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Do institutional investors have superior stock selection ability in China? 被引量:3
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作者 Yihong Deng Yongxing Xu 《China Journal of Accounting Research》 2011年第3期107-119,共13页
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 ... 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. 展开更多
关键词 Institutional investors Stock selection ability Individual investors
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