Do institutional investors have superior stock selection ability in China?
Yihong Deng, Yongxing Xu
This paper uses unique data on the shareholdings of both institutional and individual investors to directly investigate whether institutional investors have better stock selection ability than individual investors in China. Controlling for other factors, we find that institutional investors increase (decrease) their shareholdings in stocks that subsequently exhibit positive (negative) short- and long-term cumulative abnormal returns. In contrast, individual investors decrease (increase) their shareholdings in stocks that subsequently exhibit positive (negative) short- and long-term cumulative abnormal returns. These findings indicate that institutional investors have superior stock selection ability in China.
Year of publication: |
September 2011
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Authors: | Deng, Yihong ; Xu, Yongxing |
Published in: |
China journal of accounting research : CJAR. - Guang dong sheng guang zhou shi : [Verlag nicht ermittelbar], ISSN 2214-1421, ZDB-ID 2548343-2. - Vol. 4.2011, 3, p. 107-119
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Subject: | Institutional investors | Stock selection ability | Individual investors | Institutioneller Investor | Institutional investor | Anlageverhalten | Behavioural finance | China | Kapitalanlage | Financial investment | Kapitaleinkommen | Capital income | Aktienmarkt | Stock market | Portfolio-Management | Portfolio selection |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Aufsatz in Zeitschrift ; Article in journal |
Language: | English |
Other identifiers: | 10.1016/j.cjar.2011.06.001 [DOI] hdl:10419/187552 [Handle] |
Classification: | G14 - Information and Market Efficiency; Event Studies ; G20 - Financial Institutions and Services. General |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10011823731
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