The response of different investor types to macroeconomic news
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Dosyalar
Tarih
2019-06
Yazarlar
Dergi Başlığı
Dergi ISSN
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Yayıncı
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
We provide the first investigation of foreign, local institutional and local individual investors’ trading responses to global, regional and local macroeconomic surprises using daily buy-sell volumes for Korea, taking account of endogeneity. Investor types respond differently to different shocks and differentially to the same news. Responses also differ across market states. However, behavior is more complex than previously recognized. Local individuals’ (institutions’) responses to local news suggest they are contrarian (momentum) traders with respect to expected policy responses, rather than the raw shocks themselves. The importance of investor type to understanding the impact of macroeconomic news on behavior is highlighted.
Açıklama
Anahtar Kelimeler
Foreign investors, Individual investors, Institutional investors, Macroeconomic announcements, Trading decisions
Kaynak
Journal of Multinational Financial Management
WoS Q Değeri
N/A
