The Impacts of Monthly Sales Information and Net Buy/Sell of Institutional Investors on Stock Returns
| Autor: | WEI,MING-CHOU, 魏明洲 |
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| Rok vydání: | 2016 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 國際高階經營管理碩士在職專班(IEMBA) 104 With the technological advances the investors of stock market usually tend to gather information from news reports, investment advisers’ analysis reports, stock analysis of each security firm's website, etc. Although there are many sources of information in the stock market, investors do not know the resulting message has gone through complicated processes and still receive less information. When investors choose their target to invest, they are easily led to wrong choices, therefore they need to rely on more investment indicators. In addition to financial indicators released by company, investors also refer to foreign investment, investment trust funds, and dealers buying and selling behavior, as a strategic indicator to choose their target for investment. This study aims to investigate all the listed and OTC companies during the year of 2015. Regression analyzes will be conducted to investigate the effects of daily foreign investment, investment trust funds, and dealers buying and selling behavior, and monthly publication of monthly sales growth rate announcement (MOM), annual growth rate (YOY), and the cumulative annual growth rate (cumulative YOY) about monthly sales growth rate on the stock returns. The purpose of this study is to find out whether investors can rely on internal indicators (such as MOM, YOY, cumulative YOY information) and external indicators (such as foreign investment, investment trust funds, dealers trading signals) as a basis for investing in Taiwan's stock market. The results show that Taiwanese investors tend to focus on external indicators. Internal indicators have little relation with the stock returns. Among all internal indicators, only cumulative YOY has significant positive effect on 1-day OTC stock returns. In the majority of listed stocks, investors can employ investment trust funds transaction as the basis for investment, while dealers transaction can be regarded as the reverse operation basis. For OTC stocks, investors can employ foreign transaction and investment trust funds transaction as the basis for investment, while dealers transaction can be regarded as the reverse operation basis. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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