非交易机构投资者的后果

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Financial Management Pub Date : 2023-03-16 DOI:10.1111/fima.12418

Mohammad (Vahid) Irani, Hugh Hoikwang Kim

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引用次数: 0

摘要

我们证明，机构投资者在较长一段时间内平均不会交易其投资组合中五只股票中的一只股票。高度不作为的投资者很可能在未来表现不佳。我们的研究结果显示，机构投资者非交易水平较高的股票也表现不佳。我们调查了几种行为偏差作为非交易的潜在驱动因素，并没有发现分心、过度自信和倾向影响的证据。机构投资者倾向于出售具有显著价格变动和近期偏见的股票，这最好地解释了他们的不作为。总体而言，机构投资者的非交易行为是其未来表现的独特预测因素，潜在的行为偏差正在推动这种可预测性。

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The consequences of non-trading institutional investors

We document that institutional investors do not trade a single share, on average, in one of five stocks in their portfolio for an extended period. Investors with high inaction are likely to underperform in the future. Our results show a similar underperformance for stocks with a high non-trading level of institutional investors. We investigate several behavioral biases as potential drivers of the non-trades and find no evidence of distraction, overconfidence, and disposition effects. Institutional investors’ tendency to sell stocks with salient price movements and recency bias best explains their inactions. Overall, the non-trading behavior of institutional investors serves as a unique predictor for their future performance and potential behavioral biases are driving this predictability.

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来源期刊

Financial Management BUSINESS, FINANCE-

CiteScore

6.00

自引率

0.00%

发文量

期刊介绍： Financial Management (FM) serves both academics and practitioners concerned with the financial management of nonfinancial businesses, financial institutions, and public or private not-for-profit organizations.