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THE ROLE OF ACCOUNTING INFORMATION IN THE
SENTIMENT-PRICE RELATION
by
Kun-chih Chen
A Dissertation Presented to the
FACULTY OF THE GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PHILOSOPHY
(BUSINESS ADMINISTRATION)
May 2009
Copyright 2009 Kun-chih Chen
Object Description
| Title | The role of accounting information in the sentiment-price relation |
| Author | Chen, Kunchih |
| Author email | kunchihc@usc.edu; kunchih@gmail.com |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Accounting |
| School | Leventhal School of Accounting |
| Date defended/completed | 2009-04-10 |
| Date submitted | 2009 |
| Restricted until | Unrestricted |
| Date published | 2009-05-09 |
| Advisor (committee chair) |
Bonner, Sarah Wang, Shiing-wu |
| Advisor (committee member) |
Matsusaka, John Brown, Nerissa Hsiao, Cheng |
| Abstract | This study reconciles inconsistent evidence on the sentiment-price relation in prior studies by explicitly considering the effects of sentiment on both investor judgments and risk preferences. Using the uncertainty in accounting information, I am able to disentangle these two effects of sentiment and investigate the causes of the variations in the sentiment-price relation. The results show that, under low uncertainty, the effect of sentiment on risk preferences dominates in the sentiment-price relation, such that a negative effect of sentiment on price is observed. In contrast, under high uncertainty, the effect is less negative and, in fact, becomes positive. This suggests that in cases of high information uncertainty, the effect of sentiment on judgments dominates in the sentiment-price relation. |
| Keyword | accounting information; investor sentiment; judgment and decision making; risk preference |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Provenance | Electronically uploaded by the author |
| Type | texts |
| Legacy record ID | usctheses-m2225 |
| Rights | Chen, Kunchih |
| Repository name | Libraries, University of Southern California |
| Repository address | Los Angeles, California |
| Repository email | http://www.usc.edu/isd/libraries/services/ask_a_librarian/email/ |
| Filename | etd-Chen-2787 |
| Archival file | uscthesesreloadpub_Volume26/etd-Chen-2787.pdf |
Description
| Title | Page 1 |
| Full text | THE ROLE OF ACCOUNTING INFORMATION IN THE SENTIMENT-PRICE RELATION by Kun-chih Chen A Dissertation Presented to the FACULTY OF THE GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY (BUSINESS ADMINISTRATION) May 2009 Copyright 2009 Kun-chih Chen |
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