1. Introduction 1
2. Hypotheses Development 3
3. Sample and Descriptive Statistics 5
3.1 Data and Sample 5
3.2 Descriptive statistics 6
4.Research Design 10
4.1 Informed trading by institutional investors around the earnings announcement 10
4.2 Changes in the number of institutional investors transactions and abnormal returns around the earnings announcement: Portfolio Tests 12
5.Empirical Results 13
5.1 Changes in the number of institution's transactions of Taiwan supplier and abnormal returns around the earnings announcement of US firms: Regression Test 13
5.2 Changes in the number of institution's transactions of Taiwan supplier and abnormal returns around the earnings announcement of US firms: Portfolio Tests 16
6.Conclusion 20
Reference 23
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