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URN etd-0629109-184123 Statistics This thesis had been viewed 1651 times. Download 4 times.
Author CHUN-CHIEH HSIEH
Author's Email Address No Public.
Department Management Business Administration
Year 2008 Semester 2
Degree Master Type of Document Master's Thesis
Language Chinese&English Page Count 154
Title THE NATURE OF NEWS, INSIDER OWNERSHIP, STOCK PRICE AND STOCK RETURNS
Keyword
  • heuristic-driven bias
  • analyst forecast revision
  • momentum
  • insider ownership
  • insider ownership
  • momentum
  • analyst forecast revision
  • heuristic-driven bias
  • Abstract This paper attempts to address the connections among the nature of news, insider
    ownership, stock price, and stock returns from the aspect of factors in financial theories
    that influence investors’ mentality. The empirical studies show that stock price could
    mislead investors’ behavior and enhance the impact of the nature of news on stock returns.
    Besides, the higher stock price is, the less impact analyst forecast revision would create.
    This research assumes that investors tend to be over-confident and overestimate their
    ability to invest when stock price is buoyant, thus ignoring analyst forecast revision.
    Instead, when stock price declines, the impact of analyst forecast revision would become
    more significant.
    The higher percentage insider ownerships account for, the less impact the nature of
    news would create. This study assumes that investors would have the stereotyped impression that when insiders maintain high ownership, they would share the same
    related interests with other investors or insiders have more access to corporate inside
    information. Investors with such stereotyped impression would determine future stock
    returns by means of percentage of insider ownership rather than totally rely on analyst
    forecast revision. Thus, even though there is negative news spreading around, higher
    insider ownership could still reassure investors and make less significant difference
    between investors’ reactions towards positive news and negative news.
    Advisor Committee
  • RUEY-SHII CHEN - advisor
  • Files indicate not accessible
    Date of Defense 2009-06-26 Date of Submission 2009-07-01


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