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外資券商公開推薦評等之資訊價值 = The Information Co...

國立高雄大學金融管理學系碩士班

外資券商公開推薦評等之資訊價值 = The Information Content of Stock Recommendations of Foreign Security Firms

Record Type:	Language materials, printed : monographic
Paralel Title:	The Information Content of Stock Recommendations of Foreign Security Firms
Author:	方建凱,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	2012[民101]
Description:	54面圖，表格 : 30公分;
Subject:	股票推薦
Subject:	Stock Recommendations
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/48207745557591353160
Notes:	參考書目：面44-48
Summary:	過去研究外資券商推薦評等的資訊內涵時，並未考量推薦新聞的公開性，如此一來可能造成投資人無法立刻對該資訊作出反應。本文收集臺灣每日公開發行的報紙，將常見的外資券商對臺灣股票上市公司的推薦評等新聞作篩選，並將評等類別分為買進、賣出與中立三大類，避免主觀的評等判斷。除了探討推薦資訊公佈前後之市場反應，更進一步探討外資券商是否存在「利益衝突」之現象。過去文獻發現推薦資訊公佈前後，市場反應皆為負向，且存在「利益衝突」之現象。但本研究以更完善的研究樣本實證結果發現，不論推薦評等為何，在資訊公佈前與公佈後，市場反應大多是正向的，其中又以推薦「買進」的資訊最為顯著，代表外資券商的「買進」評等最具參考價值。此外，針對外資券商推薦資訊公佈前後的買賣行為，本研究結果發現，在資訊公佈前，外資券商有先行進場佈局的可能；在資訊公佈後，整體外資券商都會依循自身的推薦評等資訊作買賣，並未發現明顯的「利益衝突」現象。 This study explores the information content of stock recommendations of foreign security firms. We collect the investment recommendation reports from daily newspapers in Taiwan in order to increase the visibility of stock recommendations and classify the recommendation words into three levels without subjective adjudgment : upgrade、downgrade and neutral. The main purpose of this study examines whether or not the conflict of interest exists and the market responds before and after the reports. Previous studies show that the market returns are negative after the reports and conflict of interest do exist. However, our results indicate that the market responds positively to the upgrades and downgrades recommendations. In addition, we find that these firms might buy (sell) in advance before issuing upgrades (downgrades) recommendations. Lastly, we find no evidence that conflicts of interest exist after the reports, they trade consistently with their recommendations after the reports.

外資券商公開推薦評等之資訊價值 = The Information Content of Stock Recommendations of Foreign Security Firms
方, 建凱

外資券商公開推薦評等之資訊價值 = The Information Content of Stock Recommendations of Foreign Security Firms / 方建凱撰 - [高雄市] : 撰者, 2012[民101]. - 54面 ; 圖，表格 ; 30公分.
參考書目：面44-48.
股票推薦Stock Recommendations

外資券商公開推薦評等之資訊價值 = The Information Content of Stock Recommendations of Foreign Security Firms
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