Equity research has been an important driver of capital flows in Taiwanese stock market. This paper examines the value of analyst recommendations issued by local and foreign brokerage houses for 40 stocks traded in Taiwanese stock market. I find that the stock rating upgrades issued by American brokerage houses have superior performance over European, Asian, and Taiwanese competitors; no advantage is seen regarding downgrades. The outperformance of American brokerage houses is seen in technological, financial, and traditional industries studied. Also, I find no support that American brokerage houses time their issuance of recommendation revisions around earnings announcements to achieve better performance.