The Impact of Mutual Fund Investment Trading on Stock Prices: Evidence from the Chinese Stock Market

机译：共同基金投资交易对股价的影响：来自中国股市的证据

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This paper examines the impact of mutual fund trading on stock prices in the Chinese equity market from 2004 to 2013. We have found that there is a strong positive contemporaneous correlation between stock returns and mutual fund holdings and trading. In addition, the price impact is more significant in mutual funds buying than in mutual funds selling. Finally, our findings support the hypothesis that the price impact of mutual fund holdings and trading on stock returns arise from momentum trading or price pressure.

机译：本文研究了2004年至2013年中国股权市场股票价格对股票价格的影响。我们发现股票回报和共同基金控股和交易之间存在强烈的积极同期相关性。此外，价格影响在相互资金购买中比销售的共同资金更为重要。最后，我们的调查结果支持假设，即共同基金控股和股票回报的价格影响来自势头贸易或价格压力。

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《International Conference on Management Science and Engineering Management》|2015年|xxxiv 790 p.|共15页
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Kun Li; Bo Zhou; Die Hu;
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中图分类 C93-532;
关键词
Price impact; Mutual funds; Momentum trading; Price pressure;

机译：价格影响;共同基金;动量交易;价格压力;

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1. Trading duration, mutual funds behavior and stock market shock Based on ACD model to mine mutual funds investment behavior [J] . Zhang Zongxin, Zhang Xiao 中国金融评论（英文版） . 2011,第003期

机译：交易时间，共同基金行为和股市冲击基于ACD模型的共同基金投资行为挖掘
2. Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs [J] . MOZAFFAK KHAN, LEONID KOGAN, GEORGE SERAFEIM Journal of Finance . 2012,第4期

机译：共同基金交易压力：公司水平的股价影响和SEO的时间选择
3. Mutual-Fund-Affiliated Analysts and Stock Price Synchronicity: Evidence From China [J] . Xuanyu Jiang, Nianhang Xu, Qingbo Yuan, Journal of accounting, auditing & finance . 2018,第3期

机译：共同基金分析师与股票价格同步性：来自中国的证据
4. The Impact of Mutual Fund Investment Trading on Stock Prices: Evidence from the Chinese Stock Market [C] . Kun Li, Bo Zhou, Die Hu International Conference on Management Science and Engineering Management . 2015

机译：共同基金投资交易对股价的影响：来自中国股市的证据
5. Issues of market efficiency in the Chinese stock markets: I. Day-of-the-week effect, month-of-the-year effect and turn-of-the-month effect in China's stock markets. II. Are the two stock markets (Shanghai and Shenzhen) in China integrated or segmented? III. The effects of re-imposing a 10% price limit on the Chinese stock markets. [D] . Feng, Licheng. 1999

机译：中国股票市场的市场效率问题：I.中国股票市场的周日效应，月度效应和月度效应。二。中国的两个股票市场（上海和深圳）是整合还是细分？三，重新对中国股市施加10％的价格限制的影响。
6. Do Stock Markets Catch the Flu? We examine the impact of influenza on the U.S. stock market. A higher incidence of flu is associated with decreased trading, decreased volatility, and higher bid-ask spreads. We also find some evidence that more flu implies lower stock returns. Consistent with the flu affecting institutional investors and market-makers, the decrease in trading activity and volatility is primarily driven by the incidence of influenza in the greater New York City area. However, the effect of the flu on bid-ask spreads and returns is driven by the incidence of flu nationally. We provide estimates of the potential impacts of a pandemic on equity returns. [O] . Yiuman Tse, Brian C. McTier, John K. Wald 100

机译：股市是否会引发流感？我们研究了流感对美国股市的影响。流感发病率较高与交易减少，波动性降低和买卖差价较高有关。我们还发现一些证据表明，更多流感意味着股票收益率下降与影响机构投资者和做市商的流感一致，交易活动和波动性的下降主要是由于纽约市大区的流感发病率所致。然而，流感对买卖差价和回报的影响是由全国流感的发生率所驱动的。我们提供了大流行对股权回报的潜在影响的估计。

The Impact of Mutual Fund Investment Trading on Stock Prices: Evidence from the Chinese Stock Market

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