When do they trade? Heterogeneous investors in China

Jiayan Qiu, Wei Huang, Ying Jiang

Research output: Journal PublicationArticlepeer-review


This paper investigates whether different investor clienteles trade at different time of the day in the Chinese stock market. We document a unique overnight and intraday return pattern, which is that negative overnight returns are followed by positive daytime reversals. We find that compared to retail investors, institutions trade more actively around the market opening and closing. More importantly, the results show that stock prices move with institutions’, rather than retail investors’ trades across the day. This suggests that clientele trading time could be a potential explanation for the distinct return pattern observed in the Chinese stock market.
Original languageEnglish
Number of pages8
JournalFinance Research Letters
Early online date23 Feb 2023
Publication statusPublished - 1 Jun 2023


  • Overnight returns
  • Intraday returns
  • Institutions
  • Retail investors


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