INVESTOR TYPES AND INFORMATION

• Main Authors: Yu-han Chang, 張玉函
• Other Authors: Ruey-Shii Chen
• Format: Others
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/aghmme

碩士 === 大同大學 === 事業經營學系(所) === 102 === 　　Insider investors allegedly sold shares of Top Pot before news was released in 2013, which avoiding losses of 60 million. Because of this event, I have some questions about the individual investors. For the individual investors, whether Top Pot Bakery's insider investors utilize the private information to prevent losses? Do insider individual investors gain from the private information trading? 　　The purpose of this study is to investigate the transactions of individual investors around earnings announcement, and compare the results with the trading behavior of foreign investor, investment trust and corporation. This study analyzes the relationships among rate of return, earnings surprises and net trading of types of investors, and try to find the evidence that whether the individual investors gain from private information trading. 　　We do not find significant evidence that foreign investor, investment trust and corporation are informed traders. But we find two opposite trading phenomena for individual investors. One is the individual investors are informed traders that they have right trading direction before the event and therefore forecast the future market direction. In other word, it means that following the individual investor's trading is profitable. Another evidence shows the individual investors are non-informed traders. They buy stocks following good news and sell stocks following bad news. The trading behavior let individual become a loser. 　　For the evidence I find, I guess there are two different types of individual investors, one is informed large traders and the other is non-informed small traders. For future study, more rich database is needed.