- تاریخ انتشار : ۱۳۹۷
- ناشر : کنگره بین المللی مدیریت و کسب و کار
- زبان مقاله : همه
- تعداد صفحات : 15
- حجم فایل : 567.287 کیلوبایت
- نوع مقاله : مجموعه مقالات کنفرانس
- مجموعه : مدیریت
چکیده مقاله
Abstract
Using a large sample of firms listed on the Korea Stock Exchange over 1998– 2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find, first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second, trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance companies. Finally, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.
نحوه استناد به مقاله
در صورتی که می خواهید به این مقاله در اثر پژوهشی خود ارجاع دهید، می توانید از متن زیر در بخش منابع و مراجع بهره بگیرید :
؛؛؛ ۱۳۹۶، The relationship between institutional investors and bonding costs on the companies listed in Tehran Stock Exchange، کنگره بین المللی مدیریت و کسب و کار، https://scholar.conference.ac:443/index.php/download/file/13994-The-relationship-between-institutional-investors-and-bonding-costs-on-the-companies-listed-in-Tehran-Stock-Exchange
در داخل متن نیز هر جا به عبارت و یا دستاوردی از این مقاله اشاره شود پس از ذکر مطلب، در داخل پرانتز، مشخصات زیر نوشته شود.
(؛؛؛ ۱۳۹۶)