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Research On Management’s Earnings Forecast Of Listed Company And Market Reaction

Posted on:2013-04-12Degree:MasterType:Thesis
Country:ChinaCandidate:Q YangFull Text:PDF
GTID:2249330395459012Subject:Business Administration
Abstract/Summary:PDF Full Text Request
To improve the listed company information disclosure level, is veryimportant not only for stock market,but also for investor and Listed company. Atpresent, the information disclosure studies are mainly concentrated in thehistorical information while forecasting information research is less. Theforecast profit information listed by the management of issued company canpromptly transfer operating results information of company to investors. But aspredictive information, it has its inherent uncertainty and subjectivity, and at thesame time it has a considerably high degree of correlation to investmentdecisions, investors treat this predictive information risk also have differentmarket reaction. The listed company management prediction informationaccuracy have been a concerned problem by investors, but the listed companymanagement prediction information distortion is a widespread phenomenon, thismakes investors lack of "security”, especially in our country such a is still indeveloping various aspects still not mature securities market. Securitiesregulatory commission and other related department’s supervision andmanagement to the listed company needs to be strengthened, and the relatedpolicy laws and regulations also need to be improved. In addition, most ofpeople in our country securities market are retail investors, and they barely makethe assessment of the listed company. Untrue information will mislead investorshave the opposite effect on stock market.This paper makes a relatively comprehensive and in-depth research on profitforecast information accuracy announced by the listed company managementand its market reaction, bases on the actual development of Chinese listedcompany, according to the information asymmetry hypothesis, game theory,market efficiency analysis theory and so on, through ways of standardized andempirical research. This paper not only proposed the listed companymanagement prediction accuracy of the information, and classified the earningsforecast information according to the accuracy. This paper also researches the different market reaction to “accuracy class” and “non-accurate class”, andinvestor expectation. This paper has important reference meaning to investorsfor grasping the forecast information of listed companies.
Keywords/Search Tags:The listed company management, Earnings forecast, Accuracy, Market reaction
PDF Full Text Request
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