Target Price Bias and Earnings Management

• Main Authors: CHU, YUAN-CHEN, 朱元貞
• Other Authors: Lee-Young Cheng
• Format: Others
• Language: en_US
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/33u2qr

碩士 === 國立中正大學 === 財務金融系研究所 === 107 === Despite the general of price targets, few studies investigate the analyst’s qualification of price target opinions. This paper focus on the factors related to target price bias, we discuss if analysts in finance field will know the accrual manipulations on earnings in the report, and combine the theory in their target price forecasts. To shed light on factors associated with analysts’ forecasts of target price, we consider the roles that both fundamental inputs and non-fundamental factors play in their derivation, their accuracy and their association with future returns.