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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/52260

Title: Herding of Institutional Investors and Margin Traders on Extreme Market Movements
Authors: Anchor Y. Lin
Yueh-Neng Lin
Contributors: 國立臺灣海洋大學:航運管理學系
Keywords: Herding
Extreme market movements
Foreign investors
Margin traders
Date: 2014
Issue Date: 2019-06-14T07:59:16Z
Publisher: International Review of Economics and Finance
Abstract: Abstract: This paper investigates the herding tendency of foreign and domestic institutional investors and margin traders from different herding perspectives by using daily buy and sell data in Taiwan's stock market. Strong evidence indicates that herding phenomenon is closely associated with market conditions, traders' types and firm characteristics. Trading behaviors of institutional investors and margin traders are affected by their own past trades but their trading patterns change when facing large price drops. Margin traders and institutional investors have the tendency to sell past losers upon large market price declines and buy past winners upon large market price rises.
Relation: 33 pp.186-198
URI: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/52260
Appears in Collections:[航運管理學系] 期刊論文

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