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Share Prices and Ownership Variables:A Cross-Sectional and Temporal Analysis

Author

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  • Dimosthenis Hevas
  • George Karathanassis
  • Nikolaos Philippas

Abstract

We investigate the relation between share prices and the proportion of equity held by institutional investors for a sample of 52 companies quoted on the Athens Stock Exchange over the period from 1991 to 1996. We differ from earlier studies in as much as use is made of a) an explicit share valuation model and b) temporal and cross-sectional analysis. We find no significant relationship between share prices and institutional holdings. Tentatively, we conclude that institutional investors do not see themselves as part of the decision making team in which they have a stake.

Suggested Citation

  • Dimosthenis Hevas & George Karathanassis & Nikolaos Philippas, 2003. "Share Prices and Ownership Variables:A Cross-Sectional and Temporal Analysis," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 163-176, July - De.
    • Handle: RePEc:ers:journl:v:vi:y:2003:i:3-4:p:163-176
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    Keywords

    Institutional Ownership; Share Prices; Athens Stock;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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