Analysts’ Forecasts and Institutional Investors’ Behavior

ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 > Item 310904400/87087

jsp.display-item.identifier=請使用永久網址來引用或連結此文件: http://asiair.asia.edu.tw/ir/handle/310904400/87087

题名:	Analysts’ Forecasts and Institutional Investors’ Behavior
作者:	廖美華;LIAO, MEI-HUA;張嘉耘;Chang, Chia-Yun
贡献者:	財務金融學系
关键词:	analyst forecast;investor behavior;information asymmetry
日期:	2014-07
上传时间:	2014-11-19 08:20:16 (UTC+0)
摘要:	Numerous studies have shown that investment banking affiliations generate pressure on analysts to produce optimistic recommendations regarding affiliated stocks. By using a sample of listed companies in Taiwan, this study examined the stock trading of dealer departments, the portfolios of which contained stocks rated by an affiliated analyst. Controlling for various factors, including the dealer affiliation, we conducted a comparison to determine whether the trading behavior for a stock by an affiliated dealer department led to more optimistic analyst forecasts when paralleled to the consensus. If systematic evidence exists regarding dealer trading on the information of analysts' stock price forecasts, information processing is central to the role of the dealer. Therefore, the leakage of confidential information received by traded stocks could result in critical costs. Creating information asymmetry among investors could adversely affect the liquidity of public markets.
關聯:	The Eighth International Conference on Innovative Mobile and Internet Services in Ubiquitous Computing (IMIS-2014)
显示于类别:	[財務金融學系] 期刊論文

文件中的档案:

档案	大小	格式	浏览次数
index.html	0Kb	HTML	639	检视/开启

在ASIAIR中所有的数据项都受到原著作权保护.