Abstract
We analyze the trading behavior and profits of retail and institutional investors around earnings announcements in Taiwan’s stock market. We find that the average annual trading profits of institutional investors around earnings announcements are higher than those of retail investors by NT$22 billion dollars. In addition, institutional investors enjoy higher trading profits during the earnings news announcement periods (ENAP) than during the non-ENAP; they also enjoy higher trading profits during the good ENAP than during the bad ENAP. Finally, for the return predictability of trades, foreign institutional investors are the best, followed by domestic institutional investors, and then retail investors. Key words: Taiwan’s stock market, earnings announcement, retail investor, institutional investor
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