政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/127920

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113648/144635 (79%)
Visitors : 51628868 Online Users : 591

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/127920

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/127920

Title:	券商推薦股票評等報告之績效分析 Performance of Analyst Stock Recommendation
Authors:	林靖庭 Lin, Ching-Ting 陳威光 Chen, Wei-Kuang 張清發 Chang, Ching-Fa
Contributors:	金融系
Keywords:	券商推薦 ; 券商評等 ; 市場效率; 超額報酬;價格漂移 Analyst recommendations; Recommendation strength; Abnormal return; Efficient Market; Price drift
Date:	2017-12
Issue Date:	2019-12-19 14:39:10 (UTC+8)
Abstract:	本文探討投資者是否可根據券商對股票的評等推薦獲利。結果發現，評等高的投資組合有正超額報酬，而評等低的投資組合有顯著的負超額報酬。進一步將推薦報告來源分成本土或外資券商，若根據本土券商發佈的報告買賣股票，可獲得比外資券商的推薦更高的報酬。當新的資訊出現，愈早進場的投資者延遲成本愈低，可享受較高的報酬。 This paper investigates whether investors can make profits from security analyst recommendations. This paper constructs portfolios based on the strength of recommendation and shows that there exists positive abnormal return of the most favorable portfolios, while portfolios with the least favorable consensus recommendations yield significantly negative abnormal return. Recommendation from local analysts has higher abnormal return than those reported by foreign analysts. Less delayed investments enjoy higher price drifts with lower delayed costs after recommendation release which leads to higher abnormal return.
Relation:	風險管理學報, Vol.19, No.2, pp.116-140
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML2	453	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...