The Impact of Institutional Shareholdings on Price Limits
學年 109
學期 1
出版（發表）日期 2020-09-01
作品名稱 The Impact of Institutional Shareholdings on Price Limits
作品名稱（其他語言）
著者 Manhwa Wu; Paoyu Huang; Yensen Ni
單位
出版者
著錄名稱、卷期、頁數 Asia-Pacific Financial Markets 27, p.343–361
摘要 We explore whether institutional shareholders would affect the price limits in Taiwan due to that the price limit system in Taiwan is lower than those of other countries. In this study, We reveal that various institutional shareholding ratios including domestic institutional shareholding ratio and foreign institutional shareholding ratio significantly affect several stock limit ratios including the stock limit ratio, stock price up-limit ratio, and stock price down-limit ratio rarely concerned comprehensively in the relevant studies. In addition, we argue that our interesting findings are likely interpreted as follows: First, domestic institutions might buy stocks to price up-limit to improve their performance. Second, institutional investors might beat their competitors by selling competitors’ stocks to price down-limits. Third, foreign institutions might sell stocks to price down-limits after taking many short positions in index futures. We deduce that the Taiwan price limit system might provide opportunities for institutional investors, stakeholders, and even insiders to manipulate share prices because the price limit likely occurs in Taiwan Stock Exchange.
關鍵字 Board structure;Price limits;Institutional shareholdings
語言 en
ISSN
期刊性質 國外
收錄於 ESCI
產學合作
通訊作者
審稿制度 是
國別 JPN
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/987654321/117889 )