How better informed are the institutional investors?
نویسندگان
چکیده
Article history: Received 7 December 2008 Received in revised form 23 November 2009 Accepted 4 December 2009 Available online 24 December 2009
منابع مشابه
Equilibrium price with institutional investors and with naive traders
This paper uses an equilibrium model to study how institutional investors in uence the volatility and the informativeness of asset prices. The growth in the proportion of U.S. equities owned by institutions in the past two decades, their resulting dominant position in nancial markets, and empirical evidence that institutional ownership may increase volatility warrant studying this issue from a ...
متن کاملSelection or Influence? Institutional Investors and Acquisition Targets
Firms with high levels of institutional ownership are more likely to be acquired. This paper shows that this positive correlation is due to ownership endogeneity. Institutional investors are better informed investors and buy acquisition targets (“selection”). After controlling for this ownership endogeneity, the presence of institutional investors reduces the probability of being acquired. Evid...
متن کاملwww.econstor.eu Selection or Influence? Institutional Investors and Acquisition Targets
This paper shows that the positive correlation between the presence of institutional investors and a firm’s likelihood of being acquired is due to ownership endogeneity, i.e., due to the fact that institutions are better informed investors. After controlling for this ownership endogeneity, the presence of institutional investors reduces the probability of being acquired. There is also evidence ...
متن کاملA Study on the Collusive Behavior in Book Building Mechanism, Institutional Investors’ Bidding Behavior and IPO Performance
Based on the Chinese IPO book building mechanism as the background, the paper chooses the market-oriented period (from November,2010 to April,2012) of the IPOs as the samples, and studies the relationship between the collusive behavior, institutional investors’ bidding behavior and underwriters’ pricing strategy(as well as the post-IPO performance). The results show that: Firstly, in the case o...
متن کاملDo Institutional Trades Stabilize the Retail Investor Dominated Market?
Using a unique daily database, we investigate the short-run dynamic relation between institutional trades and stock price volatility in an individual investor dominated emerging market. We document a significant negative volatility-institutional trading relation in the emerging Chinese market. This negative relation is more pronounced for unexpected institutional imbalance and buy. Institutiona...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2010