Conflicts of interest in stock recommendations of foreign security firms

碩士 === 國立高雄第一科技大學 === 金融研究所 === 101 === Using data from Taiwan stock exchange, this paper studies whether conflicts of interest exist in stock recommendations of foreign institutions, and investigates the responses of stockbrokers to stock recommendations of foreign institutions. It shows that, amon...

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Main Authors: Chia-Chien Tsai, 蔡佳蒨
Other Authors: Hsiu-I Ting
Format: Others
Language:zh-TW
Published: 2013
Online Access:http://ndltd.ncl.edu.tw/handle/42929860184128273681
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spelling ndltd-TW-101NKIT56670232017-04-19T04:31:41Z http://ndltd.ncl.edu.tw/handle/42929860184128273681 Conflicts of interest in stock recommendations of foreign security firms 外資機構推薦股票之利益衝突 Chia-Chien Tsai 蔡佳蒨 碩士 國立高雄第一科技大學 金融研究所 101 Using data from Taiwan stock exchange, this paper studies whether conflicts of interest exist in stock recommendations of foreign institutions, and investigates the responses of stockbrokers to stock recommendations of foreign institutions. It shows that, among 13 foreign institutions, Credit Suisse attained the highest level in the conflict of interest index several times during the study period. On average, the conflict of interest index was relatively high for Morgan Stanley Taiwan, Goldman Sachs, UBS Securities, and JP Morgan Chase; Deutsche Securities Asia had the lowest level. In the survey of stockbrokers’ responses to 30 stock recommendations of foreign institutions, most stockbrokers (about 46% of them) choose “buy” when they see “increasing in earnings per share” in the stock recommendation, and most of them (around 57% of stockbrokers) choose “sell” when they see “worse than the market”. The results suggest that investors should not totally rely on the stock recommendations of foreign institutions, otherwise they would be the source of profits of conflicts of interest of foreign institutions. Hsiu-I Ting 丁秀儀 2013 學位論文 ; thesis 52 zh-TW
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description 碩士 === 國立高雄第一科技大學 === 金融研究所 === 101 === Using data from Taiwan stock exchange, this paper studies whether conflicts of interest exist in stock recommendations of foreign institutions, and investigates the responses of stockbrokers to stock recommendations of foreign institutions. It shows that, among 13 foreign institutions, Credit Suisse attained the highest level in the conflict of interest index several times during the study period. On average, the conflict of interest index was relatively high for Morgan Stanley Taiwan, Goldman Sachs, UBS Securities, and JP Morgan Chase; Deutsche Securities Asia had the lowest level. In the survey of stockbrokers’ responses to 30 stock recommendations of foreign institutions, most stockbrokers (about 46% of them) choose “buy” when they see “increasing in earnings per share” in the stock recommendation, and most of them (around 57% of stockbrokers) choose “sell” when they see “worse than the market”. The results suggest that investors should not totally rely on the stock recommendations of foreign institutions, otherwise they would be the source of profits of conflicts of interest of foreign institutions.
author2 Hsiu-I Ting
author_facet Hsiu-I Ting
Chia-Chien Tsai
蔡佳蒨
author Chia-Chien Tsai
蔡佳蒨
spellingShingle Chia-Chien Tsai
蔡佳蒨
Conflicts of interest in stock recommendations of foreign security firms
author_sort Chia-Chien Tsai
title Conflicts of interest in stock recommendations of foreign security firms
title_short Conflicts of interest in stock recommendations of foreign security firms
title_full Conflicts of interest in stock recommendations of foreign security firms
title_fullStr Conflicts of interest in stock recommendations of foreign security firms
title_full_unstemmed Conflicts of interest in stock recommendations of foreign security firms
title_sort conflicts of interest in stock recommendations of foreign security firms
publishDate 2013
url http://ndltd.ncl.edu.tw/handle/42929860184128273681
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