The Impact of Institutional Ownership on the Extent to Which Stock Prices Reflect Future Earnings
This paper empirically examines the impact of institutional ownership on the extent to which stock prices reflect future earnings of listed companies in China from 2004 to 2009. It hypotheses the stock prices reflect future earnings earlier for firms with high institutional holdings than for other firms. The results find that the extent to which stock prices reflect future earnings is positively related to the percentage of institutional ownership. That is, institutional ownership accelerates the pricing of future earnings,which indicates they take account of the listed companies future information in China when institutional investors make decisions.
Institutional Ownership Stock Price Future Earnings Information Content
SONG Yu
School of Business, Nanjing University, China, 210093 School of Economics and Management, Nanjing University of Science and Technology, China, 210094
国际会议
The Sixth International Symposium on Corporate Governance(第六届公司治理国际研讨会)
大连
英文
228-234
2011-08-20（万方平台首次上网日期，不代表论文的发表时间）