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外資券商評等之有效性及一致性 = The Validity and Co...

劉依婷

外資券商評等之有效性及一致性 = The Validity and Consistency of Stock Recommendations of Foreign Security Firms

Record Type:	Language materials, printed : monographic
Paralel Title:	The Validity and Consistency of Stock Recommendations of Foreign Security Firms
Author:	劉依婷,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	2014[民103]
Description:	43面圖，表 : 30公分;
Subject:	股票推薦評等
Subject:	Stock Recommendations
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/22013627466440755407
Notes:	參考書目：面31-36
Notes:	103年12月16日公開
Summary:	本研究旨在探討外資券商發佈評等之有效性及一致性。本文蒐集每日公開發行的報紙，將常見的外資券商對臺灣上市公司的推薦評等新聞做分類，並將評等分成三大類，分別為買進、賣出與中立，探討外資劵商發佈評等的資訊價值。本文更進一步分析外資券商發佈評等前後之買賣行為。實證結果發現，買進及賣出評等最具參考價值，投資人可因此獲得超額報酬，而中立評等則不具參考價值；進一步地，在公佈賣出評等前，外資券商有先行進場佈局的情況，而在公佈賣出評等之後，外資券商會依循自身的推薦評等資訊賣出股票。 This study examines the validity and consistency of stock recommendations of foreign security firms. We collect the stock recommendation news from daily newspapers in Taiwan and the recommendation news are classified according to ratings. Ratings are divided into three categories：buy，sell and neutral in order to explore ratings information value of foreign security firms. We further analyze the trading behavior of security firms when before and after publish ratings. The empirical results show, buy and sell ratings of the most valuable, investors can obtain excess returns and neutral rating is not a useful reference. Further, before the announcement of sell ratings, foreign security firms will sell the stock, and after the announcement of sell ratings, foreign security firms will follow their recommendation rating.

外資券商評等之有效性及一致性 = The Validity and Consistency of Stock Recommendations of Foreign Security Firms
劉, 依婷

外資券商評等之有效性及一致性 = The Validity and Consistency of Stock Recommendations of Foreign Security Firms / 劉依婷撰 - [高雄市] : 撰者, 2014[民103]. - 43面 ; 圖，表 ; 30公分.
參考書目：面31-36103年12月16日公開.
股票推薦評等Stock Recommendations

外資券商評等之有效性及一致性 = The Validity and Consistency of Stock Recommendations of Foreign Security Firms
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