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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/10128完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 陳業寧(Yehning Chen) | |
| dc.contributor.author | Han-Wen Chou | en |
| dc.contributor.author | 周漢文 | zh_TW |
| dc.date.accessioned | 2021-05-20T21:04:03Z | - |
| dc.date.available | 2011-07-25 | |
| dc.date.available | 2021-05-20T21:04:03Z | - |
| dc.date.copyright | 2011-07-25 | |
| dc.date.issued | 2011 | |
| dc.date.submitted | 2011-07-11 | |
| dc.identifier.citation | 池祥萱、蕭君怡，2005，「券商投資評等報告的資訊內涵－本國券商與外資券商的比較」，《金融管理風險季刊》第一卷，第三期，頁27-45。
吳昭彥、麥苑貞，2007a，「外資對台灣股市影響之探討」，2007全球化暨國際企業研討會論文，台中：私立靜宜大學。 高武忠，2006，「各系外資研究報告之可信度及對個股股價表現影響」，國立台灣大學財務金融研究所碩士論文。 黃思衡，2004，「外資券商投資評等宣告之資訊內涵：商譽與自我利益之衝突探討」，私立朝陽科技大學財務金融研究所碩士論文。 Bae, K.H., Stulz, R.M., Tan, H., 2008, Do Local Analysts Know More? A Cross-country Study of the Performance of Local Analysts and Foreign Analysts. Journal of Financial Economics, 88, 581-606. Bernard, V. L., Thomas, J. K., 1989, Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium? Journal of Accounting Research, 27, 1-36. Dhiensiri, N., Mandelker, G., Sayrak, A., 2005, The Information Content of Analysts Recommendations. FMA conference paper, Chicago. Higgins, H. N., 1998, Analyst Forecasting Performance in Seven Countries. Financial Analyst Journal, 54, 58-62. Irvine, P. J. A., 2000, Do Analysts Generate Trade for Their Firms? Evidence from the Toronto Stock Exchange. Journal of Accounting and Economics, 30, No. 2, 219-226. Jegadeesh, N., Kim, J., Krische, S.D., Lee, C., 2004, Analyzing the Analysts: When Do Recommendations Add Value? Journal of Finance 59, 1083-1124. Jegadeesh, N., Kim,W., 2006, Value of Analyst Recommendations: International Evidence. Journal of Financial Markets, 9, 274-309. Kim, Y., Song, M., 2009, The Timing of Forecast Revision, the Sources of Value in Analysts’ Earnings Forecasts, and Analyst Characteristics. Working Paper. McNichols, M.F., O'Brien, P.C., Pamukcu, O.M., 2005, The Performance of Underwriter Analyst Recommendations: A Second Look. Working Paper, Stanford University. Michaely, R., Womack, K.L., 1999, Conflict of Interest and the Credibility of Underwriter Analyst Recommendations. The Review of Financial Studies, 12, 653-686. Womack, K.L., 1996, Do Brokerage Analysts’ Recommendations Have Investment Value? Journal of Finance, 51, Issue 1, 137-167. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/10128 | - |
| dc.description.abstract | 券商發布之個股研究報告是導引台灣證券市場資金流動的重要推手。本論文探討本土與外國券商，對於40檔台灣上市公司所發布研究報告之價值。本研究發現美系券商在買進建議上有優於歐系、亞系及本土券商的表現；各系在賣出建議上並無特別優勢。在產業別上，美系在電子、金融及傳產業皆有較佳的表現。另外，美系券商並未利用上市公司發布獲利資訊時調整買賣建議，以取得較佳表現。 | zh_TW |
| dc.description.abstract | Equity research has been an important driver of capital flows in Taiwanese stock market. This paper examines the value of analyst recommendations issued by local and foreign brokerage houses for 40 stocks traded in Taiwanese stock market. I find that the stock rating upgrades issued by American brokerage houses have superior performance over European, Asian, and Taiwanese competitors; no advantage is seen regarding downgrades. The outperformance of American brokerage houses is seen in technological, financial, and traditional industries studied. Also, I find no support that American brokerage houses time their issuance of recommendation revisions around earnings announcements to achieve better performance. | en |
| dc.description.provenance | Made available in DSpace on 2021-05-20T21:04:03Z (GMT). No. of bitstreams: 1 ntu-100-R98723019-1.pdf: 463305 bytes, checksum: 60b090a273c34768dc3f124d9c504392 (MD5) Previous issue date: 2011 | en |
| dc.description.tableofcontents | 1. Introduction 1
2. Sample Description 4 3. Distribution of Recommendations 6 4. Event-time Analysis 10 4.1 All upgrades 11 4.2 Upgrades to strong buy 11 4.3 All downgrades 12 4.4 Downgrades from strong buy 12 4.5 Summary 13 5. Possible Explanations 18 5.1 Industry Study 18 5.1.1 Technological Industry 18 5.1.2 Financial Industry 19 5.1.3 Traditional Industry 19 5.1.4 Summary 20 5.2 Revisions after earnings announcements 27 6. Conclusion & Future Research Suggestion 28 6.1 Conclusion 28 6.2 Future Research Suggestion 29 Reference 30 Appendix 32 | |
| dc.language.iso | en | |
| dc.title | 券商研究報告之價值–以台灣為例 | zh_TW |
| dc.title | The Value of Analyst Recommendations–Evidence in Taiwan | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 99-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳明賢(Ming-Shen Chen),莊文議(Wen-I Chuang) | |
| dc.subject.keyword | 研究建議,券商報告,券商研究, | zh_TW |
| dc.subject.keyword | analyst recommendation,equity research,brokerage house, | en |
| dc.relation.page | 35 | |
| dc.rights.note | 同意授權(全球公開) | |
| dc.date.accepted | 2011-07-11 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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|---|---|---|---|
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