Tiantian Tang

Citation

Thesis Title
Institutional Investor's Trading Behaviours

Ms Tang's research is the first comprehensive academic endeavour to explore the trading behaviours for both domestic and foreign institutional investors in China. She showed that investors have similar preferences regarding certain stock characteristics but different preferences in relation to industry allocations. In addition, she highlighted investors' differences regarding corporate governance and stock picking patterns. Her research indicated that mutual fund managers obtain stock picking talents over time, with a relatively weak ability to time the market. The positive relationship between investment style and institutional investors' performance at a portfolio level was demonstrated. Ms Tang further suggests that mutual fund managers who concentrate their holdings in certain industries perform better after controlling for common risk factors. Her research provides important implications for academics, practitioners and policy makers, and is conducive to China in advancing financial market liberalisation and openness.

Supervisors
Professor Xiaoming Li
Professor Liping Zou