1,353 research outputs found
The Influences of a Stock Market's Environmental Factors on Returns/Earnings Association
No full text本研究針對會計盈餘與市場報酬率之關聯性，是否受到證券市場環境變化之影響，加以探討。其目的在於解釋台灣證券市場之會計資訊於不同時間，因環境因素之改變而具有不同的資訊內涵。本研究計算台灣地區民國71年至81年度之市場年報酬率與會計盈餘之關係，發現盈餘與市場報酬率之關係，雖然如理論預期般地每年皆具有統計之正相關，但其相關之程度會受到許多市場環境因素變化之影響。本研究發現年度盈餘與市場報酬率之相關程度與股市波動程度呈負相關，盈餘反應係數與市場規模、利率、股價變異程度與交易金額等呈正相關。本研究同時也發現，營業所得之反應係數會隨市場規模之擴大與經驗之累積而增加。此項結果也間接支持了會計品質有逐年提昇之趨勢。反之，非營利所得，在股市波動劇烈，周轉率較高，交易金額較大時，扮演著重要之角色。此項結果亦支持了非營業所得於經濟景氣較差，市場風險較高時，扮演著重要角色。本研究之結果，不唯說明了經濟因素與會計品質為影響會計資訊內涵之主要變數，亦提供未來研究控制與解釋會計資訊內涵研究之基礎。This paper discusses the possible reasons of changes in returns/earnings association for different periods in Taiwan. The fast boom in economy and rapid growth in accounting environment are argued as the explanations. Annual returns/earnings regression for the period from 1982 to 1992, a period with significant changes in market's factors, are examined. The results show that stock returns are positively associated with accounting earnings for every year. Both operating and non-operating incomes provide information to the market. However, returns/earnings association varies from year to year possibly due to changes of several market factors. The R^2s and F values of yearly returns/earnings regression are negatively related to the variance of stock market. The R^2s and F values also decrease when the market trades heavily. Earnings response coefficients increase with market size, interest rate, market variance and trading volume. The study also presents that coefficient of operating income is sensitive to market size and calendar year. This phenomenon suggests that accounting quality may have been improved gradually. The coefficient of non-operating income is positively related to the market variance, stock market growth, trading volume and turnover rate. Yet it is negatively associated with economic growth rate. These results also imply that non-operating income plays an important role during heavy trading or risky years. Conversely, non-operating income is less important as the economy booms. The study concludes that accounting information quality has been gradually improved in the past decade. The role of operating income becomes more important as the market maturing. The study also suggests that returns/earnings association in Taiwan is sensitive to the economic growth and market risk
econsideration for the Relationship Between Earnings and Stocks Returns in Taiwan
No full text本研究針對台灣目前之會計實證研究中有關資訊內涵部分作一系列的檢討。透過各項研究及變數之控制，以期探討在台灣特有之環境體系下市場報酬率與會計盈餘的關聯性。實證結果顯示：1.市場報酬率與會計盈餘之關聯性，明顯地受到異常報酬率預估模式的影響，市場模式運用的結果明顯遜於規模效應及風險調整模式。2.台灣股票市場存在明顯宣告前後的異常反應，較長的衡量期間較能顯出市場對會計資訊之反應。3.漲跌幅限制影響了市場對資訊反應之速度，因此使用較長之衡量期間較能展現出市場對非預期盈餘之反應。4.市場報酬率與會計盈餘的關聯性會受到選用預測變數的影響，會計淨利與營業所得分別顯示不同的報酬率與盈餘之關聯性。5.非營業所得，理論上雖然較不重要，但在台灣卻明顯地影響到市場之表現，其原因可能是非營業所得之定義不夠明確的影響。本研究建議未來之報酬率與盈餘之關聯性及相關之實證研究，應考慮不同之預測模式，並對其研究方法之選用、變數之選擇，以及市場特性等加以考慮調整，以期能較為正確地顯現研究之結果。This study reexamines the returns/earnings relationship in Taiwan by controlling several variables. The results indicate: 1.The returns/earnings test is sensitive to the choice of market variable which measures market’s abnormal performance. Choice of the market model may not apprehend a superior returns/earnings relationship than the size-adjusted or risk-adjusted model. 2.An obvious early market reaction and significant pos-announcement drift manifest the importance of the window choice. Long window is strongly recommended in Taiwan. 3.Price limit in Taiwan may deter the market reaction to the accounting information. Evidence shows that daily return does not follow a random wall. The suggestion of long window for CAR is reinforced by this marked characteristic. 4.The returns/earnings relationship is sensitive to the choice of net income operating income as the explanatory variable for market’s abnormal performance. 5.Non-operating income, which is theoretically less important, plays a prominent role for the returns/earnings relationship in Taiwan. The phenomenon is explained by the unclear definition of non-operating income Taiwan. The study suggests that the returns/earnings studies in Taiwan need further consideration, including the refinement of methodology as well as the adjustment market characteristics. Simply replication the U.S. studies by using Taiwan’s sotock market data may bias the relationship between returns and accounting earning in certain degree
Letter to L.L. McGee from unknown author regarding members of an all state team
No full textLetter listing selections for the all state team for Douglass High School
Essay about how the image of Maine is constructed by institutions like L.L. Bean
No full textEssay about how the image of Maine is constructed by institutions like L.L. Bean and Bert and I. The author asks if local imagemakers are more true to life than their mass market counterparts
Development and characterization of a thermostable nckel-alumina methanation catalyst
No full textApplied Science
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