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Information advantages of large institutional owners

We study the relation between the percentage of outstanding shares held by a firm's largest institutional owner and the bid-ask spread on that firm's shares, a measure of information risk. We find that the greater the percentage of shares held by the largest institutional investor, the greater the bid-ask spread in share prices. In contrast, the percentage of shares held by smaller institutional owners is related to lower bid-ask spreads. The results imply that only the largest of a firm's institutional owners - and no other institutional owner - is perceived to hold an information advantage..Printed journal

Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana1
Penerbit John Wiley & Sons.,
Edisi -
Subjek Shares
Information
studies
Institutional investments
Asked price
ISBN/ISSN 1432095
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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