The Research Of Impact On Stock Price And Investment Strategy Of Executives Holdings

Relatively to the general investors in the securities market,executives and is in a dominant position in terms of information.And because of the diverse aims of executives' stake-raising,it is difficult for the market average investors to judge the real reason behind about different types of enterprises in different time stake-raising events and it is also difficult to read the signals of increasing action interpret from the executives,which may lead to wrong investment behavior and suffers losses.This paper mainly through the event study,analyzes and researches,from 2011 to 2016,the impact of executives of listed companiesstake-raising on stock prices,and the specific circumstances of stake-raising events on the influence of stock price under the conditions of different factors.Through research and analysis based on a large number of samples,it builds a set of stake-raising events driven investment strategy in medium and long term of relatively completed and stable earnings for big probability,to give the market investors reference and reference.By means of empirical analysis,we can make it out that the sample stock is unable to acquire optimistic average abnormal returns in the event section of the day before executive holdings.It is appear to be pessimistic values when comes to the cumulative abnormal average returns which is 20 days before the event day.However,on the day of holding event announcement day,the outcome is in the opposite.What's more,part of module sample perform abnormal fluctuation in the short section before the day.This essay makes a empirical analysis on influence on short-period fluctuation of stock value shed by executive holding as well as executive event concerning the revenue of corporation.And conclusions can be drawn as follows.1: Executive holdings event may result in short-period upwardly abnormal fluctuations of stock value.2:Higher the rate of executive holding is,more significant will the short-period being influented.3:Positive correlation can be found between rate of executive holdings of up market corporations and revenue.4:Positive influence of revenue shed by the rate of executive holding rate can be deducted by the higher centralization of stock right.Combined with the result of investment strategy research and analysis,this paper gives investors some relevant advice: For individual share of executives stake-raising event,we should focus on the main board and small and medium-sized panels,stake-raising more than 0.01%,agriculture,forestry,animal husbandry and fishery,construction,leasing and business services,and water resources,environment and public facilities management of individual stocks.Executives stake-raising event driven strategy is long-term rolling type of investment strategy.We should be reasonably control positions,increase participation.In the investment strategy research of stake-raising events,it finds that,when holding period is 30 days,it can obtain good effect.The annual yield is about 25%,and winning percentage is close to seventy percent,and positive return periods proportion is more than seventy percent,while yield is much higher than the benchmark.But after interval subdivision,it found that stake-raising strategy is more suitable for the bear market,while in the bull market,strategy earnings are often difficult to win the benchmark.