Can individual/naive investors infer valuable information from institutional investors’ trades? Evidence from the Casablanca Stock Exchange

Publikation: Forskning - peer review › Tidsskriftartikel

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Can individual/naive investors infer valuable information from institutional investors’ trades? Evidence from the Casablanca Stock Exchange. / Farooq, Omar; El Attari, Ahmed.

I: Review of Middle East Economics and Finance (Print), Vol. 5, Nr. 1, 2009, s. 50-71.

Publikation: Forskning - peer review › Tidsskriftartikel

Publikation: Forskning - peer review › Tidsskriftartikel

Bibtex

@article{f30528b3c96e4eb0899bd93341295542,

title = "Can individual/naive investors infer valuable information from institutional investors’ trades? Evidence from the Casablanca Stock Exchange",

publisher = "Berkeley Electronic Press",

author = "Omar Farooq and {El Attari}, Ahmed",

year = "2009",

volume = "5",

number = "1",

pages = "50--71",

journal = "Review of Middle East Economics and Finance (Print)",

issn = "1475-3685",

}

RIS

TY - JOUR

T1 - Can individual/naive investors infer valuable information from institutional investors’ trades? Evidence from the Casablanca Stock Exchange

A1 - Farooq,Omar

A1 - El Attari,Ahmed

AU - Farooq,Omar

AU - El Attari,Ahmed

PB - Berkeley Electronic Press

PY - 2009

Y1 - 2009

N2 - Do different institutional investors possess different sets of information? The extent to which different institutional investors offer different information to individual/naive investors remains an interesting question in information poor emerging stock markets. Using a comprehensive data of institutional investors' trades from the Casablanca Stock Exchange, we find that foreign institutions have the least information and financial institutions have the most information in their buy trades. The paper also provides evidence that financial institutions have the least information in their sell trades. Our results have implications for individual/naive investors in the way that they can infer valuable information from financial institutions' buy trades and foreign institutions' as well as politically-connected institutions' sell trades.

AB - Do different institutional investors possess different sets of information? The extent to which different institutional investors offer different information to individual/naive investors remains an interesting question in information poor emerging stock markets. Using a comprehensive data of institutional investors' trades from the Casablanca Stock Exchange, we find that foreign institutions have the least information and financial institutions have the most information in their buy trades. The paper also provides evidence that financial institutions have the least information in their sell trades. Our results have implications for individual/naive investors in the way that they can infer valuable information from financial institutions' buy trades and foreign institutions' as well as politically-connected institutions' sell trades.

JO - Review of Middle East Economics and Finance (Print)

JF - Review of Middle East Economics and Finance (Print)

SN - 1475-3685

IS - 1

VL - 5

SP - 50

EP - 71

ER -