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| Author: | Ekholm, A. Pasternack, D. |
| Title: | Overconfidence and investor size |
| Journal: | European Financial Management
2008 : JAN, VOL. 14:1, p. 82-98 |
| Index terms: | finance financial performance institutional investors trading companies Nordic countries Finland |
| Freeterms: | disclosure of information |
| Language: | eng |
| Abstract: | It is documented by recent research that institutional or large investors act as antagonists to other investors by showing opposite trading behaviour following the disclosure of new information. Using an official transactions data set from Finland, this study explores the interrelation btw. investor size (henceforth as: inv-sz.) and behaviour (here as: inv-beh). It is tested whether inv-sz. is positively/negatively correlated with investor reaction following positive/negative news. There is robust evidence of that inv-sz. affects inv-beh. under new information, as larger investors on average react more positively/negatively to good/bad news than smaller investors. Moreover, it is found that in general the performance of smaller (or more overconfident) investors is hurt by their behaviour. |
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