Reactions of the Hong Kong stock market to the publication of second-hand analysts' recommendation information
Article Abstract:
Analysts' recommendations reported in the Securities Firms' Investment Analysis (SFIA) column of the Hong Kong Economic Journal do not result in abnormal profits after transaction costs for readers who trade at the Hong Kong Stock Market. The exception are buy recommendations which clearly stated that the stocks were appropriate for long-term investment. Moreover, buy (sell) recommendations in the SFIA do not lead to higher (lower) returns than normal at the outset, but lower (higher) returns than normal later on. Heavy trading was also noted in the days around the column's publication.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Market reactions to the Hong Kong trading suspensions: mandatory versus voluntary
Article Abstract:
There are two types of trading suspensions in Hongkong namely, the mandatory suspension, which is ordered by a regulatory body, and a voluntary suspension, which is requested by a listed company. Empirical research on the effects of trading halts revealed that trading volatility increases in the post-suspension period and post-suspension volatility is generally higher for mandatory suspensions. Furthermore, the research found that market reactions are sensitive to the announced reason for the suspension.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Do stock market investors overreact?
Article Abstract:
A study was conducted to test the stock market overreaction hypothesis (ORH). This hypothesis holds that past stock price performance should make price reversals predictable if prices systematically exceed their bounds following too much investor optimism or pessimism. The study examined time-varying risk as a possible explanation for the ORH. The findings provide evidence in favor of this hypothesis.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Auditors' hypothesis testing in diagnostic inference tasks. Justification of decisions in auditing. The influence of auditors' justification processes on their decisions: a cognitive model and experimental evidence
- Abstracts: The valuation effects of the 1977 Community Reinvestment Act and its enforcement. Firm size and the information content of bank loan announcements
- Abstracts: Topsy turvey,(Chinese stock markets) Hong Kong/China: after Deng. Chinese puzzle
- Abstracts: Policy bonuses fall, despite surging stock markets. Tapping into Teps. Second-hand market not such a bargain
- Abstracts: Agencies perfect their pitch. The devolution effect. RDAs for England stir controversy