- 學位論文
股票評等分配與分析師調整決策
Distribution of Stock Ratings and Analysts’ Adjustment Decisions
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摘要
美國證券交易委員會於2002年通過NASD Rule 2711法規的施行，此法規要求每家證券經紀公司必須在其所發佈的分析報告中，公佈股票推薦評等的比例分配。本研究以分析師的角度，探討其股票買進推薦評等比例與調降股票推薦評等或停止發佈評等報告的可能性之關係。 研究結果發現分析師其所發佈買進推薦評等的比例愈高，則愈有可能提高其調降股票推薦評等與停止發佈評等報告的可能性。更進一步的研究顯示，分析師傾向將公司的推薦評等調降至持有的等級，而較不傾向將公司的評等調降至賣出的等級。本研究更發現市場傾向相信有較高買進推薦評等比例的分析師，其所發佈的調降股票推薦評等訊息。
並列摘要
With the implementation of NASD Rule 2711 in 2002, it requires each brokerage firm to publicly disseminate the distribution of stock ratings in each research report. Hence, we want to investigate the relationship between the percentage of buy recommendations and probability of deciding to downgrade or drop coverage of stocks. Our findings suggest that the percentage of buy recommendations can enhance the probability of deciding to downgrade stock ratings and drop coverage of stocks. Furthermore, we find that analysts tend to revise the recommendations downward to hold instead of an unfavorable level. In addition, we find market tend to believe downgrade decisions of analysts with a higher percentage of buy ratings.
參考文獻
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延伸閱讀
- 陳俐雯（2019）。分析師推薦與股票交易者從眾行為〔碩士論文，國立暨南國際大學〕。華藝線上圖書館。https://doi.org/10.6837/ncnu201900024
- 魏慧珊（2011）。公司治理與高階主管股票選擇權對股利支付之影響。財務金融學刊，19(3)，1-40。https://doi.org/10.6545/JFS.2011.19(3).1
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- 陳天志、蔡孟易（2015）。THE STUDY ON THE IMPACT OF CREDIT RATINGS ON STOCK ISSUE。桃園創新學報，(35)，213-222。https://www.airitilibrary.com/Article/Detail?DocID=P20140403005-201512-201601110006-201601110006-213-222
- 吳欣純（2020）。Forecasting Analysis of Financial Ratio and Corporate Governance on Stock Return〔碩士論文，逢甲大學〕。華藝線上圖書館。https://doi.org/10.6341/fcu.M0723987