管理层盈余预告信息披露策略及其经济后果研究

《管理层盈余预告信息披露策略及其经济后果研究》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、厦门大学博士学位论文管理层盈余预告信息披露策略及其经济后果研究姓名：陈芳芳申请学位级别：博士专业：会计学指导教师：吴水澎20080401(3)本文首次分析了盈余预告预测误差的符号和幅度在不同信息类别间的差异；(4)本文扩展了中国资本市场中盈余预告信息披露的市场反应研究。关键词：盈余预告；披露策略；经济后果AbstractManagementeamingspre-announcementshavebeenahottheoreticalandpracticaltopic．Becauseinformationembodiedinsuchprc·announcem

2、entsplaysakeyroleinsecuritypricingandinvestmentdecision-makingprocess，theproblemofhowtointerpretandregulatethistypeofinformationdisclosurebecomesaveryimportantresearchissue．Thisdissertationanalyzesmanagementearningspre-announcementsdisclosurestrategicbehavioranditseconomicconseque

3、nces．Webeginwitlltheinvestigationofmanagers’decisionsabouthowtodiscloseearningspre—announcementsintermsofprecision．InvestigationofthisspecificitychoiceCanyieldinsightsintomanagementdisclosurestrategy．Wethentrytoanalyzethedeterminantsofmanagementearningspre—announcementsprecision,a

4、ndexaminetheconsequencesofmanagementeamingspre—announcementsprecision,includingaccuracy,newsconveyedbysuchpre-announcements(relativetoinvestors’expectations)．Onthemethodology,wetrytocombinenormativeandpositiveresearchtogetherandregardpositiveresearch舔principle．Insummary,themainfin

5、dingsofthisstudyI．Firms谢nllargesize，shorthorizon,good-newsaremorelikelytoissueprecisepre—announcements．However,firmswithefficientgovernancemechanismarelesslikelytoissueprecisepre—announcementsduetolegalliability．2．Managersdohavecertainpatternofbiasinearningspre-announcements．Whent

6、heydisclosegoodnews)managershaveconservativebias．Whentheydisclosebadnews，managershaveoptimisticbias．Theaccuracyofmanagementearningspre-announcementsisassociatedwiththehorizonofpre-announcementsandtheeffectivenessofthefLrrns’corporategovernancestructure．Andtheaccuracydiffersdependi

7、ngontheprecisionandthetypeofpre—announcements．3．PricereactionsOCCUrwhenmanagementearningspre-announcementsarereleased，suggestingthatnewsconveyedbythepre—announcementsadjustsinvestors’expectationsandreducestheinformationasymmetry．Theprecisionofearningspre-announcementsseemstocaused

8、ifferentialpricereactions．Themore