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Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators

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  • Ni, Yensen
  • Huang, Paoyu
  • Chen, Yuhsin

Abstract

Stock price overreaction can be measured by technical trading indicators. For example, overreaction zones can be measured by relative strength index (RSI). In this study, we propose two new proxies for share price informativeness, namely, days of overbought (DOB) and days of oversold (DOS). DOB and DOS are defined, respectively, as the number of days falling into the RSI-defined overbought and oversold zones over the total number of trading days in a year. DOS is the number of days falling into the oversold zone over the total number of trading days in a year. We then investigate if these proxies are affected by financial performance and board structure. Results reveal that the top 10 shareholders who are not directors may enhance the DOB instead of the DOS. As a result, share prices may increase. This situation may induce investors to pursue stocks at high prices, whereas institutional investors may decrease their shareholdings as share prices fall into the overbought zones. These notable findings, which were previously undisclosed, could augment the existing literature.

Suggested Citation

  • Ni, Yensen & Huang, Paoyu & Chen, Yuhsin, 2019. "Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 514-528.
    • Handle: RePEc:eee:ecofin:v:48:y:2019:i:c:p:514-528
    DOI: 10.1016/j.najef.2018.07.007
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    More about this item

    Keywords

    Board structure; Stock price informativeness; Considerable capital; Relative strength index;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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