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《The Theory and Practice of Finance and Economics》 2012-02
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Monitor or the Follower:The Role of Institutional Investors in Corporate Governance

YUAN Chun-sheng (College of Finance,Jiangxi Normal University,Nanchang 330022,China)  
Using the sample of Chinese A-share listed companies that were punished by CSRC and its' matched companies,we examine what role institutional investors play based on analying institutional investors' shareholding behavor.It is found that institutional investors don't decrease their ownship of fraud campanies during the period that one quarter before and one quarter after companies' financial fraudluent behavior,which means institutional investors have no capability of fraud behavior forecast and identification.Institutional investors tended to invest based on analysts' recommendations.What's more,institutional investors appeared to be fooled by financial statement fraud,but analysts' recommendations can help to lessen the degree that institutional investors be fooled.The results above means the role of institutional investors is not a monitor but a follower of securities analysts,and analysts' recommendations have some usability for investment.
【Fund】: 教育部人文社会科学研究项目基金(09YJC630108);; 国家自然科学基金项目(71002052)
【CateGory Index】: F832.51
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