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《Journal of Guizhou College of Finance and Economics》 2010-01
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Path Changes in Effectiveness of Ownership Proportion by Institutional Investors——Historical Evidence from the Real Estate Industry

QIN Li-huaa,SHAO Xiao-yanb(a.School of Public Finance and Taxation;b.School of Business Administration,Guizhou College of Finance and Economics,Guiyang,Guizhou 550004,China)  
Institutional investors have experienced bull market and bear market since 2001.What was their behavior like under the two market environments,and how did the effectiveness of their ownership proportion change? This paper makes a panel data analysis of listed real estate companies for 2001-2007 and the findings are as follows: marginal changes in earnings per share(EPS),returns on assets(ROA),returns on equity(ROE) and critical business return on assets(CROA) reached a peak in 2005,with the greatest marginal change in institutional ownership proportion and corporate performance;there was an upward trend in EPS,ROA and CROA in bearish times and a downward trend in bullish days.In the meantime,among the performance indicators,institutional ownership proportion had the biggest impact on EPS,especially in 2005;average institutional ownership proportion reached a relative high in 2005,at the end of the bearish market.
【CateGory Index】: F224;F293.3;F832.51
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