Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators
學年 107
學期 2
出版（發表）日期 2019-04-01
作品名稱 Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators
作品名稱（其他語言）
著者 Yensen Ni; Paoyu Huang; Yuhsin Chen
單位
出版者
著錄名稱、卷期、頁數 The North American Journal of Economics and Finance 48, p.514-528
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.
關鍵字 Board structure;Stock price informativeness;Considerable capital;Relative strength index
語言 en_US
ISSN
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 USA
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/114872 )