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首页> 外文期刊>Accounting and finance >Are individual investors liquidity providers around earnings announcements? Evidence from an emerging market
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Are individual investors liquidity providers around earnings announcements? Evidence from an emerging market

机译：个人投资者是盈利公告周围的流动资金提供者吗？来自新兴市场的证据

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摘要

We first document that both buying and selling by individual investors before earnings announcements are negatively correlated with post-event abnormal returns using a unique dataset that allows us to precisely identify individual investor trading. Next, we show that both buying and selling by individual investors before earnings announcements not only are positively associated with contemporaneous returns, but also respond positively to past returns. This is consistent with the idea that individual investors act as liquidity providers (demanders) when they sell (buy) before earnings announcements. Individual investor buying and individual investor selling after earnings announcements confirm this point.
机译：首先，在盈利公告之前由个人投资者购买和销售的文件与使用唯一数据集的事后异常返回负相关，这些返回允许我们精确地识别个人投资者交易。接下来，我们表明，在盈利公告之前，个人投资者的购买和销售不仅与同期回报有关，而且对过去的回报也积极响应。这与个人投资者作为流动性提供者（要求）在盈利公告之前销售（购买）时的想法一致。个人投资者购买和个人投资者在盈利公告后销售这一点。

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