search query: @author Fong, W. / total: 1
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| Author: | Chan, S. Fong, W. |
| Title: | Reactions of the Hong Kong stock market to the publication of second-hand analysts' recommendation information |
| Journal: | Journal of Business Finance and Accounting
1996 : OCT, VOL. 23:8, p. 1121-1140 |
| Index terms: | ACCOUNTING HONG KONG STOCK MARKETS |
| Language: | eng |
| Abstract: | This article investigates the Hong Kong stock market's reactions to analysts' recommendations reported in the Securities Firms' Investment Analysis column (SFIA) of the Hong Kong Economic Journal. The authors find that SFIA recommendations, except the buy recommendations which explicitly stated that the stocks were suitable for long-term investment purposes, do not enable the readers to earn abnormal profits after transaction costs. Furthermore, SFIA buy (sell) recommendations do not give rise to higher (lower) returns than normal initially, but lower 9higher) returns than normal later on. |
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