Order aggressiveness of institutional and individual investors

Article


Duong, Huu Nhan, Kalev, Petko and Krishnamurti, Chandrasekhar. 2009. "Order aggressiveness of institutional and individual investors." Pacific-Basin Finance Journal. 17 (5), pp. 533-546. https://doi.org/10.1016/j.pacfin.2009.05.001
Article Title

Order aggressiveness of institutional and individual investors

ERA Journal ID32913
Article CategoryArticle
AuthorsDuong, Huu Nhan (Author), Kalev, Petko (Author) and Krishnamurti, Chandrasekhar (Author)
Journal TitlePacific-Basin Finance Journal
Journal Citation17 (5), pp. 533-546
Number of Pages14
Year2009
Place of PublicationNetherlands
ISSN0927-538X
Digital Object Identifier (DOI)https://doi.org/10.1016/j.pacfin.2009.05.001
Abstract

This paper investigates the determinants of the order aggressiveness of institutional and individual investors on the Australian Stock Exchange. Utilizing a proprietary data set that identifies institutional and individual order submissions, we document that the institutional and individual investors become more aggressive when the same-side (opposite-side) market depth increases (decreases). When the spread widens, both individual and institutional investors tend to become less aggressive. Institutional investors are more aggressive in the opening hour of the trading day, while individual investors are less aggressive initially and increase their order aggressiveness during the rest of the trading day.

Keywordslimit order book; institutional and individual investors; order aggressiveness
ANZSRC Field of Research 2020350202. Finance
529999. Other psychology not elsewhere classified
350208. Investment and risk management
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File reproduced in accordance with the copyright policy of the publisher/author.

Byline AffiliationsDeakin University
Monash University
Auckland University of Technology, New Zealand
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