碩士 / 國立中興大學 / 財務金融系所 / 98 / The regulations of Taiwan restrict the interaction between research divisions and proprietary trading divisions of securities firms. But most of the research divisions of securities firms became subsidiary companies. Therefore, the firewall between proprietary trading divisions of securities firms and affiliated investment consulting firms is not obvious. This study investigates whether conflicts of interest exist between proprietary trading divisions of securities firms, affiliated investment consulting firms and individual investors when investment consulting firms make recommendations. And this study also examines whether the degree of conflicts of interest changes before, during and after financial crisis. The following are the definitions of conflicts of interest. First, proprietary trading divisions of securities firms are net buyers（sellers） of recommended stocks before affiliated investment consulting firms issuing the buy （sell）recommendations. Second, the proprietary trading divisions of securities firms are net sellers（buyers）of recommended stocks after affiliated investment consulting firms issuing the buy（sell）recommendations. The result indicates that conflicts of interest do exist. And the degree of conflicts of interest decreased during financial crisis. The degree of conflicts of interest of strong buy recommedations is higher than others. It also indicates that investors could benefit from short-term trading based on the recommendations during sample period.
| Identifer | oai:union.ndltd.org:TW/098NCHU5304066 |
| Date | January 2010 |
| Creators | Pei-Yi Lu, 呂珮怡 |
| Contributors | 林盈課 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 68 |
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