Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/22111 
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dc.contributor.authorBohl, Martin T.en
dc.contributor.authorGottschalk, Katrinen
dc.contributor.authorHenke, Haralden
dc.contributor.authorPál, Rozáliaen
dc.date.accessioned2009-01-29T14:26:13Z-
dc.date.available2009-01-29T14:26:13Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aEuropean University Viadrina, The Postgraduate Research Programme: Capital Markets and Finance in the Enlarged Europe |cFrankfurt (Oder)en
dc.relation.ispartofseries|aWorking Paper Series |x2006,6en
dc.subject.jelG14en
dc.subject.jelG23en
dc.subject.ddc330en
dc.subject.keywordInstitutional Tradersen
dc.subject.keywordIndividual Investorsen
dc.subject.keywordJanuary Effecten
dc.subject.keywordPolish and Hungarian Pension Fund Investorsen
dc.titleInstitutional investors and stock market efficiency: The case of the January anomaly-
dc.typeWorking Paperen
dc.identifier.ppn511358253en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:euvgra:20066en

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