淡江大學機構典藏:Item 987654321/114872
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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/114872


    Title: Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators
    Authors: Yensen Ni;Paoyu Huang;Yuhsin Chen
    Keywords: Board structure;Stock price informativeness;Considerable capital;Relative strength index
    Date: 2019-04
    Issue Date: 2018-08-10 12:10:37 (UTC+8)
    Publisher: Elsevier
    Abstract: 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.
    Relation: The North American Journal of Economics and Finance 48, p.514-528
    DOI: 10.1016/j.najef.2018.07.007
    Appears in Collections:[Department of Management Sciences] Journal Article

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