Institutional Investors, Informational Efficiency and Informed Trading

2011 ◽  
Author(s):  
Wenlan Qian
Keyword(s):  
Institutional Investors ◽  
Informed Trading ◽  
Informational Efficiency

At the Intersection of Incentive and Opportunity: Institutional Investors and Informed Trading

2018 ◽  
Author(s):  
Cory A. Cassell ◽  
Tyler Kleppe ◽  
Andrew T. Pierce ◽  
Margaret Warren
Keyword(s):  
Institutional Investors ◽  
Informed Trading

scholarly journals Informed Trading of Futures Markets During the Financial Crisis: Evidence from the VPIN

2017 ◽  
Vol 9 (9) ◽  
pp. 123 ◽  
Author(s):  
Yen-Hsien Lee ◽  
Wen-Chien Liu ◽  
Chia-Lin Hsieh
Keyword(s):  
Financial Crisis ◽  
Institutional Investors ◽  
Special Kind ◽  
Informed Trading ◽  
Individual Level ◽  
Day Of The Week ◽  
Foreign Institutional Investors ◽  
The Individual ◽  
Probability Of Informed Trading ◽  
The Impact

This paper examines the impact of informed trading on futures returns during the 2008-2009 financial crisis. To precisely capture the informed trading in the highly volatile market during this period, we adopt the Volume-Synchronized Probability of Informed Trading (VPIN) of Easley, Hvidkjaer and O’Hara (2012) as our main measurement for informed trading. Besides, we also use a unique transaction dataset with investor identity to classify investors into domestic and foreign institutional investors, which the foreign institutional investors are supposed to be characterized by a higher degree of informed trading. Our empirical results show that the VPIN of foreign institutional investors has indeed significantly positive impacts on futures returns at the individual level. By contrast, the effect of the VPIN of domestic institutional investors on futures returns is only significant on Wednesdays, which could be seen as a special kind of day-of-the-week effect.

The Information Role of Comment Letters: Evidence from Institutional Investors’ Informed Trading

2019 ◽  
Vol 53 (2) ◽  
pp. 133-157
Author(s):  
Zhong-qin Su ◽  
Yuyang Xu
Keyword(s):  
Institutional Investors ◽  
Informed Trading ◽  
Comment Letters

Informed trading by foreign institutional investors as a constraint on tunneling: Evidence from China

2017 ◽  
Vol 25 (4) ◽  
pp. 222-235 ◽  
Author(s):  
Xiaoxiang Zhang ◽  
Xiaotong Yang ◽  
Roger Strange ◽  
Qiyu Zhang
Keyword(s):  
Institutional Investors ◽  
Informed Trading ◽  
Foreign Institutional Investors

scholarly journals Institutional Investors and the Informational Efficiency of Prices

2007 ◽  
Author(s):  
Eric K. Kelley ◽  
Ekkehart Boehmer
Keyword(s):  
Institutional Investors ◽  
Informational Efficiency
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