Dissertation > Excellent graduate degree dissertation topics show

Inertia trading and reversal trading behavior of institutional investors in China

Author: XieChunYang
Tutor: FuKangSheng
School: Nanjing Normal University
Course: Finance
Keywords: Institutional investors Inertia transactions Contrarian
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 46
Quote: 1
Read: Download Dissertation

Abstract


In the 80s of the last century, academics gradually discovered many phenomena in financial markets departure from the traditional financial theory, the traditional financial theory can not give a satisfactory explanation of the vision of these capital markets, and try to create a new view of this, some financial experts financial research paradigm, starting from the assumption of bounded rationality and limited arbitrage to finance research into the psychological factors and human, to establish a new financial theory: behavioral finance. Behavioral finance argue that investors in investing activities is not entirely rational, due to the impact of various types of psychological factors, they are only bounded rationality, their investment behavior often deviate from the traditional financial theory assumptions and describe the emergence of various capital market vision and deviation. Institutional investors are no exception, or some institutional investors to take advantage of these market vision arbitrage trading behavior of institutional investors equally there is a deviation. Institutional investors held total financial assets accounted for a high proportion of the entire capital market share, its trading behavior has a very significant impact on the capital market, and their trading behavior also possess certain representation, so it is necessary to the trading behavior of institutional investors. Summarize scholars based on inertial trading Contrarian, by choosing the stock prior to January 1, 2000, has been listed on the Shanghai Stock Exchange from 2000 to 2009 relevant data, institutional investors inertia transactions Contrarian behavior for empirical analysis. According to the proportion of institutional investors holding the sample is divided into a collection of stocks led by different investors, the cumulative average excess return rate indicators, examine institutional investors inertia trading and reversal trading behavior, to analyze the empirical results, this paper The main conclusions are: whether individual investors or institutional investors, there are a certain degree of inertia trading and reversal trading behavior; the overall institutional investors for inadequate response, that performance inertia transaction-based, and The personal investors overreact performance Contrarian; inertial trading behavior of institutional investors more institutional investors based in the capital as well as information on the advantages based on the growth potential of stocks rather than choice. Further, in accordance with the point of view of the theory of behavioral finance, to explore the causes of the inertia of institutional investors trading behavior, so as to standardize the development of institutional investors to provide relevant recommendations.

Related Dissertations

  1. The Research on Equity Management of Corporate Governance by Institutional Investors’ Participation (e.g. S Company),F276.6
  2. Empirical studies of the financing structure of institutional investors holding listed companies,F224
  3. The Momentum and Contrarian Effect in China Stock Market,F224
  4. Simulation and Study on Trading Strategies in Stock Market,F830.91
  5. The Relationship between Institutional Ownership and Corporate Diversification Strategy,F832.51;F224
  6. Amercian Risk Measuring Method and Empirical Analysis in China,F832.5;F224
  7. An Research on Share Market Volatility Influenced by Institutional Investors,F224
  8. An Investigation of State-owned Assets Management System of Investors,F123.7
  9. Research on the Correlation of Institutional Investors and Non-efficiency of Investment,F224
  10. Institutional investors on the actual control of listed companies \,F276.6
  11. An empirical study of the quality of accounting information and institutional investors holding,F271
  12. Comparison Study on Investment Behaviors of QFII and Domestic Fund in China,F224
  13. Institutional investors holding listed companies accounting earnings timeliness relationship,F271
  14. The Mistake Killed of Public Offering: Institutional Investor Influence on Corporate Governance,F276.6
  15. Comparison of Investment Behavior between QFII and China’s Security Investment Funds,F832.51
  16. The Stabilizing Role of Institutional Investors in China,F224
  17. The Analysis of Investors’ Behavior under Asymmetric Information,F224
  18. China 's listed companies in the cash dividend payment Factors Influencing,F275
  19. A Research on the Influence of QFII Investment Behavior in China Mainland Securities Market,F832.51
  20. Chinese and American Institutional Investors in the Stock Market Comparative Study,F831.51

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net  Mobile