Institutional Investor Trading in a Short Investment Horizon: Evidence from the Korean Stock Market

Chung Chune Young; Liu Chang; Wang Kainan

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Institutional Investor Trading in a Short Investment Horizon: Evidence from the Korean Stock Market

机译：短期投资中的机构投资者交易：来自韩国股票市场的证据

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We examine the weekly trading activities of institutional investors in the Korean stock market. First, we find that average net trades by institutional investors this week are negatively related to one-week lagged returns, suggesting that they could be contrarian traders. Second, our finding shows that institutional investors' net trades this week are positively related to the net trades next week, consistent with persistent trading and/or herding behavior. Third, we find that institutional net trades are positively related to the post one-week returns. Finally, our findings are most pronounced in the group of short-term institutional investors.

机译：我们研究了韩国股市上机构投资者的每周交易活动。首先，我们发现机构投资者本周的平均净交易与一周的滞后收益负相关，这表明它们可能是逆势交易者。其次，我们的发现表明，机构投资者本周的净交易与下周的净交易呈正相关，这与持续的交易和/或从众行为一致。第三，我们发现机构净交易与一周后的收益正相关。最后，我们的发现在短期机构投资者群体中最为明显。

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来源
《Emerging Markets Finance & Trade》 |2016年第6期|1002-1012|共11页
作者
Chung Chune Young; Liu Chang; Wang Kainan;
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作者单位

Chung Ang Univ, Coll Business & Econ, Sch Business Adm, 84 Heukseok Ro, Seoul 156756, South Korea;

Hawaii Pacific Univ, Coll Business Adm, Dept Financial Econ & Informat Syst, Honolulu, HI USA;

Univ Toledo, Dept Finance, Coll Business & Innovat, 2801 W Bancroft St, Toledo, OH 43606 USA;

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正文语种 eng
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关键词
daily trading data; emerging market; herding; institutional investors; investment performance; investment strategy; trading behaviors;

机译：每日交易数据;新兴市场;羊群;机构投资者;投资业绩;投资策略;交易行为;

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Institutional Investor Trading in a Short Investment Horizon: Evidence from the Korean Stock Market

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