Do institutional investors have superior stock selection ability in China?
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: |
2011
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Authors: | Deng, Yihong ; Xu, Yongxing |
Published in: |
China Journal of Accounting Research. - Amsterdam : Elsevier, ISSN 1755-3091. - Vol. 4.2011, 3, p. 107-119
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Publisher: |
Amsterdam : Elsevier |
Subject: | Institutional investors | Stock selection ability | Individual investors |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Article |
Language: | English |
Other identifiers: | 10.1016/j.cjar.2011.06.001 [DOI] 1019729872 [GVK] hdl:10419/187552 [Handle] |
Classification: | G14 - Information and Market Efficiency; Event Studies ; G20 - Financial Institutions and Services. General |
Source: |
Persistent link: https://www.econbiz.de/10011936919
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