corporate governance affect analysts’ forecast behavior. Finally, I examine the importance of corporate governance for analyst forecasts over different time periods. This study use the firms listed on Taiwan Stock Exchange and there are 2147 samples in my data collection. The primary results are provided as follows: 1. Corporate governance significantly affects earnings forecast errors. 2. Analysts are conveyed differently by the information contents of corporate governance under different firm size. 3. When analysts are over optimistic, the information signaled from the board structure and the ownership structure plays a significant role. However, when analysts are pessimistic, the information of corporate governance is not influential. 4. The association between corporate governance and analysts’ forecasts become more significant in the more recent time periods when the importance of corporate governance grows. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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