本研究主要探討地域性與隱藏交易關係,以台灣上市公司和證劵公司為例,考慮每一家公司和劵商位置距離長短,並以距離長短去探討投資人的地域性並且藉由隱藏性交易來獲取利潤,並進一步分析公司大小對隱藏交易和地域性關係的影響和釐清。本研究使用數據來自CMONEY和TEJ並進一步探討隱藏性交易和地域性發現股票價格變化會落在小規模和中規模買賣均張並且在距離上可以解釋最短距離是有獲利的情形。 本研究透過分析可能解決證劵商投資人喜歡買賣平均張數的規模,並且在地域性的方面有結果表明證劵商投資人喜歡投資靠近自己的上市公司並且會將自己所買賣的張數分成小規模和中規模進而隱藏自己的交易行為,尤其在賣均張的時候更可能有所謂的地域性和隱藏交易。
We examine relations between local geography of security-firms and stealth trading. We consider local branches of securities broker located at the nearby Taiwanese listed companies where there is the shortest distance between Taiwanese listed companies and local branches of security-firms. Our samples are divided into 3 cases, with short, medium, and long distance groups. In additional, we control market value and price-book value, our samples are divided into 9 (3×3) cases in term of sorting distance and market values as well as 27 (3×3×3) cases in term of sorting distance, market values, and price-book value. This study finds significant relation between firm geography and stealth trading on small and medium trade sizes. This relation is also explained by distance measure, suggesting the significant relation between security-firms geography and stealth trading. Our findings would provide valuable insights on local geography of security-firms and stealth trading.