Corporate governance and target price accuracy

Document Type

Article

Publication Date

7-1-2019

Abstract

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.

Identifier

85065875257 (Scopus)

Publication Title

International Review of Financial Analysis

External Full Text Location

https://doi.org/10.1016/j.irfa.2019.05.005

ISSN

10575219

First Page

93

Last Page

101

Volume

64

Grant

106-2410-H-194-031

Fund Ref

Ministry of Science and Technology

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