Value of Signals in analyst recommendation from different governance regimes : evidence from Asian emerging markets

مقدم أطروحة جامعية

Malki, Karim

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2010

الملخص الإنجليزي

Does value of different signals present in analysts‟ recommendations change during different governance and disclosure regimes? We argue that the importance these signals depend on the value relevance of the respective benchmarks against which they are measured.

Using the data from Indonesia, Malaysia, Thailand, Philippines, and South Korea from the pre- (1994-1997) and the post-crisis (1998-2002) periods, we find that recommendation change relative to consensus recommendation is more important during the post-crisis period.

One of the reasons may be the fact that consensus recommendation, due to high dispersion in analysts‟ recommendations, was not a very value relevant during the pre-crisis period.

This lower value relevance was reflected in lower value of recommendation change relative to consensus recommendation during that period.

However, as the value relevance of this signal improved, due to lower dispersion in analysts‟ recommendations that resulted from better governance and disclosure mechanisms during the post-crisis period, the importance of this signal also improved.

Our results show no significant value in recommendation change relative to analyst‟s previous recommendation during both periods

التخصصات الرئيسية

إدارة الأعمال

عدد الصفحات

21

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-628551