Revisiting the Information Content between Earnings and Stock Prices：Panel Data Analysis

• Main Authors: Yu-jung Ma, 馬裕榮
• Other Authors: 康淑珍
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/x4p8r6

碩士 === 逢甲大學 === 會計學系 === 102 === The relationship between accounting earnings and stock price has been a research topic in the field of accounting and finance. Past research on the causal relationship between earnings and stock price has not yet been determined. In our research, Taiwan 50 Index constituent stocks in the third quarter of 2003 to the fourth quarter of 2012 as a sample, re-examine the relationship between earnings and stock price using K&;#39;onya (2006) Bootstrap aspect of the proposed causality test sample. Bootstrap aspect causality test samples can be analyzed simultaneously multi-year, multi-company cross-section of the two causal dependencies and heterogeneity related issues. The empirical results show the effect of the direction of earnings and stock price, step varies in relation to the independent majority, followed by feedback relationship, and in at least one way affect the relationship. This result and recent scholars have found that the information content of between earnings and stock price more in line with weak evidence, our research is the first time K&;#39;onya (2006) explore the relationship between earnings and stock price Bootstrap aspect of causality test samples simultaneously as a follow-scholar reference to relevant studies.