Boehmer, Ekkehart; Kelley, Eric K. - In: Review of Financial Studies 22 (2009) 9, pp. 3563-3594
Using a broad panel of NYSE-listed stocks between 1983 and 2004, we study the relation between institutional shareholdings and the relative informational efficiency of prices, measured as deviations from a random walk. Stocks with greater institutional ownership are priced more efficiently, and...