National Changhua University of Education Institutional Repository : Item 987654321/13906
English  |  正體中文  |  简体中文  |  全文笔数/总笔数 : 6507/11669
造访人次 : 30044660      在线人数 : 516
RC Version 3.2 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 进阶搜寻

jsp.display-item.identifier=請使用永久網址來引用或連結此文件: http://ir.ncue.edu.tw/ir/handle/987654321/13906

题名: Analyst Forecast Accuracy and Firm Layers in Affiliated Business Groups: Local and Foreign Analysts
作者: Chin, Chen-Lung;Chen, Yu-Ju;Filzen, J.
贡献者: 商業教育系
日期: 2010-06
上传时间: 2012-08-27T11:34:11Z
出版者: 國立政治大學
摘要: Business groups are an important organizational form in many countries. Business groups typically take the form of a pyramid structure, and thus provide incentives for controlling owners to expropriate wealth from other members (referred to as tunneling). Thus, business groups and its members tend to have lower information transparency. This paper argues that the layer in which a firm is located within a business group is a key determinant of analyst forecast accuracy. We find that firms located in a lower layer have lower analyst forecast accuracy within an affiliated group. Secondly, we document that local analysts’ information advantage over foreign analysts increases moving from higher layers to lower layers within a business group. Finally, we find that the local analysts’ advantage is driven by expatriate analysts. Our results remain qualitatively unchanged after controlling for agency problems, proxied by the divergence between voting and cash flow rights of controlling owners.
關聯: 海峽兩岸會計學術研討會, 國立政治大學, 2010年6月7-8日
显示于类别:[商業教育學系] 會議論文

文件中的档案:

档案 大小格式浏览次数
2030300716006.pdf101KbAdobe PDF604检视/开启


在NCUEIR中所有的数据项都受到原著作权保护.

 

DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