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    題名: 投資銀行推薦股票之利益衝突及其決定因素(II)
    其他題名: Conflict of Interest in Stock Recommendations of Investment Banks and Its Determinants (II)
    作者: 沈中華
    貢獻者: 國立政治大學金融系
    行政院國家科學委員會
    關鍵詞: 財政;投資;銀行;股票
    stock recommendations;conflict of interest;corporate governance
    日期: 2006
    上傳時間: 2012-06-25 15:16:19 (UTC+8)
    摘要: This paper explores the phenomena associated with conflicts of interest, particularly as they pertain to the proprietary trading and brokerage divisions of investment banks. This distinguishes it from past studies, which have researched conflicts of interest between underwriting and brokerage divisions. We examine whether or not an investment bank issues buy recommendations to the market and, at the same time, sells the same recommended stocks through its proprietary trading division, and if so, to what extent this goes on. This paper, therefore, constructs the indices of such conflicts of interest based on weeks, amounts and shares so as to measure the extent of such conflicts of interest using Taiwan’s stock market from January 2000 to December 2003. We obtain the following results. First, conflicts of interest do, indeed, exist, and some investment banks continuously sell (and/or buy no) recommended stocks a few weeks before and after posting their buy recommendations. Second, those investment banks, which are more prone to have conflicts of interest are generally characterized as being smaller in size and issuing more frequent buy recommendations. Third, firms whose stocks are most associated with a conflict of interest typically have a smaller trading volume, are smaller in size, have greater systematic risk, have more insider holdings and are issued recommendations less frequently. Finally, a stock recommendation coupled with a conflict of interest is beneficial to the profits of an investment bank, especially to its brokerage division.
    關聯: 基礎研究
    學術補助
    研究期間:9508 ~ 9607
    研究經費:842仟元
    資料類型: report
    顯示於類別:[金融學系] 國科會研究計畫

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