Who is the Winner in Volatile Markets, Institutions or Individuals? Evidence from Chinese Funds
We examined the impact of mutual and closed-ended fund institutions in volatile markets in China,and found that institutions successfully predicted the future tendency by shifting from negative to positive feedback on markets rising days from a bear market to a bull market.Meanwhile,due to Chinese special background,institutional investors are buying against the falling market during both bear and bull markets.Moreover,we found in bull market rising days the volatile trading volume was not due to institutions,but to irrational individuals.Taken together,we found the fund institution was becoming a leader in Chinese stock markets.
institutional ownership returns turnover funds Chinese stock markets
Yi Yao
Business School of Nankai University
国内会议
天津
英文
435-466
2007-11-03（万方平台首次上网日期，不代表论文的发表时间）