Foreign and Local Institutional Ownership and the Speed of Price Adjustment
Author
Abstract
Suggested Citation
DOI: 10.1111/j.1468-5957.2007.02040.x
Download full text from publisher
References listed on IDEAS
- Kang, Jun-Koo & Stulz, Rene M., 1997.
"Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan,"
Journal of Financial Economics, Elsevier, vol. 46(1), pages 3-28, October.
- Jun-Koo Kang & Rene M. Stulz, 1995. "Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan," NBER Working Papers 5166, National Bureau of Economic Research, Inc.
- Lucy F. Ackert & George Athanassakos, 2003. "A Simultaneous Equations Analysis of Analysts' Forecast Bias, Analyst Following, and Institutional Ownership," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30, pages 1017-1042.
- Tarun Chordia & Bhaskaran Swaminathan, 2000. "Trading Volume and Cross‐Autocorrelations in Stock Returns," Journal of Finance, American Finance Association, vol. 55(2), pages 913-935, April.
- Joshua D. Coval & Tobias J. Moskowitz, 1999. "Home Bias at Home: Local Equity Preference in Domestic Portfolios," Journal of Finance, American Finance Association, vol. 54(6), pages 2045-2073, December.
- White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
- Theodore E. Christensen & Toni Q. Smith & Pamela S. Stuerke, 2004. "Public Predisclosure Information, Firm Size, Analyst Following, and Market Reactions to Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(7‐8), pages 951-984, September.
- Boudoukh, Jacob & Richardson, Matthew P & Whitelaw, Robert F, 1994. "A Tale of Three Schools: Insights on Autocorrelations of Short-Horizon Stock Returns," The Review of Financial Studies, Society for Financial Studies, vol. 7(3), pages 539-573.
- Hyuk Choe & Bong-Chan Kho & René M. Stulz, 2005.
"Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea,"
The Review of Financial Studies, Society for Financial Studies, vol. 18(3), pages 795-829.
- Choe, Hyuk & Kho, Bong-Chan & Stulz, Rene M., 2004. "Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea," Working Paper Series 2004-6, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Hyuk Choe & Bong-Chan Kho & Rene M. Stulz, 2004. "Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea," NBER Working Papers 10502, National Bureau of Economic Research, Inc.
- Froot, Kenneth A. & O'Connell, Paul G. J. & Seasholes, Mark S., 2001.
"The portfolio flows of international investors,"
Journal of Financial Economics, Elsevier, vol. 59(2), pages 151-193, February.
- Kenneth A. Froot & Paul G.J. O'Connell & Mark S. Seasholes, 1998. "The Portfolio Flows of International Investors, I," NBER Working Papers 6687, National Bureau of Economic Research, Inc.
- Dimson, Elroy, 1979. "Risk measurement when shares are subject to infrequent trading," Journal of Financial Economics, Elsevier, vol. 7(2), pages 197-226, June.
- Lucy F. Ackert & George Athanassakos, 2003. "A Simultaneous Equations Analysis of Analysts’ Forecast Bias, Analyst Following, and Institutional Ownership," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(7‐8), pages 1017-1042, September.
- Grinblatt, Mark & Keloharju, Matti, 2000. "The investment behavior and performance of various investor types: a study of Finland's unique data set," Journal of Financial Economics, Elsevier, vol. 55(1), pages 43-67, January.
- Shukla, Ravi K. & van Inwegen, Gregory B., 1995. "Do locals perform better than foreigners?: An analysis of UK and US mutual fund managers," Journal of Economics and Business, Elsevier, vol. 47(3), pages 241-254, August.
- Brennan, Michael J & Jegadeesh, Narasimhan & Swaminathan, Bhaskaran, 1993. "Investment Analysis and the Adjustment of Stock Prices to Common Information," The Review of Financial Studies, Society for Financial Studies, vol. 6(4), pages 799-824.
- Chan, Kalok & Hameed, Allaudeen, 2006. "Stock price synchronicity and analyst coverage in emerging markets," Journal of Financial Economics, Elsevier, vol. 80(1), pages 115-147, April.
- Theodore E. Christensen & Toni Q. Smith & Pamela S. Stuerke, 2004. "Public Predisclosure Information, Firm Size, Analyst Following, and Market Reactions to Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(7-8), pages 951-984.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Arjoon, Vaalmikki & Bougheas, Spiros & Milner, Chris, 2016. "Lead-lag relationships in an embryonic stock market: Exploring the role of institutional ownership and liquidity," Research in International Business and Finance, Elsevier, vol. 38(C), pages 262-276.
- Hong, Gwangheon & Lee, Bong Soo, 2011. "The trading behavior and price impact of foreign, institutional, individual investors and government: Evidence from Korean equity market," Japan and the World Economy, Elsevier, vol. 23(4), pages 273-287.
- Kim, Jinyong & Kim, Yongsik, 2018. "Foreign investors and the speed of price adjustment across multiple correlation regimes in Korea," Finance Research Letters, Elsevier, vol. 25(C), pages 137-144.
- Lee, Jieun & Chung, Kee H., 2018. "Foreign ownership and stock market liquidity," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 311-325.
- Jieun Lee & Kee H. Chung, 2015. "Foreign Ownership, Legal System and Stock Market Liquidity," Working Papers 2015-15, Economic Research Institute, Bank of Korea.
- Lim, Kian-Ping & Hooy, Chee-Wooi & Chang, Kwok-Boon & Brooks, Robert, 2016. "Foreign investors and stock price efficiency: Thresholds, underlying channels and investor heterogeneity," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 1-28.
