Institutional investors and equity prices

被引：956

作者：

Gompers, PA ^{[1
]}

Metrick, A

机构：

[1] Harvard Univ, Cambridge, MA 02138 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

来源：

QUARTERLY JOURNAL OF ECONOMICS | 2001年 / 116卷 / 01期

关键词：

D O I：

10.1162/003355301556392

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper analyzes institutional investors' demand for stock characteristics and the implications of this demand for stock prices and returns. We find that "large" institutional investors nearly doubled their share of the stock market from 1980 to 1996. Overall, this compositional shift tends to increase demand for the stock of large companies and decrease demand for the stock of small companies. The compositional shift can, by itself, account for a nearly 50 percent increase in the price of large-company stock relative to small-company stock and can explain part of the disappearance of the historical small-company stock premium.

引用

页码：229 / 259

页数：31

共 37 条

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ARBEL A, 1983, FINANC ANAL J, V39, P2

[3] PATTERNS OF INSTITUTIONAL INVESTMENT, PRUDENCE, AND THE MANAGERIAL SAFETY-NET HYPOTHESIS [J].