本篇主要欲探討什麼樣的因素會造成本土券商和外資券商所發布的投資評等有所差異。本土與外資券商因為存在著家鄉偏誤，可能使得券商所發布的投資評等也會有所差別。自從西元1997年爆發亞洲金融風暴以來，公司治理成為亞洲國家重視的焦點，儘管各國政府致力於改善公司治理的機制，但是許多公司仍舊普遍存在著所有權集中、交叉持股、控制股東的特性。因此，除了考慮公司的財務面的因素之外，我們認為公司治理的因素會影響本土與外資券商的評等。又因為西方國家對於投資人保護及公司治理的機制較為完善，公司所有權也較為分散，因此我們認為外資券商在撰寫研究報告時，會給予投資人保護做的較好的公司較為樂觀的評等。研究發現，如果公司有於海外發行存託憑證，外資券商會給予相對樂觀的評等。此外，我們進一歩檢視本土和外資券商的買賣行為是否會與本身的推薦行為一致。結果發現，無論是本土或是外資券商，其自營部門的買賣行為與研究部門存在著利益衝突的現象，但是本土與外資之間我們無法區分何者的利益衝突較為嚴重。

　　This paper intend to investigate the reasons why foreign stock recommendation posses stronger impact on market performance. We argue that either foreign brokerage houses possess information advantage or brokerage houses recognize the issue of investor protection differently in their stock recommendation. We attempts to examine whether the issue of investor protection can explain the deviation of stock recommendations between domestic analysts and foreign analysts. The evidence indicates that the information implied by stock recommendation is not significantly different between domestic analysts and foreign analysts. There is some deviation on stock recommendations between domestic brokerage houses and foreign brokerage houses, but analysts are less likely to directly incorporate a firm’s governance quality in their recommendations report. However, we find foreign analysts exhibit relatively optimistic perspectives to firms issuing ADRs. We also find the existence of conflict of interest between trading proprietary division and research division neither domestic nor foreign security firm. However, we can not differentiate the seriousness of conflict of interest between domestic and foreign security firms.

池祥萱、蕭鈞怡，「券商投資評等報告的資訊內涵－本國券商與外資券商的比較」，金融風險管理季刊，第3期，27~45頁，民國九十四年九月。
Ahearne, A.G.., W. L.Griever, and F. E. Warnock, 2004, “Information costs and home bias: an analysis of US holdings of foreign equities.” Journal of International Economics, 53(4), 29-40.
Asquith, P., M. B. Mikhail, and A. S. Au, 2005,“Information content of equity analyst reports.” Journal of Financial Economics, 75, 245-282.
Banz, R. W., 1981, “The relationship between returns and market value of common stocks.” Journal of Financial Economics, 9, 3-18.
Bacmann, J. and G.. Bolliger, 2001, “Who are the Best? Local versus Foreign Analysts on the Latin American Stock Markets.” Working paper.
Barber, B., R. Lehavy, M. McNichols, and B. Trueman, 2001, “Prophets and Losses: Reassessing the Returns to Analysts’ Stock Recommendations.” Working paper.
Barber, B., R. Lehavy, M. McNichols, and B. Trueman, 2001, “Can Investor Profit from the Prophets? Security Analyst Recommendations and Stock Returns.” Journal of Finance, 56, 531-563.
Barber, B., R. Lehavy, M. McNichols, and B. Trueman, 2006, “Buys, holds, and sells: The distribution of investment banks' stock ratings and the implications for the profitability of analysts' recommendations.” Journal of Accounting & Economics, 41, 87-117.
Beneish, M.D., 1991, “Stock prices and the dissemination of analysts’ recommendations.” The Journal of Business, 64(3), 393-416.
Bjerring, J.H., J. Lakonishok, and T. Vermaelen, 1983 “Stock Prices and Financial Analysts’ Recommendations.” The Journal of Finance, 38, 187-204.
Chan, K., V. Covrlg, and L. Ng, 2005, “What determines the domestic bias and foreign bias? Evidence from mutual fund equity allocations worldwide.” Journal of Finance, 60(3), 1495-1534.
Choe, H., B.C. Kho, and R.M. Stulz, 2000, “Do domestic investors have more valuable information about individual stocks than foreign investors?” Working paper.
Chung, H., 2006, “Investor Protection and the Liquidity of Cross-listed Securities: Evidence from the ADR Market.” Journal of Banking & Finance, 30(5), 1485-1505.
Claessens, S., S. Djankov, L. H. P. Lang, 1999, “The separation of ownership and control in East Asian Corporations.” Journal of Financial Economics, 58, 81-112.
Conroy, M. R., Y. Fukuda, and R. S. Harris, 1997, “Securities houses and earnings forecasts in Japan: What makes for an accurate prediction?” Financial Analysts Journal, 53(4), 29-40.
