簡易檢索 / 詳目顯示

回結果列表
研究生： 林鈺禮
Lin, Yu-Li
論文名稱： 選擇權交易量與外部監督
Option trading and external monitoring
指導教授： 謝佩芳
Hsieh, Pei-Fang
口試委員: 林姿瑩
Lin, Zih-Ying
潘虹華
Pan, Hung-hua
林瑞嘉
Lin, Jui-Chia
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 計量財務金融學系
Department of Quantitative Finance
論文出版年： 2021
畢業學年度： 109
語文別： 英文
論文頁數： 28
中文關鍵詞： 選擇權交易量 、應計項目 、盈餘管理 、外部監督 、資訊效率
外文關鍵詞： Options trading volume, accruals, earnings management, external monitor, information efficiency
相關次數： 點閱：2  下載：0 
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

    • 在本文中，我研究了價格效率是否降低公司進行盈餘管理的動機。我發現選擇權交易提供了有效的公司治理外部控制機制，確保經理人之決策符合股東最大利益的宗旨。實證結果闡述選擇權交易量較大的公司，其會計應計項目較低。 本文並使用 2010 年的政策衝擊進行DiD 測試，以排除可能的內生問題，結果也符合一致性。在橫斷面分析中，我發現分析師覆蓋率低和男性 CEO 的公司在選擇權交易對於減少盈利操縱的效果更為顯著。

    In this paper, I investigate whether price efficiency reduces earnings manipulation. I find options trading provides an external mechanism that is intended to ensure the manager's behavior is consistent with the best interest of shareholders. I provide evidence that the firms with more options trading volume have lower total accruals. I use the 2010 policy shock to practice the difference-in-differences (DiD) test for ruling out the possible endogenous issues. Furthermore, I find the firms with low analyst coverage and with male CEO are more obvious in reducing the earning manipulation.

    Table of contents 1. Introduction 5 2. Literature review 7 2.1 Option trading and information efficiency 7 2.2 Earning management and firm performance 8 2.3 option trading and earnings management 9 3. Methodology 10 3.1 Data 10 3.2 Variables 10 3.2.1 Options trading volume 10 3.2.2 Proxies for Earnings management 11 3.2.3 Control variables 11 3.3 Baseline Regression 12 4. Main Results 14 4.1 Panel regression 14 4.2 Difference-in-Differences Regressions 14 4.2.1 Parallel Trend Assumption 16 4.3 Mechanism 16 4.3.1 Analyst coverage and options trading 16 4.3.2 CEO gender and earnings management 17 5. Conclusion 19 6. References 20 7. Appendix 22

    Back, K., 1993. Asymmetric information and options. The Review of Financial Studies Vol.6, Issue 3, 435-472.
    Blanco,I., and D.Wehrheim, 2017. The bright side of financial derivative: Options trading and firm innovation. Journal of Financial Economics Vol.125, 99-119.
    Burgstahler, D., Hail, L., & Leuz, C. 2006. The importance of reporting incentives: Earnings management in private and public European firms. The Accounting Review, Vol.81, Issue5, 983–1016.
    Cao, H., 1999. The effect of derivative assets on information acquisition and price behavior in a dynamic rational expectations model. Review of Financial Studies Vol. 12, Issue1, 131–163.
    Cao, M., Wei, J., 2010. Commonality in liquidity: evidence from the option market. Journal of Financial Markets, Vol. 13, No. 1.
    Chen S.S., Chen Y.W., Chou R.K., 2020. Short-Sale Constraints and Options Trading: Evidence from Reg SHO, Journal of Financial and Quantitative Analysis, Vol.55, No.5, 1555-1579.
    Cohen, D.A., P.Zarowin, 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting Economics Vol.50, 2-19.
    Erickson, M., Wang, S., 1999. Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting and Economics Vol.27, 149-176.
    Fang, V.W., Huang, A.H., Karpoff J.M., 2016. Short Selling and Earnings Management:
    A Controlled Experiment. Journal of Finance Vol. 71, NO. 3, 1251-1294.
    Ferreira, D., Ferreira, M., Raposo, C., 2011. Board structure and price informativeness. Journal of Financial Economics Vol.99, Issue3, 523–545.
    Fischer, P.E., Stocken, P.C., 2004. Effect of Investor Speculation on Earnings Management. Journal of Accounting Research Vol. 42 No. 5, 843-870.
    Hu, J., 2014. Does option trading convey stock price information? Journal of Financial Economics Vol.111, 625-645.
    Isidro, I., and I.Raonic, 2012. Firm incentives, institutional complexity and the quality of “harmonized” accounting numbers. The International Journal of Accounting
    Vol. 47, Issue 4, 407-436.
    McNichols, M.F., and S.R.Stubben, 2008. Does Earnings Management Affect Firms'
    Investment Decisions? The Accounting Review Vol.83, NO.6, 1571-1603.
    Na, K., J.Hong, 2017. CEO Gender And Earnings Management. The Journal of Applied Business Research Vol.33, Issue 2, 297-308.
    Pan, J., Poteshman, A., 2006. The information in options volume for future stock prices. Review of Financial Studies Vol.19, 871–908.
    Roll, R., E.Schwartz, and, A. Subrahmanyam, 2009. Options trading activity and firm valuation. Journal of Financial Economics 94, 345–360.
    Roychowdhury, S., 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42, 335–370.
    Yu, F., 2008. Analyst coverage and earnings management. Journal of Financial Economics Vol.88, 245–271.

    QR CODE