Abstract
This study investigates individual and institutional investors’ behaviour around firm specific news announcements. We find that individual investors and institutional investors have positive and significant abnormal volume on announcement days and significantly less abnormal volume on days without announcements. Both investor types show significant abnormal volume around progress reports, periodic reports, dividend and takeover announcements. Individual and institutional investors exhibit positive abnormal volume around scheduled and unscheduled firm specific announcements. Buy and sell abnormal volume around scheduled announcements are positive for the investor classes whereas institutional buy and individual sell abnormal volume are positive around unscheduled announcements, both at 1% significant level.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
