投資人情緒與月盈餘揭露之關聯性

Investor Sentiment and Voluntarily Disclose Companies' Monthly Earnings

本研究探討投資人情緒如何影響公司自願性揭露月盈餘。實證結果顯示，投資人情緒與月盈餘揭露之間呈顯著正相關，當投資人情緒愈高時，公司愈會揭露月盈餘資訊。接著探討投資人情訊與揭露之月盈餘資訊為好消息或壞消息之關聯性，結果顯示當投資人情緒愈高，公司愈會揭露月盈餘為好消息之月盈餘資訊。另外，再額外測試的部分，本研究以法說會之舉辦與否來代替月盈餘之揭露，及選取市場周轉率以及資券餘額比代替投資人情緒，結果顯示兩者皆與公司月盈餘揭露間呈顯著正向關係，表示當投資人情緒愈高，公司愈願意揭露月盈餘資訊給投資人。

This study examines the relationship between investor sentiment and voluntarily monthly earnings disclosure. We find that a firm's propensity to disclose monthly earnings is positively relative to investor sentiment. In particular, this positive association between monthly earnings disclosure and investor sentiment is more pronounced when a firm disclose good news. The additional tests suggest that our results are robust when we proxy investor sentiment by market turnover rate and the balance of the balance of capital, and proxy corporate disclosure by conference calls.