Foreign analysis recommendations and their consequent trading strategy
碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 102 === In this paper, we use Event Study to explore cumulative abnormal returns of stocks which are recommended from foreign analysts. Next, we use Fama-French three-factor model as the base to discuss the stock performance from foreign analysts recommended and fur...
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ndltd-TW-102NKIT53050182017-10-14T04:26:56Z http://ndltd.ncl.edu.tw/handle/92202842008978791926 Foreign analysis recommendations and their consequent trading strategy 外資券商評等宣告後之買賣超一致性分析 Jian-Liang Lin 林建良 碩士 國立高雄第一科技大學 財務管理研究所 102 In this paper, we use Event Study to explore cumulative abnormal returns of stocks which are recommended from foreign analysts. Next, we use Fama-French three-factor model as the base to discuss the stock performance from foreign analysts recommended and furthermore we add the individual foreign trading data to analyze and observe the consequent on the trading strategy. The empirical results show that negative cumulative abnormal returns will appear obviously after foreign analysts upgrade on some companies. JP Morgan has significant decrease margin in cumulative abnormal returns. We also find that it will drop in cumulative abnormal returns before foreign analysts have downgraded the recommendations, and decrease continuity after that. Our empirical results show that foreign analysts no matter in upgrade or downgrade recommendation reports, it won’t affect the consequent on trading strategy. The results suggest that investors should not totally rely on the stock recommendations of foreign analysts, otherwise they may damage their own interests. Chao-Hsien Lin 林昭賢 2014 學位論文 ; thesis 40 zh-TW |
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碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 102 === In this paper, we use Event Study to explore cumulative abnormal returns of stocks which are recommended from foreign analysts. Next, we use Fama-French three-factor model as the base to discuss the stock performance from foreign analysts recommended and furthermore we add the individual foreign trading data to analyze and observe the consequent on the trading strategy. The empirical results show that negative cumulative abnormal returns will appear obviously after foreign analysts upgrade on some companies. JP Morgan has significant decrease margin in cumulative abnormal returns. We also find that it will drop in cumulative abnormal returns before foreign analysts have downgraded the recommendations, and decrease continuity after that. Our empirical results show that foreign analysts no matter in upgrade or downgrade recommendation reports, it won’t affect the consequent on trading strategy. The results suggest that investors should not totally rely on the stock recommendations of foreign analysts, otherwise they may damage their own interests.
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Chao-Hsien Lin |
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Chao-Hsien Lin Jian-Liang Lin 林建良 |
author |
Jian-Liang Lin 林建良 |
spellingShingle |
Jian-Liang Lin 林建良 Foreign analysis recommendations and their consequent trading strategy |
author_sort |
Jian-Liang Lin |
title |
Foreign analysis recommendations and their consequent trading strategy |
title_short |
Foreign analysis recommendations and their consequent trading strategy |
title_full |
Foreign analysis recommendations and their consequent trading strategy |
title_fullStr |
Foreign analysis recommendations and their consequent trading strategy |
title_full_unstemmed |
Foreign analysis recommendations and their consequent trading strategy |
title_sort |
foreign analysis recommendations and their consequent trading strategy |
publishDate |
2014 |
url |
http://ndltd.ncl.edu.tw/handle/92202842008978791926 |
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