Institutional Investment Preference Based on Unexpected Information and Intangible Information

摘要：

　　This paper analyzes institutional investment strategies based on intangible information and unexpected information.By using the quarterly data in Chinese A-share listed companies from 2012 to 2015,empirical research finds that institutional investors tend to adopt the strategies of low holdings and reductions in stocks with unexpected information,which implies institutional investors prefer safe investment that can reduce uncertainty.With the increasing intangible information in stocks,the level of institutional ownership and investment rises,indicating that the institution prefers the high-growth value investment.

关键词： institutional investor unexpected information intangible information investment preference

作者: Liu Jingjian Li Huizhu Hao Kangxin

作者单位: School of Management and Economics,Dalian University of Technology,Dalian,China,116024

会议类型: 国际会议

会议名称: The 10th (2018)International Conference on Financial Risk and Corporate Finance Management(第十届(2018)金融风险与公司金融国际研讨会)

会议地点: 大连

会议语种:英文

页码: 198-203

在线出版日期: 2018-07-06（万方平台首次上网日期，不代表论文的发表时间）