[1]胡才泓.机构投资者的彩票类股票交易行为与股价同步性[J].金融教育研究,2015,(01):14-19.
　HU Caihong.A Study on the Lottery Stock Trading Behavior of Institutional Investors and the Stock Price Synchronicity[J].,2015,(01):14-19.
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机构投资者的彩票类股票交易行为与股价同步性()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2015年01期
页码:
14-19
栏目:
出版日期:
2015-01-28

文章信息/Info

Title:
A Study on the Lottery Stock Trading Behavior of Institutional Investors and the Stock Price Synchronicity
作者:
胡才泓
江西师范大学 财政金融学院,江西 南昌 330022
Author(s):
HU Caihong
School of Finance,Jiangxi Normal University,Nanchang,Jiangxi 330022,China
关键词:
机构投资者;  博彩偏好;  股价同步性
Keywords:
institutional investors;  lottery preference;  stock price synchronicity
分类号:
F830.91
文献标志码:
A
摘要:
文章使用Kumar(2009)提出的低股价、高特质波动率和高特质偏度识别股票的彩票特性,利用2010至2012年A股市场的大样本数据,实证分析了机构投资者的博彩偏好及对股价同步性的影响。结果表明,我国机构投资者存在明显的博彩偏好; 且这种博彩偏好会提高股价波动的同步性程度。这一结论从博彩偏好的视角,为机构投资者有限理性造成的股价同步性的存在提供了新的证据。
Abstract:
Based on the lottery features(a low share price,high idiosyncratic volatility and high idiosyncratic skewness stock)proposed by Kumar(2009),this paper made an empirical analysis of the institutional investors＇betting preferences and the impact on the stock price synchronicity by using a large database of A-shares capital market of 2010-2012.The result shows that institutional investors have significant preference for stocks which have lottery features and their lottery preference induces stock price synchronicity.From the perspective of lottery preferences,this conclusion provides new evidence that the stock price synchronicity exists due to bounded rationality of institutional investors.

参考文献/References:

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备注/Memo

备注/Memo:
收稿日期:2014-12-01 基金项目:国家自然科学基金项目“环境政策促进区域经济发展的传导机制研究-鄱阳湖生态经济区环境政策模拟”(NO:71063006); 国家软科学“加快生态文明建设的环境政策选择研究”(2012GXS4D089); 国家自然科学基金项目“文化产业发展促进区域经济发展方式转变的作用机制研究”(NO:71340010); 江西省软科学项目“加快生态文明建设的环境政策选择研究”(20121BBA10016) 作者简介:胡才泓(1971-),男,江西永修人,讲师,博士,主要研究方向为管
更新日期/Last Update: 1900-01-01