Using transaction data from the Jakarta Stock Exchange, I nd three pieces of evidence which indicate that domestic investors have an information advantage over foreign investors. First, foreign investors systematically buy at higher and sell at lower intra-day prices than domestic investors. Second, foreign investors tend to sell prior to large positive returns. Finally, the permanent impact of...

In this paper, I show that persistent pricing anomalies are consistent with a market that includes ambiguity averse investors. In particular, I show that ambiguity averse investors may prefer to trade based on aggregate signals that reduce ambiguity at the cost of a loss in information. Because the aggregate signals preferred by ambiguity averse investors are not sufficient statistics for the c...

Using transaction data from the Jakarta Stock Exchange, I nd three pieces of evidence which indicate that domestic investors have an information advantage over foreign investors. First, foreign investors systematically buy at higher and sell at lower intra-day prices than domestic investors. Second, foreign investors tend to sell prior to large positive returns. Finally, the permanent impact of...

the focal objective of this study is to analyze and explore the co-movement of pakistan stock market (kse-100) with the stock market of developed countries (us, uk, canada, australia, germany, japan, france and neither land) which have portfolio investment in pakistan by applying co-integration approach using johansen and juselius multivariate and bi variate co-integration. secondary data of st...

We study privatization under moral hazard and adverse selection. We show that if the fraction of efficient investors is either insignificant or productivity differences between efficient and inefficient investors are negligible, the government would offer a pooling contract and sell the same fraction of equity to both types of investors. The lower the productivity difference, the greater the eq...

Using Panel Data methods, this paper examines the impact of institutional investors on corporate governance and corporate performance, based on samples of familial listed companies in China from 2006 to 2008. The research shows that after investing in familial listed companies, institutional investors would play an important role to improve corporate governance. Simultaneously, the proportion o...

The European Union’s Blue Growth Strategy is a long term strategy to support sustainable growth in the marine and maritime sectors, aiming to contribute to innovation and economic growth (European Commission, 2012). The EU sees the financial sector as a key partner to bring about transition to sustainable consumption and production. However, knowledge about investment behavior, experience with ...

the presence of bubbles in the markets and its formation has been regarded by economists and they have been looking to develop methods that can be recognized by using appropriate method for the formation of bubbles. in this paper, first, the formation of bubbles is tested using the new unit root test known as phillips test (generalized sup adf test) for 50 companies in the tehran stock exchange...

We test and confirm the hypothesis that individual investors are net buyers of attentiongrabbing stocks, e.g., stocks in the news, stocks experiencing high abnormal trading volume, and stocks with extreme one day returns. Attention-driven buying results from the difficulty that investors have searching the thousands of stocks they can potentially buy. Individual investors don’t face the same se...

in this study, provided preliminary evidence on a comprehensive program of study focusing on investors’ behavior in the tehran stock exchange (tse) in 2014. using a survey-based methodology, 561 investors from the tse representing individual investors, mutual fund experts, funding institutions experts, institutional investors, and stock brokers have been randomly selected to respond to a set of...