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研究生:郭家彰
研究生(外文):Chia-Chang Kuo
論文名稱:分析師的研究報告是否存在著家鄉偏好--以台灣市場為實證
論文名稱(外文):Home Bias on Analysts'Recommendations?Evidence in Taiwan Market
指導教授:陳嬿如陳嬿如引用關係
指導教授(外文):Yenn-Ru Chen
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:英文
論文頁數:50
中文關鍵詞:家鄉偏誤投資評等投資人保護利益衝突
外文關鍵詞:conflict of interesthome biasinvestor protectionstock recommendation
相關次數:
  • 被引用被引用:4
  • 點閱點閱:374
  • 評分評分:
  • 下載下載:61
  • 收藏至我的研究室書目清單書目收藏:0
  本篇主要欲探討什麼樣的因素會造成本土券商和外資券商所發布的投資評等有所差異。本土與外資券商因為存在著家鄉偏誤,可能使得券商所發布的投資評等也會有所差別。自從西元1997年爆發亞洲金融風暴以來,公司治理成為亞洲國家重視的焦點,儘管各國政府致力於改善公司治理的機制,但是許多公司仍舊普遍存在著所有權集中、交叉持股、控制股東的特性。因此,除了考慮公司的財務面的因素之外,我們認為公司治理的因素會影響本土與外資券商的評等。又因為西方國家對於投資人保護及公司治理的機制較為完善,公司所有權也較為分散,因此我們認為外資券商在撰寫研究報告時,會給予投資人保護做的較好的公司較為樂觀的評等。研究發現,如果公司有於海外發行存託憑證,外資券商會給予相對樂觀的評等。此外,我們進一歩檢視本土和外資券商的買賣行為是否會與本身的推薦行為一致。結果發現,無論是本土或是外資券商,其自營部門的買賣行為與研究部門存在著利益衝突的現象,但是本土與外資之間我們無法區分何者的利益衝突較為嚴重。
  This paper intend to investigate the reasons why foreign stock recommendation posses stronger impact on market performance. We argue that either foreign brokerage houses possess information advantage or brokerage houses recognize the issue of investor protection differently in their stock recommendation. We attempts to examine whether the issue of investor protection can explain the deviation of stock recommendations between domestic analysts and foreign analysts. The evidence indicates that the information implied by stock recommendation is not significantly different between domestic analysts and foreign analysts. There is some deviation on stock recommendations between domestic brokerage houses and foreign brokerage houses, but analysts are less likely to directly incorporate a firm’s governance quality in their recommendations report. However, we find foreign analysts exhibit relatively optimistic perspectives to firms issuing ADRs. We also find the existence of conflict of interest between trading proprietary division and research division neither domestic nor foreign security firm. However, we can not differentiate the seriousness of conflict of interest between domestic and foreign security firms.
Chapter 1 Introduction..... ...........................1
1.1 Research Background and Motivation....... .........1
1.2 Objectives of Research and Major Findings..........2
1.3 Importance of the Research........................ 4
1.4 Structure of This Study........................... 4

Chapter 2 Literature Review.............................................. 6
2.1 The Characteristic of the Analysts'Stock Recommendations............. 6
2.2 The Performance of the Stock Recommendations......................... 7
2.3 The Conflict of Interests and Investor Protection.................... 9
2.4 Home Bias............................................................ 12
Chapter 3 Development of Hypothesis......................................15

Chapter 4 Empirical Analyses............................................. 18
4.1 Data and Sample Selection............................................ 18
4.2 Timeliness of Stock Recommendation between Domestic Brokers versus Foreign Brokers..................................................................21
4.3 The Deviation of Stock Recommendations............ ..................25
4.4 The Impact of the Deviations of Stock Recommendations................ 27
4.5 Consistency Analysis of Stock Recommendations and Trading Behavior... 39

Chapter 5 Summary and Conclusions........................................ 44

Reference ................................................................47
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