This thesis studies market reactions to equity analyst reports issued by foreign brokerage houses. It finds that the cumulative abnormal return caused by the release of analyst reports is positively associated with target price change. This thesis also investigates the possibility of the conflicts of interest that brokerage houses may reveal the information contents of the reports to their clients before the reports are released to the public. It finds that the net traded patterns of 1, 2, and 4 weeks before the release of analyst reports are consistent with the changes in buy/sell recommendations and target price in the reports.