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標題: The factors affecting the forecast accuracy on EPS of stock brokerages-An empirical analysis from the characteristics of company and analyst
作者: Lin, Hung-Wei
關鍵字: EPS forecast of stock brokerages;券商每股盈餘預測;company characteristics;analyst characteristics;forecast accuracy;公司屬性;分析師特性;預測準確度
出版社: 財務金融系所
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This thesis is based on the data, which are collected from January 2000 to March 2005, of EPS forecast of brokerages in Taiwan's stock market. From the perspectives of company and analyst characteristics, we apply multiple-regression method to analyze the factors which affect the forecast accuracy of EPS. On the characteristics of company, the result shows that bull markets, foreign companies and technology industry have more accurate forecast than bear markets, local companies and non-technology industry do. Furthermore, the forecast of EPS would be more accurate when the company has lower P/E ratio, higher M/B ratio, larger market scale, and higher sales growth rate. In addition, the company covered by more stock brokerages, and bull markets would also help the accuracy of forecast. On the characteristics of analyst, as the analyst's forecast date is closer with the last analyst's or fiscal year-end, the accuracy of the forecast would be higher. Secondly, if the forecast of last year is more accurate, the forecast of EPS will be more precise in the following year. Thirdly, if analyst forecasts fewer companies or more industries, the forecast of EPS would be more accurate. Fourthly, as the analysts are from foreign companies, the forecast would be more accurate.
其他識別: U0005-1008200619465100
Appears in Collections:財務金融學系所

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