Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior
碩士 === 國立雲林科技大學 === 財務金融系 === 103 === In this paper, we make use of monthly data of firms listed from the Taiwan Stock Exchange (TSE). The sample period is from January 2000 to December 2014. Using herding measure proposed by Sias (2004) it tested the cross-sectional correlation between institution...
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ndltd-TW-103YUNT03040362016-07-02T04:21:21Z http://ndltd.ncl.edu.tw/handle/04336396333025685607 Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior 機構投資人持股、分析師預測與從眾行為關聯性之研究 Bo-An Chen 陳柏安 碩士 國立雲林科技大學 財務金融系 103 In this paper, we make use of monthly data of firms listed from the Taiwan Stock Exchange (TSE). The sample period is from January 2000 to December 2014. Using herding measure proposed by Sias (2004) it tested the cross-sectional correlation between institutional investors' trades in one period and other institutional investors' trades in the next period to directly examine whether institutional investors follow each other's trades. We employ Two-Stage Least Squares regression analysis to investigate herding of Institutional investors whether to be influenced by the holding share of institutional investors and the analysts' forecasts revision. The empirical results show that the influence of institutional investors increase holdings and the analysts' forecasts revision up are significant positive on buyer herd. Institutional investors will follow other institutional investors to buy. Seller herd is the opposite. Finally, the institutional investors herding are classified into foreign investment, investment trust and dealers herding. The empirical results are consistent with institutional investors Chun-An Li 李春安 2015 學位論文 ; thesis 74 zh-TW |
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碩士 === 國立雲林科技大學 === 財務金融系 === 103 === In this paper, we make use of monthly data of firms listed from the Taiwan Stock Exchange (TSE). The sample period is from January 2000 to December 2014. Using herding measure proposed by Sias (2004) it tested the cross-sectional correlation between institutional investors' trades in one period and other institutional investors' trades in the next period to directly examine whether institutional investors follow each other's trades. We employ Two-Stage Least Squares regression analysis to investigate herding of Institutional investors whether to be influenced by the holding share of institutional investors and the analysts' forecasts revision. The empirical results show that the influence of institutional investors increase holdings and the analysts' forecasts revision up are significant positive on buyer herd. Institutional investors will follow other institutional investors to buy. Seller herd is the opposite. Finally, the institutional investors herding are classified into foreign investment, investment trust and dealers herding. The empirical results are consistent with institutional investors
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Chun-An Li |
author_facet |
Chun-An Li Bo-An Chen 陳柏安 |
author |
Bo-An Chen 陳柏安 |
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Bo-An Chen 陳柏安 Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior |
author_sort |
Bo-An Chen |
title |
Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior |
title_short |
Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior |
title_full |
Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior |
title_fullStr |
Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior |
title_full_unstemmed |
Institutional Shareholding, Analyst Forecast and Institutional Herding Behavior |
title_sort |
institutional shareholding, analyst forecast and institutional herding behavior |
publishDate |
2015 |
url |
http://ndltd.ncl.edu.tw/handle/04336396333025685607 |
work_keys_str_mv |
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