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

Dissertant

Malki, Karim

University

Al Akhawayn University

Faculty

The School of Business Administration

University Country

Morocco

Degree

Master

Degree Date

2010

English Abstract

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

Main Subjects

Business Administration

No. of Pages

21

Table of Contents

• APA
• MLA
• AMA

Language

English

Data Type

Arab Theses

Record ID

BIM-628551