| Summary: | 碩士 === 國立中興大學 === 會計學系 === 85 === This paper investigates the performance of the analyst
recommendaitons in Sunday''s United Evening News, and also
examines the correlation betweenthe votes and the performace.
Market Model is used to calculate abnormal returns. The t-test
and sign-testare used to perform the analysis. Pearson''s Product
Moment Correlation andSpearman''s Rank-Order Correlation are used
to test the correlation betweenthe votes and the performace.
The empirical results indicate the following:1.The recommended
stocks have an excellent performance prior to publicationday;
however,the stock price appears to reverse after publication
day.2.After publication day,there exists a negative correlation
between the votesand the performace; that is,the higher the
votes are ,the worse the performaceis.
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