本篇論文延伸先前的研究，探討機構投資人是否利用來自台灣供應商之美國客戶的私有資訊，對台灣供應商的股票進行買賣。研究結果顯示，當機構投資人持有台灣供應商之美國客戶股票時，台灣供應商在其美國客戶盈餘宣告前的異常報酬與機構投資人對台灣供應商股票的淨買賣呈現正相關。由此可知，機構投資人會利用私有資訊對供應鏈的公司進行交易。此外，本研究利用投資組合的方式檢驗機構投資人對台灣供應商的持股變化與台灣供應商在其美國客戶盈餘宣告期間之異常報酬的關係，研究結果進一步地支持了機構投資人持股的變化與台灣供應商在其美國客戶盈餘宣告期間的異常報酬呈現正相關。

I extend prior research by examining whether institutional investors owning the US firm’s share would use their private information of the US firm to trade in the stocks of the US firm’s suppliers in Taiwan. The findings show that, if the institutional investors own the US firm’s shares, their net purchases of the Taiwan suppliers before the earnings announcement of US firm are positively associated with Taiwan suppliers’ abnormal returns around the earnings announcement of US firm. This indicates that the institutional investors use their private information to trade in the global supply chain. Furthermore, by using the portfolio approach, I also examine the relation between changes in institutional ownership of Taiwan supplier and abnormal return of Taiwan supplier around earnings announcement of US firm. The results also support that changes in institutional ownership are positively related to the return of Taiwan supplier around the earnings announcement of US firm.

Ali, A., Durtschi, C., Lev, B., Trombley, M., 2004. Changes in institutional ownership and subsequent earnings announcement abnormal returns. Journal of Accounting, Auditing and Finance 19, 221–248.
Ali, A., Klasa, S., Li, O. Z., 2008. Institutional stakeholdings and better-informed traders at earnings announcements. Journal of Accounting and Economics 46, 47-61.
Amin, K., Lee, C., 1997. Option trading, price discovery and earnings news dissemination. Contemporary Accounting Research 14, 235–251.
Bae, K., Stulz, R., Tan, H., 2008.Do local analysts know more? Across-country study of the performance of local analysts and foreign analysts. Journal of Financial Economics 88,581–606.
Baker, M., Litov, L., Wachter, J., Wurgler, J., 2010. Can Mutual Fund Managers PickStocks? Evidence from Their Trades Prior to Earnings Announcements. Journal of Financial & Quantitative Analysis 45(5), 1111-1131.
Beckers, S., Grinold, R., Rudd, A., Stefek, D., 1992. The Relative Importance of Common Factors Across the European Equity Markets. Journal of Banking and Finance 16 (I) February, 75-95.
Bennett, J., Sias, R., Starks, L., 2003. Greener pastures and the impact of dynamic institutional preferences. Reviewof Financial Studies16, 1203–1238.
Bushee, B. J., Goodman, T. H., 2007. Which institutional investors trade based on private information about earnings and returns. Journal of Accounting Research 45(2), 289-321.
Bushee, B., 1998. The influence of institutional investors on myopic R&D investment behavior. Accounting Review 73, 305–333.
Bushee, B., 2001. Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value? Contemporary Accounting Research 18, 207–46.
Cai, F., Zheng, L. 2004. Institutional Trading and Stock Returns. Finance Research Letters 1:178–89.
Christophe, S., Ferri, M., Angel, J., 2004. Short-selling prior to earnings announcements. Journal of Finance 59, 1845–1875.
Clinch, G. J., Sinclair, N. A., 1987. Intra-industry information releases：A recursive systems approach. Journal of Accounting and Economics 9(1), 89-106.
Cohen, L., Frazzini, A., 2008. Economic links and predictable returns. Journal of Finance 63, 1977-2011.
Falkenstein, E. 1996. Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings. Journal of Finance 51, 111–35.
Firth, M. 1996. The transmission of corporate financial information across national borders and equity market linkages. Review of Accounting Studies 1(4): 309-337.
Foster, G., 1981. Intra-industry information transfers associated with earnings releases. Journal of Accounting and Economics 3(3), 201-232.
