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《Securities Market Herald》 2013-10
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A Study of Institutional Ownership, Heterogeneity and Stock Price Delay

Li Qingyuan;Liu Hui;Wang Hongjian;  
This paper selects the A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2003 to 2011 as research sample, and examines the relationship between institutional ownership ratio and stock price delay. We classify institutional investors into pressure-resisting type and pressure-sensitive type to further test the different types of institutional investors' impact on listed companies' price adjustment speed. The empirical results show that there is an U-shaped relationship between institutional ownership and stock price delay, namely, either institutional investors actively participate in corporate governance or passively vote under collusion with the management is closely related to shareholding ratio. In the case of the coexistence of two types of institutional investors, institutional investors reflect the supervision effect if the pressure-resisting type is dominant, otherwise, institutional investors reflect the passive participation in corporate governance or the effect of collusion with management if the pressure-sensitive type is dominant. Our findings are in favor of the understanding of the important role of institutional investors in capital market.
【Fund】: 教育部哲学社会科学研究重大课题攻关项目(10JZD0019);; 国家自然科学基金项目(71072103;71272228);; 教育部新世纪优秀人才支持计划项目(NECT-120432);; 珞珈青年学者计划的资助
【CateGory Index】: F832.51
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