Do institutional traders'' actions follow their words?
碩士 === 國立中正大學 === 會計與資訊科技所 === 97 === The purpose of this research is to analyze the consistency of institutional traders between their actions and their recommendations, and the price impact of institutional traders’ recommendations. Our study used cumulative abnormal return of short-term and long-...
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| Format: | Others |
| Language: | zh-TW |
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2009
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| Online Access: | http://ndltd.ncl.edu.tw/handle/71596171504026334105 |
| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技所 === 97 === The purpose of this research is to analyze the consistency of institutional traders between their actions and their recommendations, and the price impact of institutional traders’ recommendations. Our study used cumulative abnormal return of short-term and long-term to measure the price impact of institutional traders’ recommendations. Our study also used the changed amount of institutional traders’ stock before and after institutional traders issue their recommendations.
Our study finds that in the research period, the effect of institutional traders’ recommendations of short-term are conspicuous. It means the institutional traders’ recommendations should have price impact on their stock of recommendation in short-term.
However, our study also finds the institutional traders’ recommendations have no price impact on their stock of recommendation in long-term.
And our study find whatever their recommendations have price impact or not, the institutional traders’ actions have consistency. They just buy stocks before issuing recommendations and sell stocks until they issue their recommendations.
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