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Analyst Recommendations, Herding Intensity, and Trading Performance
Pi-Hsia Hung,Donald Lien,Li-Wen Chen 한국증권학회 2020 Asia-Pacific Journal of Financial Studies Vol.49 No.5
This paper examines how analyst recommendations and investors’ herding influence stock returns and trading performance. Different types of investors display distinct herding intensity. Institutional investors herd significantly more than individuals do and investment trusts exhibit the highest herding intensity. Foreign investors tend to herd in buying (selling) stocks when analysts issue better (worse) recommendations. Investment trusts are inclined to herd in the sell side when analysts issue “sell” recommendations. Institutional buy (sell) herding positively (negatively) correlates to current-day returns. Individual herding shows the exact opposite pattern. Finally, institutional investors’ higher buy intensity has better trading performance following analysts’ buy-oriented recommendations.
The Role of Outstanding Foundation Awards in Fund Families
Pi-Hsia Hung,Lin Lin,Pei-Jhen Su 한국증권학회 2017 Asia-Pacific Journal of Financial Studies Vol.46 No.1
This study employs unique data concerning “Outstanding Foundation Awards” in Taiwan to investigate the determinant factors of winning awards and the contributions of award funds to the respective fund families. Our results show that fund fees, performance, age, volatility, family fees, and family award winning experiences are important predictors of winning awards. One-, three-, and five-year award funds charge higher fund fees over a 1-year postaward period; however, they do not experience an increase in their own fund/family flows after winning the awards.
Pi-Hsia Huang 육아정책연구소 2007 International Journal of Child Care and Education Vol.1 No.1
In this thesis, it introduces the development and current situation of the early intervention for children with developmental delay in Taiwan. First, it gives an explanation on the policy evolution on this issue after the 1993 amendment of “Child Welfare Law” of ROC, and then it depicts the four steps in the process of early intervention for children with developmental delay, i.e. “Screening and Detection”, “Report and Referral”, “Team Evaluation”, “Intervention Service”. Thereafter, a detailed explanation on the major models of intervention service and a plan on the direction of future development are established.
Order Aggressiveness, Price Impact, and Investment Performance in a Pure Order-Driven Stock Market
An-Sing Chen,Pi-Hsia Hung,Yun-Lin Wu 한국증권학회 2015 Asia-Pacific Journal of Financial Studies Vol.44 No.4
This study provides an order-level angle, which is more directly mapped to traders’ initial trading requirement, to investigate the relationship between order aggressiveness, price impact, and investment performance. Our results reveal several findings. First, dealers exhibit the most aggressive trading behavior. Second, traders’ order aggressiveness is affected by market conditions. Third, mutual funds and foreign investors apparently influence transitory price movements through their direct buying behavior, rather than their order aggressiveness. Fourth, foreign investors’ aggressive buy orders perform better than other traders in both bearish and bullish markets. Fifth mutual funds’ aggressive selling is related to informed trading.