外資分析師對市場的影響

Abstract

Abstract In this thesis, we examine the influence of foreign analysts on the price movement of the top ten most traded stocks on the TAIEX from 2005 ~2009. In conclusion, a) Foreign analysts have impact on foreign institutional investors decisions post recommendation revision. There are FIVE distinguishing characteristics : 1. Analysts recommendation have impact on Foreign Institutional Investors investment decision (FINI ownership). 2. Analysts’ downgrade recommendations have a stronger price impact in short-term horrizon compare to upgrade recommendations. 3. Analyst’s recommendation have loger period of impact on upgrade recommendation in Relative Stock Price performances compare to downgrade recommendation. 4. Analysts have more impact on high FINI ownership stocks than low FINI ownership stocks 5. Analysts recommendation during financial crisis have no impact to client investment decision as the global market tumbles overweigh analysts fundamental analysis. b) Share price movement prior to analyst recommendation revision may not directly related to the general believe of Foreign Institutional Investors have received pre-notice information from analysts before recommendation change. c) Analysts and Foreign Institutional Investors are in herds of share price movement to revise stock recommendation and adjust portfolio weighting. d) Analysts, who have better market impact, have more number of recommendation on the stock but only subjected to few ones.