講座主題：DCF Please! Evidence from a Content Analysis of Analyst Reports

講座人：譚紅平（Hongping Tan）

摘要：Using textual analysis of a large sample of analyst reports, we find that analysts’ use of discounted cash flow (DCF) model compared to PE model positively correlate with investor demand for cash flow and discount rate information. Analysts respond to such investor demand with more cash flow and discount rate discussions in their research reports, which ultimately facilitate their application of DCF model for firm valuation. The market reaction to target price forecasts based on DCF model is more pronounced than those based on PE model. These results indicate that analysts’ valuation process reflects investor demand for value relevant information.

講座地點：學院南路學術會堂604

講座時間：2018年06月22日，周五，14：00開始

講座人簡介：譚紅平（Hongping Tan），麥吉爾大學（McGill University）會計和金融學副教授，博士生導師。博士畢業于加拿大皇後大學。曾先後在加拿大約克大學商學院，加拿大滑鐵盧大學會計與金融學院、美國紐約州立大學布法羅校區等學校任職。在Journal of Accounting and Economics, Journal of Financial Economics, Journal of Accounting Research, The Accounting Review等頂級期刊發表論文多篇。現任Contemporary Accounting Research編委會成員（2017-2020），Asia-Pacific Journal of Financial Studies副主編（2017年至今）。主要研究金融信息披露、分析預測、國際資本市場等問題，教授公司金融、投資、财務報表分析等課程。