Corporate governance and target price accuracy

被引：18

作者：

Cheng, Lee-Young ^{[1
]}

Su, Yi-Chen ^{[1
]}

Yan, Zhipeng ^{[2
]}

Zhao, Yan ^{[3
]}

机构：

[1] Natl Chung Cheng Univ, Dept Finance, 168 Univ Rd, Chiayi 62102, Taiwan

[2] New Jersey Inst Technol, Martin Tuchman Sch Management, Newark, NJ 07102 USA

[3] CUNY, Dept Econ & Business, City Coll New York, 160 Convent Ave, New York, NY 10031 USA

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2019年 / 64卷

关键词：

Corporate governance; Target price accuracy; Ownership structure; Board composition; INTELLECTUAL CAPITAL DISCLOSURE; INVESTOR PROTECTION; EARNINGS FORECASTS; INSTITUTIONAL INVESTORS; OWNERSHIP STRUCTURE; EMPIRICAL-ANALYSIS; AGENCY PROBLEMS; ANALYSTS; INFORMATION; MANAGEMENT;

D O I：

10.1016/j.irfa.2019.05.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The purpose of this study is to examine whether the quality of corporate governance has an impact on target price accuracy. We explore the relationship between target price accuracy and ownership structure, board composition, and disclosure using a sample of 17,334 target price observations in the Taiwan Stock Exchange between 2007 and 2016. We find that strong corporate governance improves target price accuracy. We further show that firms with better corporate governance experience a stronger market reaction to their target price announcements.

引用

页码：93 / 101

页数：9

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