Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/187552 
Erscheinungsjahr: 
2011
Quellenangabe: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 4 [Issue:] 3 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2011 [Pages:] 107-119
Verlag: 
Elsevier, Amsterdam
Zusammenfassung: 
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.
Schlagwörter: 
Institutional investors
Stock selection ability
Individual investors
JEL: 
G14
G20
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Dokumentart: 
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