| Summary: | 碩士 === 義守大學 === 財務金融學系碩士班 === 97 === We study the impact of idiosyncratic risk of financial holding companies in Taiwan and then ponder on dissimilar market states and institutional share ownership. According to the past studies, we have some characteristics: first, we separate market states into non-separated market state, bull market state, bear market state, range-bound market state, and crisis market; second, we divide into parts of “institutional share ownership or not”, “the percentage of institutional share ownership”, and “the change of institutional share ownership”, and then compare with total institutional share ownership and individual institutional share ownership for our result of idiosyncratic risk of financial holding companies. The sample covers 14 stocks of financial holding companies listed on Taiwan Stock Exchange and Gre Tai Securities Market from 2003 May to 2009 February.
Our findings are as follows: First, on institutional share ownership or not and the percentage of institutional share ownership, in dissimilar market states, they have the discrepancy in concerning with idiosyncratic risk of financial holding companies between total institutional share ownership and individual institutional share ownership. Second, we further study on the change of institutional share ownership, particularly in bear market state, also only the change of total institutional share ownership and foreign share ownership present to V-shaped of non-linear relation, just mean that their herding buy or herding sale will more quicker, the idiosyncratic risk of financial holding companies will more higher. Third, the shape is alike between the change of total institutional share ownership and foreign share ownership worked upon the idiosyncratic risk of financial holding companies; so investors maybe can “the change of foreign share ownership” as one of investment decision norms for reference. Fourth, in bear and crisis market states, they have the discrepancy in concerning with idiosyncratic risk of financial holding companies. In summary, we find that dissimilar market states and institutional share ownership certainly concern with the idiosyncratic risk of financial holding companies; hence, it is crucial to ponder on dissimilar market states and the change of institutional share ownership as discussing the impact of idiosyncratic risk of financial holding companies.
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