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    ASIA unversity > 管理學院 > 財務金融學系 > 會議論文 >  Item 310904400/38914

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/38914

    Title: The Incentive for Firm Commitment Underwriting and Analyst’s Stock Recommendation
    Authors: 張竹萱 Chu-hsuan Chang, 游孟涵 Yu Meng Han
    Contributors: Department of Finance, Ching-Yun University.
    Keywords: Underwriting;Stock recommendation;Firm commitment underwriting;Conflicts of Interest
    Date: 2012-05-01
    Issue Date: 2013-07-26 11:22:40 (UTC+8)
    Publisher: Department of Finance, Ching-Yun University.
    Abstract: Regarding that the potential risks of affiliated brokerage house to buy as well as
    to sell the commitment underwriting stocks. This paper investigates whether the
    affiliated analysts have biased earnings forecasts or recommendations of underwriting
    stocks before and after the underwriting period. Using Taiwanese data from 2007 to
    2010, we extend the research of Lin, McNichols and O’Brien (2005) and explore the
    relationship between the firm commitment underwriting and analyst’s investment
    recommendation. The empirical findings show that the affiliated analysts have more
    commitment purchasing stocks tend to give more optimistic ratings of underwriting
    stocks. After finishing underwriting, we also find that the positive relationship between
    favorable recommendation and purchased underwriting stocks of affiliated analysts.
    Therefore, our study indicates that the affiliated analysts have incentives to make stock
    recommendations not only before but also after underwriting.
    Relation: 2012中部學術財金研討會 論文發表
    Appears in Collections:[財務金融學系] 會議論文

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