Investors’ Reactions to Rating Reports of Foreign Institutions - Evidence from the Semiconductor Industry

• Main Authors: Chin-Yu Hsu, 徐金渝
• Other Authors: Chuang-Min Chao
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/yne4jw

碩士 === 國立臺北科技大學 === 經營管理系碩士班 === 101 === The purpose of this study is to investigate the trading behavior of institutional investors and individual investors in Taiwan stock market around the rating report announcement of foreign institutions. This study is to examine (i) how the stock price affect by the rating report announcement by foreign institutionsin.(ii) whether the trading behavior between the institutional investors and individual investors will be different under the tick-by-tick data analysis.(iii) examine whether the announcement of the rating report will lead to an abnormal trading behavior of the institutional investors as well as the individual investors. The results can help researchers to understand the information effect on investors’ trading behavior and the asymmetric information between foreign institutional and various investors in Taiwan. For investors, understanding the different trading behavior helps them to make better decisions when receiving information.