- 學位論文
券商推薦對股票報酬之關係–以台灣選舉期間為例
The Relationship between Broker Recommendation and Stock Returns: Evidence from Case of the Election Period in Taiwan
摘要
散戶在股票市場中佔絕對多數，但散戶並無機構法人所具備之專業、資訊以及時間的優勢，因此券商分析師報告或媒體財經報導，係散戶進行股票交易時之重要資訊來源。然而，散戶依據券商所給予的資訊是否真的能帶來獲利係為本研究之研究動機，本研究以券商投資推薦之個股為研究樣本，使用事件研究法探討券商推薦資訊是否具有資訊內涵。 台灣自威權時代轉至民主化時代後，民主選舉即成為一項能表達民意的活動，而台灣股票市場為一淺碟型市場，極易受到消息面之影響，過去之文獻亦證實，選舉事件係影響股市表現的重要因素，因而台灣股票市場具有選舉行情 (election bull run)，是故，本創新研究進一步針對選舉期間及非選舉期間，外資券商和本土券商所發佈個股股票推薦績效表現的差異進行檢驗，以作為投資人訂定投資策略之參考。
並列摘要
Individual investors are the absolute majority in stock market; however, they do not have the advantages of professionalism, information and time as the corporations do. Thus, the reports of analysts in securities companies or financial news of media are the important information sources when individual investors conduct stock transaction. However, will individual investors obtain the profits according to the information provided by securities companies? It is the motive of this study. This paper treats the individual stocks recommended by securities companies as the samples, and intends to find if the recommendation of securities companies reveal information content by Event Study. From authoritarian era to democracy time, in Taiwan, democratic elections have become the activities that express the people’s opinions. Stock market of Taiwan is a shallow-plate market and it is easily influenced by the news. According to past literature, the events of election were the critical factors of the performance of stock market. Thus, there is election bull run in stock market of Taiwan. This study provides an innovative idea, and probes into the different performances of individual stocks recommended by foreign and local securities companies, in election and non-election periods. The findings can serve as references for investors to set up investment strategies.