Institutional investors' ownership stability and their investee firms' equity mispricing

被引：10

作者：

Sakaki, Hamid ^{[1
]}

Jory, Surendranath ^{[2
]}

Jackson, Dave ^{[3
]}

机构：

[1] Cent Connecticut State Univ, New Britain, CT 06050 USA

[2] Univ Southampton, Southampton Business Sch, Bldg 2, Southampton SO17 1BJ, Hants, England

[3] Univ Texas Rio Grande Valley, Edinburg, TX USA

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2021年 / 57卷

关键词：

Institutional investors; Equity mispricing; STOCK-PRICES; MARKET; EARNINGS; VALUATION; SOPHISTICATION; BEHAVIOR; NEWS;

D O I：

10.1016/j.najef.2021.101440

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of institutional investors' equity ownership stability and their investment horizon to determine the impact on their investee firms' equity mispricing. Mispricing represents the difference between a firm's market and fundamental values. We treat institutional investors as a heterogenous group, i.e., dedicated, transient, or quasi-indexer as defined by Bushee (1998, 2001) since their categorization determines their trading strategy. Higher institutional ownership, higher stability in institutional investors' equity ownership, and institutional investors classified as long-term are all associated with lower equity mispricing at investee firms.

引用

页数：14

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