DC Field | Value | Language |
---|---|---|
dc.contributor.advisor | Han, In-Goo | - |
dc.contributor.advisor | 한인구 | - |
dc.contributor.author | Jeong, Kyun-Beom | - |
dc.contributor.author | 정균범 | - |
dc.date.accessioned | 2015-04-23T07:08:08Z | - |
dc.date.available | 2015-04-23T07:08:08Z | - |
dc.date.issued | 2014 | - |
dc.identifier.uri | http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=569823&flag=dissertation | - |
dc.identifier.uri | http://hdl.handle.net/10203/197188 | - |
dc.description | 학위논문(박사) - 한국과학기술원 : 경영공학부, 2014.2, [ v, 84 p. ] | - |
dc.description.abstract | This thesis examines the relationship between the firm characteristics and the analyst reactions to management disclosures, and investor reactions to these analyst revisions issued after the management disclosures. The first essay examines the effect of firm characteristics on the reactions of analysts to management disclosures. Prior studies have overlooked that analysts can react differently because of firm characteristics that can affect to management forecasts’ credibility and usefulness, as well as specific situation like SEO or management forecast characteristics itself. In this study, I extend this line of research by considering firm characteristics, after controlling management forecast characteristics that can affect to the reactions of analysts. I provide evidence that for good news disclosures, analysts react more to the disclosures from the firms that have greater level of conservatism. On the other hand, for bad news disclosures, analysts react less to the disclosures from the firms that have higher level of conservatism. I also find that analysts react stronger to management disclosures announced by firms with strong governance and lower managerial ownership. These results show that firm characteristics are also the factors that analysts consider when they revise their earnings forecasts after the management disclosure. The second essay investigates how investors use the analyst forecast revision information issued after management disclosures. I extend prior literature by examining the relation between the contents of analyst forecast revisions and those of management disclosures. I provide evidence that investor reactions are stronger to the analyst revisions that are consistent with the prior management disclosures. I also find that the amount of new information is greater in the analyst revisions when they are inconsistent with management disclosures, suggesting that the inconsistency of analyst information is mainly driven by the new inform... | eng |
dc.language | eng | - |
dc.publisher | 한국과학기술원 | - |
dc.subject | Firm characteristics | - |
dc.subject | 새로운 정보 | - |
dc.subject | 정보의 시간순서 | - |
dc.subject | 투자자 반응 | - |
dc.subject | 재무분석가 예측 수정 | - |
dc.subject | 경영자 공시 | - |
dc.subject | Accounting conservatism | - |
dc.subject | Corporate governance | - |
dc.subject | Management disclosure | - |
dc.subject | Analyst forecast revision | - |
dc.subject | Investor reaction | - |
dc.subject | Timing sequence of information | - |
dc.subject | New information | - |
dc.subject | 기업 특성 | - |
dc.subject | 회계 보수주의 | - |
dc.subject | 기업 지배구조 | - |
dc.title | Two essays on analyst revision information issued following management disclosures | - |
dc.title.alternative | 경영자 이익예측에 따른 재무분석가의 예측 수정 정보에 관한 연구 | - |
dc.type | Thesis(Ph.D) | - |
dc.identifier.CNRN | 569823/325007 | - |
dc.description.department | 한국과학기술원 : 경영공학부, | - |
dc.identifier.uid | 020085164 | - |
dc.contributor.localauthor | Han, In-Goo | - |
dc.contributor.localauthor | 한인구 | - |
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