查詢結果分析
來源資料
頁籤選單縮合
題 名 | Does Third Hand Information Benefit Investors﹖--The Case of Stock Tipster Recommendations=第三手訊息有益於投資者嗎﹖--以股票解盤者之推薦為實例探討 |
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作 者 | 徐啟升; | 書刊名 | 東海管理評論 |
卷 期 | 2:1 2000.11[民89.11] |
頁 次 | 頁75-93 |
分類號 | 563.54 |
關鍵詞 | 第三手訊息; 宣告效果; 專家推薦; 異常報酬; Third hand information; Abnormal return; Analysts' recommendations; Announcement effect; |
語 文 | 英文(English) |
中文摘要 | 許多實證研究結果顯示當股票被分析師推薦且被發表於各商業日報或期刊時,該股票在宣告日或其前後日期間有顯著的正異常報酬。這些宣佈提供了第二手資訊給予投資者。本研究檢視Dan Dorfman在整理股票分析師對其報告或推薦之股票後,將其所認同之股票公佈在其USA Today的專欄上之投資績效。亦即,本研究探討第三手訊息對股票投資績效之影響。本文目標在於確認第三手訊息是否提供市場新的資訊,並且檢視投資者跟隨第三手訊息所做之長期投資結果。本文實證結果顯示,投資者所賺取之異常報酬低於一個百分比,且其年投資報酬率是負值。因此,本文結論投資者並未能從第三手訊息所推薦之股票中獲利。 |
英文摘要 | Numerous studies have documented positive abnormal returns around the announcement of stock analysts’ recommendations, which are published in various business journals. These announcements provide second hand information to investors. This study examines the effect of third hand information on security performance, specifically, the recommendations reported by stock analysts to Dan Dorfman who then reports “tips” in his column in USA Today. The objectives are to determine if any new information is provided to the market, and to investigate the long term results for an investor who followed these third hand recommendations. The results indicate that the abnormal return to the investor was less than one percent. In addition, the annual return to the investor was negative. Investors did not appear to benefit from third hand stock tips. |
本系統中英文摘要資訊取自各篇刊載內容。