Research on investment effects of stocks recommendedby the press-the case of Commercial Times Daily

• Main Authors: Cheng-yen Liu, 劉政彥
• Other Authors: Jien-Wei Yang
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/28115680693263506169

碩士 === 國立雲林科技大學 === 財務金融系碩士班 === 101 === Data collections of this study are from special column “Weekly Stock Market Success”, portfolio investment edition in Commercial Times Daily. The sampling period is from January 1, 2012 to December 31, 2012 and there are 585 items in the sample. The researcher used “event study” to explore, and found the following results. 1. The recommend stock in the special column would be in obviously abnormal returns before the event date. However, after the information is disclosure, the investor would get abnormal returns on the event date. Though, the returns would decline when time goes by. 2. During the period of the event, the industry classification recommend by the print media differs from each other, their abnormal returns would differ, too. In addition, the electronic industry are in the most high proportion. 3. Abnormal returns of “January” is more remarkable than that in the other months.