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dc.contributor.authorBohl, Martin T.en_US
dc.contributor.authorGottschalk, Katrinen_US
dc.contributor.authorHenke, Haralden_US
dc.contributor.authorPál, Rozáliaen_US
dc.date.accessioned2009-01-29T14:26:13Z-
dc.date.available2009-01-29T14:26:13Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/22111-
dc.description.abstractIn this paper, we investigate the effect of institutional investors on the January stock market anomaly. The Polish and Hungarian pension system reforms and the associated increase in investment activities of pension funds are used as a unique institutional characteristic to provide evidence on the impact of individual versus institutional investors on the January effect. We find robust empirical results that the increase in institutional ownership has reduced the magnitude of an anomalous January effect induced by individual investors' trading behavior.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesThe Postgraduate Research Programme working paper series / Europa-Universität Viadrina Frankfurt (Oder), Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa" 2006,6en_US
dc.subject.jelG14en_US
dc.subject.jelG23en_US
dc.subject.ddc330en_US
dc.subject.keywordInstitutional Tradersen_US
dc.subject.keywordIndividual Investorsen_US
dc.subject.keywordJanuary Effecten_US
dc.subject.keywordPolish and Hungarian Pension Fund Investorsen_US
dc.titleInstitutional investors and stock market efficiency: The case of the January anomalyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn511358253en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:euvgra:20066-
Appears in Collections:Working Paper Series, Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa", Europa-Universität Viadrina

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