Abstract This research examines the impacts of order submission decision across investor types on overall stock returns and trading performances by using a unique dataset and new measures that present several new findings. In terms of order aggressiveness and trade size, different types of investors display distinct order submission behaviors· Professional investors outperform other investors in the near term following their current-day trading, while aggressive and large sells derive better trading performance for all institutional investors. Only foreign investors and other institutions have better performance from more aggressive buys· Finally, individual traders contribute to total trades more than institutions do, but they tend to use the least aggressive price and smallest trade size per order. Compared to professional investors, individuals perform poorly.

中文翻译：

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谁知道更多，创造更多？跨投资者类型的订单提交决策的视角

摘要 本研究通过使用一个独特的数据集和新的衡量指标来检验不同投资者类型的订单提交决策对整体股票回报和交易表现的影响，这些指标呈现了一些新的发现。在订单激进度和交易规模方面，不同类型的投资者表现出不同的下单行为· 专业投资者在其当日交易后的近期表现优于其他投资者，而激进和大额卖出则为所有机构投资者带来了更好的交易表现。只有外国投资者和其他机构从更激进的买入中获得更好的表现· 最后，个体交易者对总交易的贡献大于机构，但他们倾向于使用最不激进的价格和最小的每笔订单交易规模。与专业投资者相比，