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The Influence of Long-Term and Short-Term Institutional Investors on Complicated Mispricing of Stocks

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  • Bing Liu

Abstract

Taking Chinese listed companies from 2009 to 2017 as the research objects, this paper aims at exploring the heterogeneous effect of short-term and long-term institutional investors on stock mispricing. The empirical study finds that long-term institutional investors have an inhibiting effect on stock mispricing, while short-term institutional investors have an opposite effect. When the company information opacity is high, long-term institutional investors have a more obvious inhibiting effect on stock mispricing while short-term institutional investors have a more obvious promoting effect on stock mispricing. When the attention of analysts is enhanced, long-term institutional investors further restrain the stock mispricing while short-term institutional investors further promote the stock mispricing.

Suggested Citation

  • Bing Liu, 2020. "The Influence of Long-Term and Short-Term Institutional Investors on Complicated Mispricing of Stocks," Complexity, Hindawi, vol. 2020, pages 1-14, November.
    • Handle: RePEc:hin:complx:8833180
    DOI: 10.1155/2020/8833180
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