A Tale of Two Investors: Exploring Differences in Trading Behavior around Macroeconomic Announcements : A study of institutional and retail investors in the US market

dc.contributor.advisor	Rohrer, Maximilian
dc.contributor.author	Sperstad, Albert
dc.contributor.author	Sperre, Håkon Jacobsen
dc.date.accessioned	2023-02-27T13:28:55Z
dc.date.available	2023-02-27T13:28:55Z
dc.date.issued	2022
dc.identifier.uri	https://hdl.handle.net/11250/3054317
dc.description.abstract	We study whether the trading behaviour of institutional and retail investors differs on the days surrounding key macroeconomic announcements, and the impact of this difference on equity premiums earned. Through analysis of trading data from the 50 largest US companies between January 2017 and October 2022, we find a significant difference of 2.11 pp in order imbalances two days prior to announcements. Further, we find a significant difference of 2.06 pp in the equity premiums earned by institutions and retail investors on the day after announcements. We attribute these differences to the higher risk appetite of institutional investors and the slower reaction times and higher attention-sensitivity of retail investors.	en_US
dc.language.iso	eng	en_US
dc.subject	financial economics	en_US
dc.title	A Tale of Two Investors: Exploring Differences in Trading Behavior around Macroeconomic Announcements : A study of institutional and retail investors in the US market	en_US
dc.type	Master thesis	en_US
dc.description.localcode	nhhmas	en_US