Giao dịch của nhà đầu tư tổ chức và tính thông tin của giá cổ phiếu: Bằng chứng thực nghiệm từ thị trường chứng khoán Việt Nam

Hằng Nguyễn Thu; Hảo Nguyễn Thị Như; Loan Nguyễn Thị Thanh

doi:10.24311/jabes/2023.34.6.8

Authors

Nguyen Thu Hang Trường Đại học Ngoại thương - Cơ sở 2, TP. Hồ Chí Minh Author
Nguyen Thi Nhu Hao Trường Đại học Ngoại thương - Cơ sở 2, TP. Hồ Chí Minh Author
Nguyen Thi Thanh Loan Trường Đại học Ngoại thương, Hà Nội Author

DOI:

https://doi.org/10.24311/jabes/2023.34.6.8

Keywords:

Trading, Institutional investor, Stock price informativeness, Synchronicity, Stock price

Abstract

This paper studies the effect of institutional investors' trading on the stock price informativeness of Vietnamese listed companies. Using two-stage regressions with 4,495 observations of 592 listed enterprises, we show that institutional investors transmit private information through their trading activities, thereby increasing the informativeness of the stock price. Notably, purchases by institutional investors contain positive signals, resulting in abnormal positive returns after the announcement day.

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