Show simple item record

FieldValueLanguage
dc.contributor.authorWu, Zheng
dc.date.accessioned2019-08-30
dc.date.available2019-08-30
dc.date.issued2019-02-27
dc.identifier.urihttp://hdl.handle.net/2123/21008
dc.description.abstractThis thesis contains three stand-alone studies that relate to price discovery, ownership structure and portfolio diversification by investor categories. The first study uses a data set of 77 million trades from Finland to provide new market-wide evidence on which of the two dominant investor categories, foreign institutional or domestic retail investors, contributes most to price discovery. The study finds that foreign institutional investors dominate price discovery, and that the key factor that explains foreign institutions’ information contribution is buy and sell initiated trading volume. The second study offers a global view of what attracts international institutions to invest in corporations around the world. The study finds that institutional investors have a strong preference for stocks in larger firms with higher levels of foreign business operations with greater revenue and higher leverage. Institutions invest in firms in countries with a more volatile macroeconomic environment that operate under a common law system and have tax benefits on dividends. The presence of foreign institutions enhances shareholder value, and firms have better profitability and future growth opportunities. The third study shows that Finnish individual investors hold under-diversified portfolios. In particular, female investors are less diversified than male investors. The average diversification level improves over 20 years of data. The level of under-diversification is greater among younger, low income, less educated and less sophisticated investors. The level of under-diversification is correlated with investment choices that are consistent with overconfidence. As the level of diversification increases, both male and female investors’ performance measures increase.en_AU
dc.publisherUniversity of Sydneyen_AU
dc.publisherSydney Business Schoolen_AU
dc.publisherDiscipline of Financeen_AU
dc.rightsThe author retains copyright of this thesis. It may only be used for the purposes of research and study. It must not be used for any other purposes and may not be transmitted or shared with others without prior permission.en_AU
dc.subjectPrice Discoveren_AU
dc.subjectOwnership structureen_AU
dc.subjectportfolio diversificationen_AU
dc.subjectinstitutional investorsen_AU
dc.subjectGendersen_AU
dc.titlePrice discovery, ownership structure and portfolio diversification by investor categoriesen_AU
dc.typePhD Doctorateen_AU
dc.type.pubtypeDoctor of Philosophy Ph.D.en_AU
dc.description.disclaimerAccess is restricted to staff and students of the University of Sydney . UniKey credentials are required. Non university access may be obtained by visiting the University of Sydney Library.en_AU


Show simple item record

Associated file/s

Associated collections

Show simple item record

There are no previous versions of the item available.