| Summary: | 碩士 === 輔仁大學 === 統計資訊學系應用統計碩士班 === 100 === The study carries out an empirical research on the short-term impact on every stock’s price via the information, such as brokerage, target prices, stocks, and the recommendations from foreign agencies’ reports, considering the rises and falls on the stock market at the same time. The purpose is to examine if the foreign agencies’ reports contain informational contents and make distinct abnormal rewards from the stock prices. The study duration is from Jan 1st, 2011 till Jun 30th, 2011. The study results show that the brokerage, the recommendations, the target prices, and the rises and the falls on the stock market do contain informational contents and can make abnormal rewards. Upgrade recommendations make positive abnormal rewards, while downgrade recommendations make negative abnormal rewards. The recommendations greatly influence the rise of the stock price. There are no obvious rise differences between different sectors. The rise of every stock obviously varies when the market rising or falling. The issued stock has a chance of 70% to rise under the situations of re-emphasis or upgrade recommendation. However, it has a chance of 80% to fall with the occurrence of downgrade recommendation and the market falling.
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