Abstract：In this paper, we study the trading behaviors of different investors (the institutional and the individual) in the event of changes of the purpose of raised capital in China’s stock market. Recently, this issue has attracted the media and regulations’ attentions dramatically. However, the related academic study is still rare. We find that 1. the changing, accompanying with negative market reactions and worse future performances, looks inefficient, 2. the institutionals have the informational advantage and, on average, trading behaviors of the institutional (e.g. mutual funds) show the value-based pattern to a large extent. The individual investors only offer the liquidity for the institutional. Our research has clear policy implication, i.e. the regulations should strengthen supervision and monitoring, develop the institutional investor and improve the investor education of individual investor.
梁丽珍;曾爱民;. 募资投向变更与投资者交易行为研究[J]. , 2012, 1(2): 22-32.
LIANG Li zhen;ZENG Ai min. On Change of Raised Capital Purpose and Investor Trading Behaviors. , 2012, 1(2): 22-32.
2012, Vol. 1 
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