Freeman, R. N., Tse, S., 1992. An earnings prediction approach to examining intercompany information transfers. Journal of Accounting and Economics 15(4), 509-523.
French, K.R., Poterba, J. M. 1991. Investor diversification and international equity markets. American Economic Review, 81 (AEA Papers and Proceedings), 222-226.
Gallagher, D. R., Looi, A., Pinnuck, M., 2010. Are active fund managers collectors of private information or fast interpreters of public information. Accounting and Finance 50, 635-662.
Gompers, P., Metrick, A., 2001. Institutional Investors and Equity Prices. Quarterly Journal of Economics 116, 229–59.
Han, J. C. Y., Wild J. J., 1990. Unexpected earnings and intra industry information transfers：Further evidence. Journal of Accounting Research, Spring, 28(1), 211-219.
Hartzell, J., Starks, L., 2003. Institutional investors and executive compensation. Journal of Finance 58, 2351–2374.
Hertzel, M. G., Li, Z., Officer, M. S., Rodgers, K. J., 2008. Inter-firm linkages and the wealth effects of financial distress along the supply chain. Journal of Financial Economics 87, 374-387.
Kang, J., Stulz, R., 2000. Do banking shocks affect borrowing firm performance? An analysis of the Japanese experience. Journal of Business 73, 1–23.
Ke, B., Petroni, K., 2004. How informed are actively trading institutional investors? Evidence from their trading behavior before a break in a string of consecutive earnings increases. Journal of Accounting Research 42(5), 895-927.
Ke, B., Ramalingegowda, S., 2005. Do institutional investors exploit the post-earnings announcement drift? Journal of Accounting and Economics 39, 25–53
Ke, B., Ramalingegowda, S., Yu, Y., 2006. The effect of investment horizon on institutional investors’ incentives to acquire private information on long-term earnings. Unpublished working paper, Pennsylvania State University.
Koch, P. D., Koch, Md T. W., 1991. Evolution in Dynamic Linkages Across Daily National Stock Indexes. Journal of International Money and Finance 10, 231 -251.
Lee, C. M., 1992. Earnings news and small traders, Journal of Accounting and Economics 15, 265–302.
Lev, B., 1988. Toward a theory of equitable and efficient accounting policy. The Accounting Review 63, 1–21.
Lewis, K.K. 1999. Trying to explain home bias in equities and consumption. Journal of Economic Literature 37, 571-608.
Malloy, C., 2005. The geography of equity analysis. Journal of Finance 60, 719–755.
Matsumoto, D., 2002. Management’s Incentives to Avoid Negative Earnings Surprises. The Accounting Review 77, 483–514.
Meek, G. K., 1991. Capital Market Reactions to Accounting Earnings Announcements in an International Context. Journal of International Financial Management and Accounting 3 (2) Summer, 93-109.
Ng, J., Sletten, E., Zuo, L., 2010. Do information transfer facilitate insider trading? Unpublished working paper, MIT Sloan School of Management.
Nofsinger, J., Sias, R., 1999. Herding and feedback trading by institutional and individual investors. Journal of Finance 54, 2263–2295.
Pandit, S., Wasley, C. E., Zach, T., 2011. Information Externalities along the Supply Chain: The Economic Determinants of Suppliers’ Stock Price Reaction to Their Customers’ Earnings Announcements. Contemporary Accounting Research, Accepted Article.
Pyo, Y., Lustgarten, S., 1990. Differential intra-industry information transfer associated with management earnings forecasts. Journal of Accounting and Economics 13, 365-379.
Slovin, M., Sushka, M., Polonchek, J., 1999. An analysis of contagion and competitive effects at commercial banks. Journal of Financial Economics 54, 197–225.
Tesar, L.L., Werner, L.M. 1995. Home bias and high turnover. Journal of International Money and Finance 14, 467-492.
Wermers, R., 2000. Mutual fund performance: An empirical decomposition into stock picking talent, style, transactions costs and expenses. Journal of Finance 55, 1655–1695.
Yan, S., Zhang, Z., 2009. Institutional investors and equity returns: are short-term institutions better informed? Review of Financial Studies 22, 893–924