A Study of Informed Investors Order Strategies before Event Announcements
| Autor: | Yi-Chang Chen, 陳奕璋 |
|---|---|
| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 100 This study is to investigate informed investors order strategies before event announcements and all types of investors the possibility of informed investors. According to Chae (2005) defined the event classification, this study defines the dividend and earnings announcements as scheduled events, treasury shares and M & A announcements as unscheduled events, and then investigate informed investors order strategies before listed companies'' event announcements on Taiwan stock market. The empirical result show that, informed investors will prefer to submit the most aggressive limit order and large size order before dividend, earnings, and treasury shares announcements, and to submit less aggressive limit order and median size order before M&A announcements. Compared to individual investors, institutional investors (foreign investors, dealers, and other domestic corporations) are more likely to be informed investors. Before and after financial Tsunami, informed investors order strategies before event announcements are indeed different. In this paper, the main contribution are further clarify the informed investors preferences of order strategies, and the impact on informed investors order strategies by event announcements with different feature. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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