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	机构投资者交易行为特征研究
	陈卓思 ; 高峰 ; 祁斌 ; Chen Zhuosi ; Gao Feng ; Qi Bin
	2010-05-14 ; 2010-05-14
关键词	机构投资者 交易行为 惯性交易 institutional investor trading strategy momentum trading F224 F830.91
其他题名	On the Trading Strategy of Institutional Investors
中文摘要	本文通过研究股票收益变化和机构持股变化之间的关系,发现对于高机构持股股票,过去表现较好的股票会吸引机构增加持仓,且机构增持的股票相对减持的股票的后续表现又更好,而低机构持股股票则不然。这表明机构投资者整体上是采用正反馈即惯性交易策略的,而个体投资者的行为则较为随机。对于缺乏投资经验的个体投资者而言,论文结果意味着他们应当委托机构进行理财如投资于基金。; This paper demonstrates that there are significant differences in patterns of stock returns and institu- tional ownership between the two groups of stocks:the group of stocks with higher institutional ownership and the one with lower institutional ownership.In the group of stocks with higher institutional ownership,the institu- tional ownership of the stocks with higher recent returns increases afterwards and the returns of the stocks with increased recent institutional ownership are higher afterwards.But all these characteristics are not discovered in the group of stocks with lower institutional ownership.It hence indicates that the institutional investors tend to follow momentum trading strategies.The study also suggests that individual investors should entrust institutions with the task of looking after their money,for example,invest in the mutual funds.
语种	中文 ; 中文
内容类型	期刊论文
源URL	[http://hdl.handle.net/123456789/33118]
专题	清华大学
推荐引用方式 GB/T 7714	陈卓思,高峰,祁斌,等. 机构投资者交易行为特征研究[J],2010, 2010.
APA	陈卓思,高峰,祁斌,Chen Zhuosi,Gao Feng,&Qi Bin.(2010).机构投资者交易行为特征研究..
MLA	陈卓思,et al."机构投资者交易行为特征研究".(2010).

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