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The Impact of the foreign institutional investors' holding share on Taiwanese stock priceLiu, Yu-Wei 04 July 2012 (has links)
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ASYMMETRIC INFORMATION IN EMERGING MARKETS: LESSONS FROM CHINADING, Xiaoya 25 March 2011 (has links)
Asymmetric information has crucial implications for various market participants in financial markets, including investors (local and foreign), firms, and governments. The information asymmetry problem is especially severe in emerging markets. My dissertation attempts to address a few information-related questions that interest both academicians and practitioners. The first study adds some new evidence to the on-going debate of whether local or foreign investors are better informed. I offer a new perspective to the issue by examining two market segments within one country but separated by the relevance of local knowledge measured by state ownership. I find that state ownership has a dramatic asymmetric effect on local and foreign institutional investors in China’s stock market. Local (foreign) institutional investors have an informational advantage in state-owned enterprises (SOEs), while foreign institutional investors have an informational advantage in non-state-owned enterprises (non-SOEs). Moreover, the informational advantage of local institutional investors is less evident in SOEs with high board independence and better audit quality. Building on these results, the second study further uses local and foreign institutional ownership as a measure of private information and examines whether firm-specific return volatility proxies for price informativeness. I find firm-specific return volatility is positively related to private information. Therefore the results support the notion that firm-specific return volatility measures the rate of private information impounded into stock prices. My research contributes to the literature in at least four important ways. My findings reconcile the two opposing views on local and foreign investors in the literature and suggest that the informational advantages of local and foreign investors vary with the relevance of local knowledge. Examining only the whole market in past research masks important variation in the relative advantages of local and foreign investors in market segments within a country. My study also suggests that taking into account firm-level characteristics, especially corporate governance measures, can enhance our understanding of the behavior of institutional investors. Additionally I provide some of the first evidence to show that local political institutions can create barriers faced by international investors. Finally, my research confirms the merit of firm-specific return volatility as a measure of price informativeness. Together, these studies provide new insights into research on asymmetric information in emerging markets and have important implications for local and foreign investors, firms, and governments. / Thesis (Ph.D, Management) -- Queen's University, 2011-03-24 19:35:47.788
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Institutional Investors and Board Independence : The case of Sweden.Mandaza, Kudzai, Mirad, Neba January 2020 (has links)
This study provides an insight into the behavior of foreign institutional investors in Swedish corporate governance matters. We look at the presence of foreign institutional investors on the Swedish nomination committee and their voting power, to show their influence on board independence in Sweden. Collecting data for two years that is 2018 and 2019, from Swedish firms listed on the Swedish stock exchange markets, and analyze the data using the panel regression analysis. The result shows that foreign institutional investors only influence board independence in Sweden when a controlling owner has more than 50 % of the voting right. Also, we show that foreign institutional investors generally have little or no influence on the number of independent directors on Swedish listed firms. However, it is the controlling owners and the board sizes that significantly determine the level of board independence in Sweden. This study concluded that for foreign institutional investors to influence board independence they should participate on the nomination committee.
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外國機構投資人交易策略及交易行為對我國股市衝擊之研究 / Trading behavior of foreign institutional investors and its market impact on stock prices劉慧欣, Liu, Hui-Hsin Unknown Date (has links)
本研究探討外國機構投資人交易行為及其對股票市場的衝擊,參考 Chan and Lokonishok(1995)的交易期間(trading package)觀念,分析外國機構投資人的持股內容及易行為,以了解其選股決策,並驗證其交易行為是否存在正向回應現象;及研究外國機構投資人的交易行為所產生的市場衝擊,以了解外資進出對國內股票市場穩定性的影響,並進一步研究交易完成後的股價回復現象及短期績效表現。
本研究的樣本期間為包括民國 84 年至民國 86 年底,樣本資料包含每日股價資料、每日外國機構投資人的持股明細、以及所有上市個股的財務資料。經實驗後發現,可能是基於風險控管和模擬臺灣股價指數的考量,外國機構投資人傾向買賣大型績優個股;在相同交易行為上,通常有持續十日的現象,且每一次交易的張數並不大。此外,明顯存在著正向回應情形、顯著的市場衝擊和短暫的股價回復現象,如同國外相同的研究結果,本研究亦發現外國機構投資人在買和賣不同的交易行為上,存在著不對稱的影響。 / The study is to Investigate the trading behavior of foreign institutional investors and its market impact on stock prices. The purposes of the study are as follows:
First, to analyze the holding characteristics and trading behavior of foreign institutional investors in order to understand their stocks selection decisions and test if positive feedback behavior exists. Second, to analyze the market impacts on Taiwan stock market stability. Finally, after finishing each trading behavior, to observe the trend of stock prices in order to test if price reversion exists and how their short-term performance are.
Form empirical studies, foreign institutional investors tend to hold stocks of large-size firms probably because of controlling investment risk and simulation Taiwan stock index. Besides, analyzing their trading activities, positive feedback bahavior, market impacts and price reversion really exist and are significant. According to our study, we found that buying and selling activities have asymmetric impact on stock prices. The conclusion is the same as foreign studies.
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