| Autor: |
Ye Jun Kim, Chune Young Chung, Hyeik Kim, Paul Moon Sub Choi, Joung Hwa Choi |
| Rok vydání: |
2021 |
| Předmět: |
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| Zdroj: |
Fintech with Artificial Intelligence, Big Data, and Blockchain ISBN: 9789813361362 |
| DOI: |
10.1007/978-981-33-6137-9_12 |
| Popis: |
This study explores the trading practices of individual and institutional investors within the Korean mergers and acquisitions market. We define a bad merger as one in which the bidder has a negative abnormal return in the announcement period. We use unique daily trading data for different individual and institutional investors in the Korean stock exchange to analyze investor trading practices surrounding bad mergers. The findings show that, after a bad merger, institutional investors sell their shares in the bidding firm, whereas individual investors buy those shares. Even after announcements, institutional investors continue to sell their shares, and individual investors continue to buy them. Overall, our findings support the hypothesis that institutional investors are more informed and sophisticated relative to individual investors. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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