| Summary: | 碩士 === 國立高雄大學 === 金融管理學系碩士班 === 102 === This study examines the validity and consistency of stock recommendations of foreign security firms. We collect the stock recommendation news from daily newspapers in Taiwan and the recommendation news are classified according to ratings. Ratings are divided into three categories：buy，sell and neutral in order to explore ratings information value of foreign security firms. We further analyze the trading behavior of security firms when before and after publish ratings. The empirical results show, buy and sell ratings of the most valuable, investors can obtain excess returns and neutral rating is not a useful reference. Further, before the announcement of sell ratings, foreign security firms will sell the stock, and after the announcement of sell ratings, foreign security firms will follow their recommendation rating.
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