학회소식
[2017년 제 4차] Short-Term Trading Skills of Individuals, Institutions, and Foreigners
작성자 : 관리자
조회수 : 142
게시일 :
2017-12-08
This paper evaluates the short-term trading skills of three types of investors: individuals, institutions, and foreigners. Based on a dataset that identifies the types of sellers and buyers for all trades, we examine (1) how stock prices move contemporaneously with the trading activities between types of investors, and (2) given such price movements, whether one type of investor has superior skills in timing purchases (sales) of stocks. Using tests based on daily and weekly horizons, we find evidence that individuals have poor trading skills and provide liquidity to both institutions and foreigners. When domestic institutions trade with foreigners, we find that foreigners generally show superior trading skills.
