Price informativeness and institutional ownership : Evidence from Japan
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 627-651 |
| Journal / Publication | Review of Quantitative Finance and Accounting |
| Volume | 42 |
| Issue number | 4 |
| Online published | 13 Mar 2013 |
| Publication status | Published - May 2014 |
Link(s)
Abstract
Using extensive intraday transaction and institutional ownership data of Japan, this study investigates the question of whether institutional ownership increases the extent to which equity prices reflect information about the firms' fundamentals (the degree of price informativeness) and the roles played by various types of institutional investors. The results indicate that the presence of institutional investors, especially foreign institutions, increase the amount of information aggregated in the stock prices. Such relation is robust to various liquidity measures, possible presence of endogeneity in the ownership structure, and alternative measures of price informativeness. © 2013 Springer Science+Business Media New York.
Research Area(s)
- Institutional ownership, Japan, Price informativeness
Citation Format(s)
Price informativeness and institutional ownership: Evidence from Japan. / Luo, Miao; Chen, Tao; Yan, Isabel K.
In: Review of Quantitative Finance and Accounting, Vol. 42, No. 4, 05.2014, p. 627-651.
In: Review of Quantitative Finance and Accounting, Vol. 42, No. 4, 05.2014, p. 627-651.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
