| 研究生: |
魏嬿芯 Wei, Yan-Xin |
|---|---|
| 論文名稱: |
分析師名字特殊性與發布從眾預測間之關聯 Financial Analysts’Uncommon Names and Herding Behavior |
| 指導教授: |
周庭楷
Chou, Ting-Kai |
| 學位類別: |
碩士 Master |
| 系所名稱: |
管理學院 - 會計學系 Department of Accountancy |
| 論文出版年: | 2023 |
| 畢業學年度: | 111 |
| 語文別: | 中文 |
| 論文頁數: | 29 |
| 中文關鍵詞: | 名字特殊性 、羊群行為 、從眾預測 、大膽預測 |
| 外文關鍵詞: | name uncommonness , herding behavior, herding forecasts, bold forecasts |
| 相關次數: | 點閱:137 下載:23 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
過去的文獻積極探討分析師的個人特質會影響分析師發布盈餘預測之性質,而從眾預測和大膽預測傳達給投資人的訊息截然不同,例如分析師發布從眾預測的原因是出自於職業擔憂,故發布預測的保守程度可能會限制投資人取得完整資訊之機會,使從眾預測之資訊價值較低。關於名字特殊性的議題,一個人的名字不僅會影響其觀念與行為,也會使得擁有特殊名字的人在進入職場後有不同的表現,例如擁有特殊名字之專業人士能取得更高成就。故本研究為首篇以「分析師名字特殊性」做為先天個人特質差異之研究,探討擁有特殊名字之分析師是否因為成長歷程發展出獨特的價值觀與自信,所以較不會出現從眾行為。實證結果發現,分析師的名字特殊性與發布大膽預測間呈顯著正相關,當分析師的名字愈特殊時,其發布大膽預測之機率愈高,亦即特殊名字的分析師較不會發布從眾預測。而橫斷面測試發現,名字特殊性與大膽預測間之關聯,在分析師為女性或對特定公司的預測經驗年數較長時更加明顯。本研究之結果將特殊名字的影響範圍擴展至分析師的專業領域當中,可作為投資者或學術界對影響分析師預測之性質的參考依據。
關鍵字:名字特殊性、羊群行為、從眾預測、大膽預測
This study finds that, as the names of analysts become more uncommon, the probability of them issuing bold forecasts increases, and the distance of analysts' revised forecasts from the prerevision consensus is far away, indicating that analysts with uncommon names are less likely to issue herding forecasts. Furthermore, the study indicates that the association between name uncommonness and bold forecasts becomes more pronounced for female analysts or those with more years of prediction experience for specific companies. Those findings of this study extend the influence of uncommon names to the professional field of analysts, but also provide more information for investors and the academic that uncommon name is also a factor which affects the nature of analysts' forecasts.
Key words: name uncommonness, herding behavior, herding forecasts, bold forecasts
Arya, A., Glover, J., Mittendorf, B., & Narayanamoorthy, G. (2005). Unintended consequences of regulating disclosures: The case of Regulation Fair Disclosure. Journal of Accounting and Public Policy, 24(3), 243-252.
Bhattacharyya, A. (2004), “You can call him Kal”, Mantram, July, 30‐5.
Bertrand, M., & Mullainathan, S. (2003). Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy, 111(5), 1043-1075.
Bikhchandani, S., D. Hirshleifer, and I. Welch. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy 100 (5):992-1026.
Busse, T. V., & Seraydarian, L. (1978). The relationships between first name desirability and school readiness, IQ, and school achievement. Psychology in the Schools, 15(2), 297-302.
Chen, S., Boucher, H. C., & Tapias, M. P. (2006). The relational self revealed: Integrative conceptualization and implications for interpersonal life. Psychological Bulletin, 132, 151–179.
Clarke, J., & Subramanian, A. (2006). Dynamic forecasting behavior by analysts: Theory and evidence. Journal of Financial Economics, 80(1), 81-113.
Clement, M. B. (1999). Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?. Journal of Accounting and Economics, 27(3), 285-303.
Clement, M. B., and S. Y. Tse. (2005). Financial analyst characteristics and herding behavior in forecasting. The Journal of Finance ,60(1),307-341.
Cotton, J. L., B. S. O'neill, and A. Griffin. (2008). The “name game”: Affective and hiring reactions to first names. Journal of Managerial Psychology, 23(1),18-39.
Cooper, R. A., Day, T. E., & Lewis, C. M. (2001). Following the leader:: a study of individual analysts’ earnings forecasts. Journal of Financial Economics, 61(3), 383-416.
Crossland, C., Zyung, J., Hiller, N. J., & Hambrick, D. C. (2014). CEO career variety: Effects on firm-level strategic and social novelty. Academy of Management Journal, 57(3), 652-674.
De Bondt, W. F., & Forbes*, W. P. (1999). Herding in analyst earnings forecasts: evidence from the United Kingdom. European financial management, 5(2), 143-163.
Dechow, P. M., Hutton, A. P., & Sloan, R. G. (2000). The relation between analysts' forecasts of long‐term earnings growth and stock price performance following equity offerings. Contemporary Accounting Research, 17(1), 1-32.
Frijns, B., & Huynh, T. D. (2018). Herding in analysts’ recommendations: The role of media. Journal of Banking & Finance, 91, 1-18.
Fryer Jr, R. G., and S. D. Levitt. (2004). The causes and consequences of distinctively black names. The Quarterly Journal of Economics 119(3):767-805.
