5th International Conference on Trade, Business, Economics and Law
نویسندگان
چکیده
This paper has examined that relationship of institutional shareholdings with liquidity in 95 dividend paying and 100 non dividend paying firms listed on Karachi Stock Exchange from 2008 to 2013. The results are consistent with the “Prudent Man” hypothesis, investment institutions are risk averse and prefer to invest in low volatile, dividend paying and liquid stocks. The study analyzed the impact of institutions on the liquidity using four liquidity measures i.e. Average Liquidity (Lo & Wang, 2000) Amihud (2002) Illiquidity, Amivest liquidity and total turnover (Chan, Chung & Fong, 2002). The analysis show that changes in both institutional shareholding and number of institutions have positive relationship with the liquidity in both dividend paying and non-dividend paying firms.
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