Empirical Research on Different Types of Institutional Investors Effects on Market Efficiency

摘要：

　　This paper employs the variance ratio test method based on the theory of random walk to analyze different types of institutional, investors influence on market efficiency.Selecting the return volatility of five institutional investors heavy warehouse stock from 2011 to 2015 to calculate and compare the effectiveness index, we show that these different institutional investors make various contribution to the market efficiency.The results show that institutional investors can improve the efficiency of the market.Among them, the contribution of brokers and insurance companies is more.

关键词： Institutional Investor Investment Behavior Market Efficiency

作者: LIU Yanping WANG Danni

作者单位: Faculty of Management and Economics, Dalian University of Technology, Dalian, China, 116024

会议类型: 国际会议

会议名称: The 9th (2017)International Conference on Financial Risk and Corporate Finance Management(第九届(2017)金融风险与公司金融国际研讨会)

会议地点: 日本

会议语种:英文

页码: 101-105

在线出版日期: 2017-07-01（万方平台首次上网日期，不代表论文的发表时间）