There are limitations in the understandings of investors’ overreaction to the volatility in less transparent industrial sectors. Investors investing in a less transparent sector are likely to over-interpret available market information. This article compares investors’ reaction to market shocks across different industrial sectors, through analyzing the information content in implied volatility using financial derivatives of individual companies in Singapore. Investors in the less transparent property and financial service sector are found to overreact on market shocks, further destabilizing the market. The findings imply that regulatory measures that increase the level of transparency could aid the stabilization of markets.

JEL Classification: G13, G14, G18

在对透明度较低的工业部门中的投资者对波动过度反应的理解上存在局限性。投资于透明度较低的行业的投资者可能会过度解释可用的市场信息。本文通过使用新加坡各公司的金融衍生品分析隐含波动率中的信息内容，比较了投资者对不同工业领域市场冲击的反应。房地产和金融服务部门透明度较低的投资者被发现在市场冲击下反应过度，进一步破坏了市场的稳定。调查结果表明，提高透明度的监管措施可以帮助稳定市场。

JEL分类： G13，G14，G18