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    题名: Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators
    作者: Yensen Ni;Paoyu Huang;Yuhsin Chen
    关键词: Board structure;Stock price informativeness;Considerable capital;Relative strength index
    日期: 2019-04
    上传时间: 2018-08-10 12:10:37 (UTC+8)
    出版者: Elsevier
    摘要: Stock price overreaction can be measured by technical trading indicators. For example, overreaction zones can be measured by relative strength index (RSI). In this study, we propose two new proxies for share price informativeness, namely, days of overbought (DOB) and days of oversold (DOS). DOB and DOS are defined, respectively, as the number of days falling into the RSI-defined overbought and oversold zones over the total number of trading days in a year. DOS is the number of days falling into the oversold zone over the total number of trading days in a year. We then investigate if these proxies are affected by financial performance and board structure. Results reveal that the top 10 shareholders who are not directors may enhance the DOB instead of the DOS. As a result, share prices may increase. This situation may induce investors to pursue stocks at high prices, whereas institutional investors may decrease their shareholdings as share prices fall into the overbought zones. These notable findings, which were previously undisclosed, could augment the existing literature.
    關聯: The North American Journal of Economics and Finance 48, p.514-528
    DOI: 10.1016/j.najef.2018.07.007
    显示于类别:[管理科學學系暨研究所] 期刊論文

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