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Ownership structure matters for stock market returns. Based on a dataset of 1,565 small, medium and large sized European firms, over the period 1993-2006 family firms generate higher returns than non-family firms. Abnormal returns are statistically and economically significant. These results are...
Persistent link: https://www.econbiz.de/10012720333
This paper shows that during episodes of market turmoil 13F institutional investors with short trading horizons sell their stockholdings to a larger extent than 13F institutional investors with longer trading horizons. This creates price pressure for stocks mostly held by short horizon...
Persistent link: https://www.econbiz.de/10010858770
This paper shows that during episodes of market turmoil, 13F institutional investors with short trading horizons sell their stockholdings to a larger extent than 13F institutional investors with longer trading horizons. This creates price pressure for stocks held mostly by short-horizon...
Persistent link: https://www.econbiz.de/10010683076
After negative shocks, investors with short trading horizons are inclined or forced to sell their holdings to a larger extent than investors with longer trading horizons. This may amplify the effects of market-wide shocks on stock prices. We test the relevance of this mechanism by exploiting the...
Persistent link: https://www.econbiz.de/10008683532