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Title: Conflicts of Interest in the Stock Recommendations of Investment Banks and Their Determinants
Authors: Shen, Chung-Hua;Chih, Hsiang-Lin
Contributors: 金融系
Date: 2009
Issue Date: 2015-03-18 14:48:57 (UTC+8)
Abstract: This study explores the phenomena associated with conflicts of interest, particularly as they pertain to the brokerage and proprietary trading divisions of investment banks. This distinguishes it from past studies, which have researched conflicts of interest between underwriting and brokerage divisions. We examine whether or not an investment bank issues buy recommendations to the market and buys (sells) the same recommended stocks through its proprietary trading division before (after) recommendations, and if so, to what extent this goes on. We find that these conflicts of interest do exist and that these investment banks can profit from their recommendations in the short run.
Relation: Journal of Financial and Quantitative Analysis - J FINAN QUANT ANAL , vol. 44, no. 05
Data Type: article
DOI 連結:
Appears in Collections:[金融學系] 期刊論文

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