本研究以2012年2月至9月外資券商對台灣電子業上市櫃公司的評等為樣本進行研究，在研究期間內共有657個樣本，來探討外資券商評等的績效，並進一步探討各系券商是否依循其投資建議評等進行操作。研究結果顯示亞系與美系券商對電子業的買進評等是具有資訊內涵的；各系在賣出建議上，歐系券商對電子業的賣出建議優於亞系與美系券商。在高成交量下買進評等其宣告日後的CAR優於低成交量 窗口，而在低成交量窗口下，賣出評等的負向CAR會大於高成交量窗口。各系券商買賣超部分，本研究發現亞系外資在買進評等上會產生自利行為，而歐系與美系外資的賣出評等會有自利的情況。 This study examines the value of analyst recommendations issued by foreign brokerage house for Taiwan technological companies in the Taiwan market from the period of 2012/2-2012/9. This study further investigates whether these foreign brokerage houses follow their recommendations to buy or sell their shares taking into account foreign brokerage houses from Asia, European and American. With the analysis of 657 samples, the results show that buying recommendations issued by Asian and American brokerage houses are informative. Then, the empirical evidence reveals that selling recommendations issued by European brokerage houses have superior performance relative to those from Asian and American. Brokerage houses issued buying recommendations have superior performance in the high trading volume period. However, brokerage houses issued selling recommendations in the period of low trading volume have lower CAR than those in the period of high trading volume. This paper also examines the credibility of brokerage houses. On the buying recommendations, the empirical evidence shows that Asian brokerage houses have self-interest behavior. However, on the selling recommendations, European and American brokerage houses have self-interest behavior.
