摘要
本文通过提取机构投资者网络中的团体,研究股票被机构投资者团体重仓持有对于股价信息含量的影响以及产生影响的内在机理。研究表明:机构投资者团体会选择更具价值的股票,机构投资者团体持股的比例越高与股价同步性显著负相关,投资者团体内部的高效信息流通是机构投资者团体能够对股价同步性产生作用的原因之一。研究为个体投资者选股、支持机构投资者有序发展和建立有效的资本市场提供了新的视角和依据。
By extracting the cliques in the institutional investor network,we study the influence of heavy holdings by institutional investor cliques on stock price informativeness and the internal mechanism of the influence in this paper.The results of the study show that institutional investor cliques will choose more valuable stocks.The higher shareholding of institutional investors cliques,the more negatively correlated with stock price synchronization.The efficient information flow within the investor clique is that institutional investor groups is one of the reasons why institutional investor groups can affect stock price synchronization.The above results are still robust after replacing the explanatory variables and PSM control endogeneity.The research provides a new perspective and basis for individual investors to choose stocks,institutional investors to develop orderly and establish an effective capital market.
作者
程倩
王朝晖
CHENG Qian;WANG Zhao-hui(Business School,Ningbo University,Ningbo 315211,China)
出处
《科技与管理》
2020年第6期93-100,共8页
Science-Technology and Management
关键词
股价信息含量
机构投资者网络
机构投资者团体
信息流通
stock price informativeness
institutional investor network
institutional investor clique
information flow
