Institutional Informed Trading and Stock Price Behavior

朱 榕屏(Lon-Ping Zu), 楊 智元(Chih-Yuan Yang)

Research output: Contribution to journalArticlepeer-review


We assume that the aim of informed institutions is to maximize the joint profits of multiple investing sessions. The model shows that when the aggregate informed trades are relatively large, institutions would reach agreement in private, delaying the use of the information. Such delaying action is quite different from prior studies adopting rational expectations models, which mainly infer that institutions obtain and use information immediately, and the action can explain some market anomalies.
Original languageEnglish
Pages (from-to)39-91
Number of pages53
Issue number2
Publication statusPublished - 2018


  • Informed trading
  • institutions
  • multiple transactions
  • market anomalies
  • 資訊交易
  • 機構法人
  • 多期交易
  • 市場異象


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