Translated Titles

An Empirical Study on the Relationship between Institutional Investors' Expectations and Returns in a Rising Stock Market




方勇(Yong Fang)

Key Words

上升市場 ; 機構持股比例 ; 投資效率 ; 非線性雜訊 ; Rising Stock Market ; Institutional Ownership ; Investment Efficiency ; Nonlinear Noise



Volume or Term/Year and Month of Publication

6卷3期(2009 / 09 / 01)

Page #

35 - 44

Content Language


Chinese Abstract


English Abstract

To investigate the investment behavior of institutional investors form a special perspective, we inspect the relationship between institutional investors' expectations and returns in the period when the market is experiencing a rapid rise by using institutional ownership of a stock as a proxy for the expectation of institutional investors for future earning of the related listed company, then we inspect the investment efficiency of institutional investors by suing nonlinear noise, and finally the investment behavior tokens and intrinsic mechanism of institutional investors in a rising market are comprehensively discussed. As shown from the empirical results, we believe that in a specific market environment, institutional investors may put up stronger irrationalism and lower investment efficiency than individual investors.

Topic Category 基礎與應用科學 > 統計
社會科學 > 管理學
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