The Effect of News on the Trading Behavior of Individual and Institutional Investors

[[abstract]]本篇文章以經濟日報的個股專欄「突出股評析」，與工商時報的個股專?「個股透視」、「突出股動向」為研究事件，延伸Barber and Odean (2006)散戶關注效果的發現，以事件研究法進一步探討?同版面新聞報導對於散戶投資人與專業法人交??為的影響。結果發現彩色版面相對於黑白版面在中?/保守性報導上隱含較多的資訊價值，而有線圖輔助之版面相較無線圖版面在正面報導提供明顯較高的資訊價值。關注效果方面，散戶投資人的交易與報導消息成反向操作，而國內法人與外資的操作方向則與報導的資訊價值一致。在?同版面的關注效果方面，外資的交??為?受版面設計所影響。散戶方面，版面的差?在正面報導時會加深散戶反向操作的程?，而成為市場上?嚴重的輸家；另外在中立/保守報導下，版面差異則會讓散戶反向交易行為更加保守。最後，本研究發現即使新聞版面的差異在某些情況下會造成投資人交易行為不同，但差異並非影響版面所隱含資訊價值差異的主因。反而是新聞報導的版面與被報導企業的公司特徵有關，特別在正面消息的報導上。故國內法人的交??為與報導資訊同向可能與報導選擇剛好是法人關注的股票特性有關。[[abstract]]Following attention effect found in Barber and Odean (2006), we adopt the columns on Economic Daily News and Commercial Times to further investigate whether the news layout have significant impact on trading behavior of individual and institutional investors. We find color layout contains more information value than black ones in neutral news while graph layout provide more than non-graph ones in positive news. No matter in bad or good news, retail investors trading reaction is reverse to news, and, at the same time, institutional investors trade the same direction as the information value provided by news. The intensive layout design in good news, color and graph, enhances individual investors’ reversed trading behavior, and make them loss more. On the other hand, the color layout in bad or neutral news makes individual more conservatism in their reverse strategies. Finally, we find that even different layout results in significantly different trading reactions, however, which are not the main source cause the distinguishing information value of layout. On the other hand, we find the news layout is related to the covered firm characteristics, and, hence, institutional stock preference may exactly happen to news framing design.[[note]]碩