Institutional investors’ ownership stability and their investee firms’ equity mispricing
نویسندگان
چکیده
This study examines the impact of institutional investors' equity ownership stability and their investment horizon to determine on investee firms' mispricing. Mispricing represents difference between a firm’s market fundamental values. We treat investors as heterogenous group, i.e., dedicated, transient, or quasi-indexer defined by Bushee, 1998, 2001 since categorization determines trading strategy. Higher ownership, higher in classified long-term are all associated with lower mispricing at firms.
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ژورنال
عنوان ژورنال: The North American Journal of Economics and Finance
سال: 2021
ISSN: ['1062-9408', '1879-0860']
DOI: https://doi.org/10.1016/j.najef.2021.101440