英文摘要 |
This paper examines the relationship between the share holding of qualified foreign institutional investors (QFII) and the financial variables. With the sample of annual earnings announcements during 1994-1999, we find the QFII adjust their share holding early before the announcements probably due to the quarterly earnings or other related information. Basically, QFII start to decrease (increase) their share holding 140 days before bad (good) annual earnings announcement and stop holding adjustments ground 100 (50) days before the announcements. QFII adjust their share holding with respect to the annual earnings announcements more efficiency than individual investors. We also find that adjustments of QFII holding are positively related to increase of inventory and negatively related to increment of selling and administrative expenses. The changes of account receivables and gross margin are not significantly related to the adjustments of QFII share holding. Finally, evidence shows that the adjustments of QFII holding are related to industry, beta and QFII preference of the earnings announcing firms. |