Can Institutional Investors Beat Individual Investors
研究机构与个人投资者在财务信息披露前后的持仓变化，发现机构能准确预判利好利空消息并获取超额收益，而个人投资者相反，说明机构更具信息优势。
Literatures based on overseas data consistently indicate that institutional investors' returns are lower than individual investors' returns.This paper investigates the return difference between institutional investors and individual investors from the view of position change.Before good news release,institutional investor will buy accurately,and before bad new release,institutional investor will sell accurately.Institutional investors' position change is positively correlated with abnormal return.However,individual investors' position change is negatively correlated with abnormal return.Adopting the changes in holding positions around the financial disclosure time to measure the investors' information advantage,this paper reveals that institutional investors are better informed than individual investors.This paper enlightens us the role of informed trading in stock market efficiency.