Institutional investor cliques and stock price efficiency: Evidence from China

被引：0
|
作者：
Guo, Xiaodong [1 ]
Pang, Caiji [2 ]
Qiao, Zheng [3 ]
Yao, Xiangkun [4 ]
机构：
[1] Guizhou Univ Finance & Econ, Sch Accounting, Guiyang 550025, Guizhou, Peoples R China
[2] Capital Univ Econ & Business, Int Sch Econ & Management, Beijing 100070, Peoples R China
[3] Xi An Jiao Tong Univ, Sch Management, Xian 710049, Peoples R China
[4] Nankai Univ, Sch Finance, Tianjin 300350, Peoples R China
来源：
JOURNAL OF FINANCIAL MARKETS | 2024年 / 71卷
基金：
中国国家自然科学基金;
关键词：
Institutional investor; Coordination; Stock price efficiency; DECISION-MAKING; CROSS-SECTION; INFORMATION; EARNINGS; MARKET; NETWORKS; DISCOVERY; ANALYSTS; ACTIVISM; BEHAVIOR;
D O I：
10.1016/j.finmar.2024.100935
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the impact of coordinating groups of institutional investors (cliques) on stock price efficiency in China. Employing the Louvain algorithm, we identify institutional investor cliques based on their holding networks and observe strongly correlated trading behaviors among clique members. Our baseline findings document that institutional investor clique ownership impedes stock price efficiency. We also provide a potential mechanism suggesting that this impediment effect arises from reduced information acquisition by clique members. Our additional analyses suggest that the inefficient stock prices induced by institutional cliques may exacerbate stock bubbles and increase the stock price crash risk.
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页数：27
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