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Chinese Journal of Management Science ›› 2012, Vol. ›› Issue (4): 18-26.

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Does the Trade from Institutional Investors Induce Stock Bubble

XU Hao-feng1, ZHU Song2   

  1. 1. Business School, Sun Yat-Sen University, Guangzhou 510275, China;
    2. School of Economics and Business Administration, Beijing Normal University, Beijing 100875, China
  • Received:2011-03-14 Revised:2011-12-28 Online:2012-08-29 Published:2012-08-29

Abstract: In this paper, the microstructure trading behavior of institutional investors is verified and the phenomenon that institutional investors induce speculative bubble and amplify the effect of earnings announcement on stock price is found. The findings provide evidence to the trading style of institutional investors.

Key words: institutional traders, stock price bubble, market microstructure

CLC Number: