The Impact of All-star Analyst Recommendations on Non-Event Day Stock Volumes and Returns

• Main Authors: Shih-Jung Wang, 王士榮
• Other Authors: 林修葳
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/87810100480642576242

碩士 === 國立臺灣大學 === 國際企業學研究所 === 100 === Because analysts usually announce reports along with major company events, there may exists spurious association between the reaction of market and the announcement of analysts’ reports. This study excludes the reports accompanying company event days to clarify whether all-star analysts are more influential than the others. This study examines abnormal volume, abnormal return, and net buy/sell of institutional investors to investigate whether all-star analysts can cause more significant affection than non all-star analysts. The result suggests that all-star analyst reports do not cause significant abnormal volume than non all-star analysts’ , as for the abnormal return, tests regarding sell recommendations, all star analysts appear to cause more significant negative abnormal return than non all-star analysts, and yet make no difference under other recommendations. All-star analysts can cause more significant domestic institutional investor net buy than non all-star analysts. As for strong buy and strong sell, nevertheless, all-star analysts can cause more significant opposite net buy and net sell. This study also identifies repeated all-star analysts to test the perceived informativeness of their reports after analysts won the prize. The result suggests that the strong buy and strong sell recommendations provided by the repeated all-star analyst cause more significant abnormal return than non all-star analysts.