- Ani Manakyan Mathers & Bin Wang & Xiaohong (Sara) Wang, 2020. "Shareholder coordination and corporate innovation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 730-759, May.
- Pereira da Silva, Paulo, 2021. "Do managers pay attention to the market? A review of the relationship between stock price informativeness and investment," Journal of Multinational Financial Management, Elsevier, vol. 59(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Bae, Kee-Hong & Ozoguz, Arzu & Tan, Hongping & Wirjanto, Tony S., 2012. "Do foreigners facilitate information transmission in emerging markets?," Journal of Financial Economics, Elsevier, vol. 105(1), pages 209-227.
- Bae, Kee-Hong & Stulz, René M. & Tan, Hongping, 2008.
"Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts,"
Journal of Financial Economics, Elsevier, vol. 88(3), pages 581-606, June.
- Kee-Hong Bae & Rene M. Stulz & Hongping Tan, 2005. "Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts," NBER Working Papers 11697, National Bureau of Economic Research, Inc.
- Bae, Kee-Hong & Stulz, Rene M. & Tan, Hongping, 2006. "Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts," Working Paper Series 2005-18, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Elisa Cavezzali & Jacopo Crepaldi & Ugo Rigoni, 2014.
"Proximity to hubs of expertise and financial analyst forecast accuracy,"
Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 4(2), pages 157-179, December.
- Elisa Cavezzali & Jacopo Crepaldi & Ugo Rigoni, 2013. "Proximity to Hubs of Expertise in Financial Analyst Forecast Accuracy," Working Papers 8, Venice School of Management - Department of Management, Università Ca' Foscari Venezia.
- Kim, Jinyong & Kim, Yongsik, 2018. "Foreign investors and the speed of price adjustment across multiple correlation regimes in Korea," Finance Research Letters, Elsevier, vol. 25(C), pages 137-144.
- Thomas Jeanjean & Hervé Stolowy & Michael Erkens, 2010. "Really “Lost in translation”? The economic consequences of issuing an annual report in English," Post-Print hal-00479511, HAL.
- repec:zbw:bofrdp:2019_003 is not listed on IDEAS
- Lin, Mei-Chen & Wu, Chu-Hua & Chiang, Ming-Ti, 2014. "Investor attention and information diffusion from analyst coverage," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 235-246.
- Chiao, Chaoshin & Chen, Shin-Hui & Hu, Jia-Ming, 2010. "Informational differences among institutional investors in an increasingly institutionalized market," Japan and the World Economy, Elsevier, vol. 22(2), pages 118-129, March.
- Chen, Li-Wen & Johnson, Shane A. & Lin, Ji-Chai & Liu, Yu-Jane, 2009. "Information, sophistication, and foreign versus domestic investors' performance," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1636-1651, September.
- Miguel A. Ferreira & Massimo Massa & Pedro Matos, 2018. "Investor–Stock Decoupling in Mutual Funds," Management Science, INFORMS, vol. 64(5), pages 2144-2163, May.
- Saka, Orkun, 2019. "Domestic banks as lightning rods? Home bias and information during Eurozone crisis," Research Discussion Papers 3/2019, Bank of Finland.
- Hyuk Choe & Bong-Chan Kho & René M. Stulz, 2005.
"Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea,"
The Review of Financial Studies, Society for Financial Studies, vol. 18(3), pages 795-829.
- Choe, Hyuk & Kho, Bong-Chan & Stulz, Rene M., 2004. "Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea," Working Paper Series 2004-6, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Hyuk Choe & Bong-Chan Kho & Rene M. Stulz, 2004. "Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea," NBER Working Papers 10502, National Bureau of Economic Research, Inc.
- Ferreira, Miguel A. & Matos, Pedro & Pereira, João Pedro & Pires, Pedro, 2017. "Do locals know better? A comparison of the performance of local and foreign institutional investors," Journal of Banking & Finance, Elsevier, vol. 82(C), pages 151-164.
- Azzi, Sarah & Suchard, Jo-Ann, 2019. "Crouching tigers, hidden dragons: Private equity fund selection in China," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 236-253.
- Jeffrey R. Gerlach & Youngsuk Yook, 2016. "Political Conflict and Foreign Portfolio Investment : Evidence from North Korean Attacks," Finance and Economics Discussion Series 2016-037, Board of Governors of the Federal Reserve System (U.S.).
- Saka, Orkun, 2018. "Domestic banks as lightning rods? Home bias and information during Eurozone crisis," LSE Research Online Documents on Economics 118921, London School of Economics and Political Science, LSE Library.
- Gerlach, Jeffrey R. & Yook, Youngsuk, 2016. "Political conflict and foreign portfolio investment: Evidence from North Korean attacks," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 178-196.
- Rui Albuquerque & Gregory Bauer & Martin Schneider, 2004. "Characterizing Asymmetric Information in International Equity Markets," International Finance 0405005, University Library of Munich, Germany.
- Kim, Jaemin & Yoo, Sean Sehyun, 2009. "Market liberalization and foreign equity portfolio selection in Korea," Journal of Multinational Financial Management, Elsevier, vol. 19(3), pages 206-220, July.
- Iwatsubo, Kentaro & Watkins, Clinton, 2021.
"The changing role of foreign investors in Tokyo stock price formation,"
Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
- Kentaro Iwatsubo & Clinton Watkins, 2021. "The Changing Role of Foreign Investors in Tokyo Stock Price Formation," Discussion Papers 2106, Graduate School of Economics, Kobe University.
- Dahlquist, Magnus & Robertsson, Goran, 2004. "A note on foreigners' trading and price effects across firms," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 615-632, March.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jbfnac:v:34:y:2007:i:9-10:p:1569-1595. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.