Relationships among Investor Sentiment, Analyst Following and Firm Value

• Main Authors: Tai, Yu-Hsi, 戴毓熹
• Other Authors: Lin, Ying-Li
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/68213098596755638447

碩士 === 亞洲大學 === 財務金融學系碩士在職專班 === 103 === ABSTRACT This study examines the relationships among the investor sentiment, analyst following and the firm value. By using the Consumer Confidence Index (CCI) conducted by the Research Center for Taiwan Economic Development as a proxy for investor sentiment, we examines whether the investor sentiment affects the analysts’ performance and analyze the effect of analyst following in the difference of firm value. The study also exams whether there is a significant correlation among investor sentiment, analyst following and firm value. We find that the number of analyst following increases when investor sentiment is high. And analyst following is significantly correlated with financial performance. Consequently, financial performance is positively associated with firm value. Keywords：Investor Sentiment、Analyst Following、Consumer Confidence Index、Firm Value