Chulalongkorn University Theses and Dissertations (Chula ETD)

Year (A.D.)


Document Type

Independent Study

First Advisor

Anirut Pisedtasalasai


Faculty of Commerce and Accountancy (คณะพาณิชยศาสตร์และการบัญชี)

Department (if any)

Department of Banking and Finance (ภาควิชาการธนาคารและการเงิน)

Degree Name

Master of Science

Degree Level

Master's Degree

Degree Discipline





This paper aims to perform a comprehensive analysis of the effects of the stock ratings and target prices announcement published by analysts from both domestic and foreign brokerage firms in the Thai market. There are two quantitative indicators that will be focused on in this study, target prices and stocks rating, by observing the change of these two factors along with the change of market price, I will be able to study market reaction by using the Fama-French 3-factor modal (Fama and French, 1992) to detect AR and CAR within each focused window period. The observation period starts from January 2, 2019 to December 30, 2021. This research is believed to be one of not many of Thai research that study an up-to-date and in-depth market movement according to the change of analyst’ views towards stocks. In addition to the impact of rating and target price changes on the stock price individually, this research also analyses the combined effects of the 2 focused key variables. The results a significant correlation between announcements and market price movement as there is a significantly positive AAR and ACAR when ratings and target prices are upgraded and significantly negative AAR and ACAR when they are downgraded.



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