Whether the Constitution of a Company can Reduce the Conflict of Interest of Brokerage Firms
碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 103 === In recent years, security market has developed rapidly. Because of many reasons, investors prefer reports and recommendations from analysts rather than financial report from companies. Unfortunately, analysts may have their motive to make the conflicts...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2015
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| Online Access: | http://ndltd.ncl.edu.tw/handle/70898245262413405337 |
| Summary: | 碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 103 === In recent years, security market has developed rapidly. Because of many reasons, investors prefer reports and recommendations from analysts rather than financial report from companies. Unfortunately, analysts may have their motive to make the conflicts of interest happen. That means information from brokerage firm’s analyst may have bias for the sake of their profit and make investors more risky to their investments. That is why we want to find some factor to reduce the conflicts of interest happens and making investors more protect to their investments.
In this paper, we explore some factors that may influence brokerage firm’s analyst whether to make the conflicts of interest happen or not. We find that a larger size、beta and insider holding company makes the conflicts of interest increase, a lower volume and m/b ratio company makes the conflicts of interest decrease. We also find that disclose have a non-linear relation to the conflicts of interest. Investors can use these factors to choose their security with lower conflicts of interest.
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