Do institutional investors have superior stock selection ability in China?

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Do Qualified Foreign Institutional Investors Improve Information Efficiency: a Test of Stock Price Synchronicity in China?

Stock price synchronicity at a country level has been the subject of many previous studies, but for most investors it is more relevant at a firm level. Working from the perspective of a foreign investor stock price synchronicity is analyzed at the firm-level in the hot Chinese stock market. The impact of foreign ownership, institutional ownership, the concentration of large shareholders, and au...

متن کامل

Institutional Investors and Stock Market

We present a theory of excess stock market volatility, in which market movements are due to trades by very large institutional investors in relatively illiquid markets. Such trades generate significant spikes in returns and volume, even in the absence of important news about fundamentals. We derive the optimal trading behavior of these investors, which allows us to provide a unified explanation...

متن کامل

Institutional Investors and Stock Return Anomalies

We examine institutional investor demand for stocks that are categorized as mispriced according to twelve well-known pricing anomalies. We find that institutional demand prior to anomaly portfolio formation is typically on the wrong side of the anomalies’ implied mispricing. That is, we find increases in institutional ownership for overvalued stocks and decreases in institutional ownership for ...

متن کامل

Do Institutional Investors Destabilize Stock Prices? Emerging Market’s Evidence Against a Popular Belief

In this paper, we provide additional empirical evidence on the impact of institutional investors on stock return dynamics. The Polish pension system reform in 1999 and the associated increase in institutional ownership due to the investment activities of pension funds are exploited as an unique institutional characteristic. Performing a variant of the event study methodology in an asymmetric GA...

متن کامل

Institutional Investors and Stock Prices: Destabilizing and Stabilizing Herds

From 1980 to 2005, institutional trading destabilizes stock prices. Specifically, stocks with herds of institutional buying in a given quarter suffer price declines of nearly three percent from four to eight quarters after the herding. Moreover, institutions do not suffer losses from the destabilization; they exit before prices reverse. These results extend the “riding the bubble” findings of B...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: China Journal of Accounting Research

سال: 2011

ISSN: 1755-3091

DOI: 10.1016/j.cjar.2011.06.001