Gebauer, J. E., M. R. Leary, and W. Neberich. (2012). Unfortunate first names: Effects of name-based relational devaluation and interpersonal neglect. Social Psychological and Personality Science 3(5):590-596.
Geletkanycz, M. A., & Hambrick, D. C. (1997). The external ties of top executives: Implications for strategic choice and performance. Administrative Science Quarterly, 654-681.
Gleason, C. A., & Lee, C. M. (2003). Analyst forecast revisions and market price discovery. The Accounting Review, 78(1), 193-225.
Gu, Y. (2022). CEOs’ uncommon names and corporate innovation. Cogent Economics & Finance, 10(1), 2147646.
Güell, M., Rodríguez Mora, S., & Telmer, C. (2014). Intergenerational mobility and the informational content of surnames. Working paper.
Hilary, G., & Menzly, L. (2006). Does past success lead analysts to become overconfident?. Management Science, 52(4), 489-500.
Hong, H., J. D. Kubik, and A. Solomon. (2000). Security analysts' career concerns and herding of earnings forecasts. The Rand Journal of Economics, 121-144.
Jacob, J., Lys, T. Z., & Neale, M. A. (1999). Expertise in forecasting performance of security analysts. Journal of Accounting and Economics, 28(1), 51-82.
Jegadeesh, N., & Kim, W. (2010). Do analysts herd? An analysis of recommendations and market reactions. The Review of Financial Studies, 23(2), 901-937.
Jung, J. H., A. Kumar, S. S. Lim, and C.-Y. Yoo. (2019). An analyst by any other surname: Surname favorability and market reaction to analyst forecasts. Journal of Accounting and Economics, 67 (2-3), 306-335.
Kalist, D. E., and D. Y. Lee. (2009). First names and crime: Does unpopularity spell trouble? Social Science Quarterly, 90(1), 39-49.
Kang, Y., D. H. Zhu, and Y. A. Zhang. (2021). Being extraordinary: How CEOS'uncommon names explain strategic distinctiveness. Strategic Management Journal 42(2), 462-488.
Ke, B., & Yu, Y. (2006). The effect of issuing biased earnings forecasts on analysts' access to management and survival. Journal of Accounting Research, 44(5), 965-999.
Keskek, S., Tse, S., & Tucker, J. W. (2014). Analyst information production and the timing of annual earnings forecasts. Review of Accounting Studies, 19(4), 1504-1531.
Kim, C., & Pantzalis, C. (2003). Global/industrial diversification and analyst herding. Financial Analysts Journal, 59(2), 69-79.
Kumar, A. (2010). Self‐selection and the forecasting abilities of female equity analysts. Journal of Accounting Research, 48(2), 393-435.
Lee, J., & Lee, J. W. (2015). Analyst herding behavior and analyst affiliation: Evidence from business groups. Journal of Behavioral Finance, 16(4), 373-386.
Lieberson, S., & Bell, E. O. (1992). Children's first names: An empirical study of social taste. American Journal of Sociology, 98(3), 511-554.
Majadillas, M. A. (2009). Two Essays in Finance. Florida State University -FSU_migr_etd-704
Mehrabian, A. (2001). Characteristics attributed to individuals on the basis of their first names. Genetic, Social, and General Psychology Monographs, 127(1), 59.
Mikhail, M. B., Walther, B. R., & Willis, R. H. (1999). Does forecast accuracy matter to security analysts?. The Accounting Review, 74(2), 185-200.
Nguyen, T. M. L. (2019). The determinants of financial analysts' performance: Analyses using Quasi-Natural Experiments (Doctoral dissertation) University of Adelaide, Business School Working Paper.
Olsen, R. A. (1996). Implications of herding behavior for earnings estimation, risk assessment, and stock returns. Financial Analysts Journal, 52(4), 37-41.
Phillips, D. J., & Zuckerman, E. W. (2001). Middle-status conformity: Theoretical restatement and empirical demonstration in two markets. American Journal of Sociology, 107(2), 379-429.
Sadowski, C. J., K. J. Wheeler, and M. Cash. (1983). Unusual first names and achievement among male psychologists. The Journal of Social Psychology, 119 (2),181-185.
Sebastian, C., S. Burnett, and S.-J. Blakemore. (2008). Development of the self-concept during adolescence. Trends in Cognitive Sciences, 12(11), 441-446.
Sinha, P., Brown, L. D., & Das, S. (1997). A re‐examination of financial analysts' differential earnings forecast accuracy. Contemporary Accounting Research, 14(1), 1-42.
Spyrou, S. (2013). Herding in financial markets: a review of the literature. Review of Behavioral Finance, 5(2), 175-194.
Tajfel, H. (1970). Experiments in ingroup discrimination. Scientific American, 223(5), 24–35.
Tafel, H., & Turner, J. C. (1979). The social identity theory of intergroup behavior. In S. Worchel & W. Austin (Eds.), Psychology of Intergroup Relations, 7–24. Chicago: Nelson Hall.
Trueman, B. (1994). Analyst forecasts and herding behavior. The Review of Financial Studies, 7(1), 97-124.
Willis, F. N., Willis, L. A., & Gier, J. A. (1982). Given names, social class, and professional achievement. Psychological Reports, 51(2), 543-549.
Zweigenhaft, R. L. (1977). The empirical study of signature size. Social Behavior and Personality: An International Journal, 5(1):177-185.
Zweigenhaft, R. L. (1983). Unusual first names: A positive outlook. Names, 31(4), 258-270.