How stocks performance of the quarterly magazine recommened ?

• Main Authors: Sheng-Hua Yang, 楊昇樺
• Other Authors: Chao-Hsien Lin
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/71878430539846872361

碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 101 === In this paper, we employ Event Study to explore cumulative returns of two quarterly magazines: Investment quarterly and Commercial Times. Next, we use Fama-French three-factor model as the basis to discuss the stock performance of two quarterly magazines. Finally, we determine the nature of the stock recommended by quarterly magazines through operating Income, EPS and sales growth rate .The data is composed of quarterly returns from September 2007 to December 2012. Empirical results show that there had very little abnormal returns within 30 days after the issue date. The result is significant when using investment quarterly magazine as momentum factor and operating margin is one of recommendation standard. Under Commercial Times, the market risk premium is positive significant and the recommendation is basis of EPS and operating margin.