Do the frequencies of analyst coverage and conference calls influence stock market trading? Evidence from Taiwan

分析師關注度和法說會的頻率會影響股市交易嗎？以台灣為例

本研究探討分析師關注度和法說會的頻率對股票交易的影響，並以2009-2015 年台灣上市櫃公司為研究對象。研究發現，分析師關注度對股票 週轉率和股價區間的影響高於法說會的影響，其中國內分析師關注度的影響 更為明顯。非自願性法說會對該股票交易有顯著影響，但自願性法說會則並 沒有顯著影響。另外，分析師報導和非自願性法說會的頻率透過影響機構投 資人交易來影響股票市場，有分析師關注或法說會的公司比沒有分析師關注 或法說會的公司有更高的機構投資人股票交易。最後，本研究亦發現分析師 關注度對法說會和股票交易之間的相關性存在中介影響效果。

This research investigates whether the frequencies of analyst coverage and conference calls affect stock trading by using a sample of Taiwanese listed companies over the period 2009-2015. The results show that analyst coverage has a greater impact on stock turnover and price range than conference calls have. In particular, domestic analyst coverage has a significantly positive impact on stock turnover and price range. Involuntary conference calls have significant effects on stock market trading, but voluntary calls do not. Furthermore, the frequencies of analyst coverage and involuntary conference calls affect stock market trading by influencing institutional investor trading. Firms with analyst coverage or conference calls have higher institutional investor stock trades than firms without analyst coverage or conference calls do. Finally, analyst coverage has a mediating effect on the correlation between conference calls and stock trading.