Date: 20 November 2018, Tuesday
Time: 12.00pm to 2.00pm (Registration starts at 12.00pm; Talk begins at 12.30pm)
Venue: TKP Conference Centre, Conference Room 2, 55 Market Street #03-01, Singapore 048941
Sell-side equity analysts issue buy, sell or hold recommendation on stocks in the capital markets. These potentially material market-moving calls are keenly followed by retail investors as well as institutional funds who spend in excess of millions of dollars annually on these sell-side reports in a bid to earn alpha or excess risk-adjusted returns.
Are the millions well spent? Are analysts’ calls based on analysis? Or do some research houses have a tendency to mimic the calls of bigger and more well-known research houses?
Singapore Management University Assistant Professor, Mr Frank Li Weikai, will attempt to provide insights and evidence to the above questions in this one-hour lunch-time talk in downtown Singapore.
In his recently published research paper, he found analysts tend to give favorable recommendations to stocks classified as overvalued, and these stocks tend to have particularly negative abnormal returns over time. His study also seem to suggest that analysts’ recommendations are often biased and may contribute to mispricing in the capital markets.
Mr Li will then be joined by an illustrious panel in discussing the value in sell-side reports. Mr Mark Tan, Senior Director, Greater China Equities, UOB Asset Management, who has many years of experience in portfolio management will weigh in on the issue from the buy-side perspective whilst Mr John Tsai, Portfolio Manager, Greater China Equities, Eastspring Investments, who was a sell-side analyst before moving to being a portfolio manager will certainly be able to provide insights from both sell-side and the buy-side perspective. The panel also includes fund-manager Teh Hooi Ling who has an illustrious career as a columnist in Business Times – her broad yet in-depth knowledge of the financial sector will certainly add color to the discussion.
Frank Li Weikai, Assistant Professor of Finance, SMU
John Tsai, Portfolio Manager, Greater China Equities, Eastspring Investments
Teh Hooi Ling, Founder and Fundmanager, Inclusif Value Fund and AWARE Immediate Past President
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