The Performance of Analyst Recommendation -Evidence from Taiwan Electronic Industry

• Main Authors: Jia-WeiLin, 林嘉瑋
• Other Authors: Alan T. Wang
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/3kuu2w

碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 104 === This study examined the value of analyst recommendations issued by brokerage house for Taiwan electronic companies in the Taiwan market from the period of 2015/1/1-2015/12/18. The 1,173 analyst recommendations were selected. This study used event study to discusses when brokerage house released the recommendations, the market how to response this report. The empirical results of this study indicated the cumulative average abnormal return (CAR) of buying recommendation was smaller than selling recommendation. In all samples, the number of selling recommendations was 25 copies and did not conform to the central limit theorem. In statistical, the result of selling recommendations could be bias. Therefore the statistics result of selling recommendations did not have statistical significance in this study. In holding recommendations, all event windows had statistical significance and negative CAR. This result indicated the Taiwan securities traders released holding recommendation and these recommendations implied that “selling” comment. Finally, the statistical result of Taiwan securities traders released recommendation fixed frequency did not have statistical significance, even if event windows had positive CAR.