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Foreign and local institutional ownership and the speed of price adjustment
- Issue Date
- Nov-2007
- Publisher
- BLACKWELL PUBLISHING
- Keywords
- foreign ownership; institutional ownership; speed of price adjustment; information; local investors
- Citation
- JOURNAL OF BUSINESS FINANCE & ACCOUNTING, v.34, no.9-10, pp.1569 - 1595
- Indexed
- SCIE
SCOPUS
- Journal Title
- JOURNAL OF BUSINESS FINANCE & ACCOUNTING
- Volume
- 34
- Number
- 9-10
- Start Page
- 1569
- End Page
- 1595
- ISSN
- 0306-686X
- Abstract
- This paper examines the relation between the speed of price adjustment and stock ownership by foreign and local institutional investors using data from the Korean stock market. We show that returns of stocks with high foreign institutional ownership lead returns of stocks with low foreign institutional ownership, especially after foreign ownership restriction is lifted. Likewise, returns of stocks with high local institutional ownership lead returns of stocks with low local institutional ownership. These results support the idea that foreign institutional (local institutional) investors have faster access to or processing power of new information than local institutional (local individual) investors.
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Collections - Business > Global Business Administration > 1. Journal Articles
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Related Researcher
- PARK, YOUNG KYU
- SKK Business School (Global Business Administration)