Cooper, R.A., T. Day and C.M. Lewis, 2001, “Following the leader: a study of individual analysts’ earning forecasts.” Journal of Financial Economics, 61, 383-416.
Coval, D.J., and T.J. Moskowitz, 1999, “Home bias at home: Local equity preference in domestic portfolios.” The Journal of Finance, 54(6), 2045-2073.
Dugar, A., and S. Nathan, 1995, “The effect of Investment Banking Relationships on Financial Analysts’ Earnings Forecasts and Investment Recommendations.” Contemporary Accounting Research, 12, 131-160.
Fama, E., 1991, “Efficient capital markets: II.” Journal of Finance, 46, 1575-1617.
Fama, E.F., and Kenneth R.F., 1992, “The cross-section of expected stock returns.” Journal of Finance, 47, 427-465.
Finger, A.C., Wayne R.L., 2003, “What Do Analysts’ Stock Recommendations Really Mean?” Review of Accounting & Finance, 2, 67-87.
Grinblatt, M. and M. Keloharju, 2001, “How Distance, Language and Culture Influence Stockholdings and Trades.” Journal of Finance, 56, 1053-1073.
Hirst, E.D., L. Koonce, and P. J. Simko, 1995, “Investor Reactions to Financial Analysts’ Research Reports.” Journal of Accounting Research, 33, 335-351.
Ivkovic, Z., and S. Weisbenner, 2005, “Local Does as Local Is: Information Content of the Geography of Individual Investors’ Common Stock Investments.” The Journal of Finance, 60(1), 267-306.
Jegadeesh, N., J.Kim, S.D. Krische, and C.M.C.Lee, 2004, “Analyzing the Analysts : When Do Recommendations Add Value?” The Journal of Finance, 3, 1083-1124.
Josef, L., S. Andrei, and V. Robert W., 1994, “Contrarian investment, extrapolation, and risk.” The Journal of Finance, 49(5), 1541-1578.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, 1999, “Corporate ownership around the world.” Journal of Finance, 54, 471-518.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 2000, “Investor Protection and Corporate Governance.” Journal of Financial Economics, 58, 3-27.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 2002, “Investor Protection and Corporate Valuation.” The Journal of Fianance, 57(3), 1147-1170.
Lewis, K., 1994, “Puzzles in International Financial Markets.” Working Paper.
Lin, H.W. and M. Mcnichols, 1988, “Underwriting Relationships and Analysts’ Earnings Forecasts and Investment Recommendations.” Journal of Accounting and Economics, 25,101-127.
Lee, C.M.C., and B. Swaminathan, 2000, “Price momentum and trading volume.” The Journal of Finance, 55(5), 2017-2069.
Mikhail, M.B., B.R. Walther, and R.H. Willis, 1999, “Does forecast accuracy matter to security analysts?” Accounting Review, 74, 185-200.
Michaely, R. and K. Womack, 1999, “Conflicts of Interest and the Credibility of Underwriter Analyst Recommendations.” Review of Financial Studies, 12, 653-686.
Orput, F. S., 2004, “Local Analyst Earnings Forecast Advantage in Europe,” Working paper.
Pinkowitz, L., R.M. Stulz, and R. Williamson, 2001, “Corporate Governance and the Home Bias” Working paper.
Pratt, T., 1933, “Wall Streest’s four-letter word,” Investment Dealers Digest, 18-22.
Schipper, K. 1991, “Analysts’ Forecasts.”Accounting Horizons, 5, 105-121
Shen, C.H., H.L. Chih, 2005, “Trust Your Friends, But Don’t Forget to Lock Your Car Door: Conflicts of Interest in the Stock Recommendations of Investment Banks and Their Determinants.” Working paper.
Shen, M.J., C.C. Hsu, and M.C. Chen, 2006, “A study of ownership structures and firm values under corporate governance—The case of listed and OTC Companies in Taiwan.” Journal of American Academy of Business, 8(1), 184-191.
Stickel, S., 1992, “Reputation and performance among security analysts.” Journal of Finance, 47, 1811-1836.
Stickel, S., 1995, “The anatomy of the performance of buy and sell recommendations.” Financial Analysts Journal, 25-39.
Suh, J., 2005, “Home bias among institutional investors: a study of the Economist Quarterly Portfolio Poll.” J. Japanese Int. Economies, 19, 72-95.
Womack, K.L., 1996, “Do Brokerage Analysts’ Recommendations Have Investment Value?” Journal of Finance, 51, 137-167.
Yeh, Y.H., 2005, “Do controlling shareholders enhance corporate value?” Corporate Governance, 13, 313-325.
Yeh, Y.H., T.S. Lee, and T. Woidtke, 2001, “Family control and corporate governance: Evidence for Taiwan.” International Review of Finance, 2, 21-48.