The Performance of Recommedation from Haa Website

• Main Authors: Chiu-Hsiang,Tai, 戴秋香
• Other Authors: Timothy H. Lin, Ph. D.
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/13698539617358622001

碩士 === 中國文化大學 === 會計研究所 === 89 === The Performance of Recommendations from Haa Website Student: Chiu-Hsiang, Tai Advisor: Prof . Timothy H. Lin, Ph. D. Chinese Culture University ABSTRACT This research analyzes the recommendation of common stocks made by the Haa website and help us know if it provides valuable information for investors. We distin-guish the recommendation from growth and value stocks/electronic and non-electronic stocks, and then we compare the performance between them. We conclude that, taken as a whole, the securities that Haa website recommended have performed well in the recent past. It is possible that investors are quick to respond in the market to the same publicly available information used by Haa website in form-ing their recommendations. On the other hand, we find that the positive abnormal re-turns for the securities that Haa website recommended after the event day were statisti-cally significant. This finding implies that the impact could be attribute to the valuable information effect. Both the growth stocks and the value stocks belong to the securities which have performed well in the recent past. The growth stocks which Haa website recommended could be valuable for short-term traders, but the growth stocks could be a sign of selling one day after the event day. On the other hand, both the electronic and non-electronic stocks are also the securities which have performed well in the recent past. The elec-tronic and non-electronic stocks are valuable for short-term traders. Furthermore, the electronic stocks have performed better than the non-electronic stocks.