Similar Search Results

Massa, Massimo - 2020

to a permanent change in the composition of institutional ownership and a negative price and liquidity impact. We confirm …

Persistent link: https://www.econbiz.de/10012856106

Heterogeneity of Institutional Ownership and Stock Price Delay

Chen, Jiun-Lin - 2018

This study examines how heterogeneous institutional ownership affects stock price delay. Our result shows higher total institutional ownership and the number of institutions reduce price delay. We further classify institution types from stock's perspective (top 5 and year-long) and institution's...

Persistent link: https://www.econbiz.de/10012928275

Stock Volatility, Institutional Ownership and Analyst Coverage

Sahut, Jean-Michel - 2011

We examine the relation between stock volatility and asymmetric information empirically. We use two proxies of information asymmetry: institutional ownership and analyst coverage. We find that firms covered by more analysts are more likely to have less volatile returns. A significant and...

Persistent link: https://www.econbiz.de/10013131821

Low price anchors in equity market

Sandhu, Harsimran - In: Cogent economics & finance 10 (2022) 1, pp. 1-19

This study investigates whether firm's management uses split ratios to target low price anchors in order to impact post-split ownership. We report anchoring bias for the lowest ranges of prices in the equity market and find specific price anchors among individual investors in the secondary...

Persistent link: https://www.econbiz.de/10014500413

The granular nature of large institutional investors

Ben-David, Itzhak; Franzoni, Francesco; Moussawi, Rabih; … - 2016

Large institutional investors own an increasing share of equity markets in the U.S. The implications of this development for financial markets are still unclear. The paper presents novel empirical evidence that ownership by large institutions predicts higher volatility and greater noise in stock...

Persistent link: https://www.econbiz.de/10011514119

Institutional Ownership, Analyst Following, and Share Prices

Fernando, Chitru S. - 2012

the assumed causal relation between share price and institutional ownership, attributed to the share price-liquidity … liquidity. Our study provides a rationale for why better firms generally maintain higher share price levels, and offers new …

Persistent link: https://www.econbiz.de/10013116364

Smart-Beta Institutional Ownership and Stock Return Anomalies

Song, Jihong - 2023

I document a novel asset-pricing fact that the expected returns of 7 anomaly factors are lower among stocks with higher ownership share by smart-beta institutional investors who trade according to these anomalies. The factor-oriented demand of smart-beta investors contributes to lower...

Persistent link: https://www.econbiz.de/10014258438

Liquidity Characteristics of Market Anomalies and Institutional Trading

Cao, Charles; Liang, Bing; Yao, Tong; Zhang, Andrew … - 2021

This study examines the liquidity characteristics of market anomalies and how liquidity affects institutional trading … on those anomalies. We find that long-short portfolios based on market anomalies have pervasive liquidity exposures. For … long-horizon anomalies, the long legs of the portfolios are less liquid and suffer from deteriorating liquidity relative to …

Persistent link: https://www.econbiz.de/10013252421

Institutional Investors and Stock Market Liquidity : Trends and Relationships

Blume, Marshall E. - 2020

In this paper we show that institutional participation in the U.S. stock market in recent decades has played an ever increasing role in explaining cross-sectional variation in stock market illiquidity. We first document trends in the growth of institutional stock ownership using the 13F...

Persistent link: https://www.econbiz.de/10012857193

The granular nature of large institutional investors

Franzoni, Francesco; Ben-David, Itzhak; Moussawi, Rabih; … - 2019

Persistent link: https://www.econbiz.de/10012040010

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