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首页> 外文期刊>The North American journal of economics and finance >Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators
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Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators

机译：董事会结构，相当的资本和股票价格反应信息指标方面的信息

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摘要

Stock price overreaction can be measured by technical trading indicators. For example, overreaction zones can be measured by relative strength index (RSI). In this study, we propose two new proxies for share price informativeness, namely, days of overbought (DOB) and days of oversold (DOS). DOB and DOS are defined, respectively, as the number of days falling into the RSI-defined overbought and oversold zones over the total number of trading days in a year. DOS is the number of days falling into the oversold zone over the total number of trading days in a year. We then investigate if these proxies are affected by financial performance and board structure. Results reveal that the top 10 shareholders who are not directors may enhance the DOB instead of the DOS. As a result, share prices may increase. This situation may induce investors to pursue stocks at high prices, whereas institutional investors may decrease their shareholdings as share prices fall into the overbought zones. These notable findings, which were previously undisclosed, could augment the existing literature.
机译：股票价格过度反应可通过技术交易指标来衡量。例如，通过相对强度指数（RSI）可以测量过度反应区域。在这项研究中，我们提出了两个新的股价信息性代表，即超买（DOB）和超卖日（DOS）的日子。 DOB和DOS分别定义，随着在一年内交易日的总数的RSI定义的超额和超卖区域落入RSI定义的超卖区域。 DOS是一年内交易日的总数落入超卖区域的天数。然后，我们调查这些代理是否受到财务表现和董事会结构的影响。结果表明，不董事的十大股东可能会增强DOB而不是DOS。因此，股价可能会增加。这种情况可能会诱使投资者以高价格追求股票，而机构投资者可能会降低股权，因为股价下跌进入超买的区域。这些显着的发现，之前未披露，可能会增加现有的文学。

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