Information Transfers Associated with Yearly Earnings Announcements－Evidence from Supply Chain in the Electronics Industry

• Main Authors: Guan-Yi Lin, 林冠億
• Other Authors: Yi-Hua Lin
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/57876675653260237542

碩士 === 南台科技大學 === 會計資訊系 === 97 === 　　There is a close relationship between suppliers and customers in Taiwan’s electronics industry. The cooperation in the supply chain can help to reduce cost, share risk and improve operational performance. In addition, there is information transfers associated with the announcement of earnings in the supply chain. Most prior studies focused on intra-industry information transfers and less on information transfers in the supply chain. We examine information transfers associated with yearly earnings announcements in the supply chain of Taiwan’s electronics industry. 　　The study period is from 2003 to 2007 and the number of sample is 925. The cumulative abnormal returns was calculated over (-4, +4) windows by using 100 daily returns to estimate the parameters in the market model. 　　The empirical results show: 　　1.The yearly earnings announcements of customers have positive effect on suppliers’ stock prices. That is, both customers’ cumulative abnormal returns and unexpected earnings have significant impact on suppliers’ cumulative abnormal returns. 　　2.Customers’ cumulative abnormal returns have greater effect than unexpected earnings. 　　3.As customer is supplier’ related party, customers’ cumulative abnormal returns have greater effect.