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Two essays on institutional investor...

Huang, Jian.

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Two essays on institutional investors Essay one: Institutional investor and asymmetric beta Essay two: The role of institutional investors and individual investors in financial markets: Evidence from closed-end funds.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Two essays on institutional investors Essay one: Institutional investor and asymmetric beta Essay two: The role of institutional investors and individual investors in financial markets: Evidence from closed-end funds./
作者:	Huang, Jian.
面頁冊數:	100 p.
附註:	Source: Dissertation Abstracts International, Volume: 72-06, Section: A, page: .
Contained By:	Dissertation Abstracts International72-06A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3445371
ISBN:	9781124549132

Two essays on institutional investors Essay one: Institutional investor and asymmetric beta Essay two: The role of institutional investors and individual investors in financial markets: Evidence from closed-end funds.
Huang, Jian.

Two essays on institutional investors Essay one: Institutional investor and asymmetric beta Essay two: The role of institutional investors and individual investors in financial markets: Evidence from closed-end funds. - 100 p.

Source: Dissertation Abstracts International, Volume: 72-06, Section: A, page: .

Thesis (Ph.D.)--Washington State University, 2010.

This dissertation consists of two separate yet related chapters that study the role of institutional investors in the financial market by investigating the relations between two risk-related firm characteristics and institutional trading.

ISBN: 9781124549132Subjects--Topical Terms:

626628
Business Administration, Management.

Two essays on institutional investors Essay one: Institutional investor and asymmetric beta Essay two: The role of institutional investors and individual investors in financial markets: Evidence from closed-end funds.
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245 1 0 $a Two essays on institutional investors Essay one: Institutional investor and asymmetric beta Essay two: The role of institutional investors and individual investors in financial markets: Evidence from closed-end funds.
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500 $a Source: Dissertation Abstracts International, Volume: 72-06, Section: A, page: .
500 $a Adviser: Richard W. Sias.
502 $a Thesis (Ph.D.)--Washington State University, 2010.
520 $a This dissertation consists of two separate yet related chapters that study the role of institutional investors in the financial market by investigating the relations between two risk-related firm characteristics and institutional trading.
520 $a In chapter one, I examine the relation between ownership by institutional versus individual investors and beta asymmetry (the difference between downside beta and upside beta). I find beta asymmetry is negatively associated with institutional ownership. This inverse relation may be explained by two alternative hypotheses. First, institutional investors may be less willing (than individual investors) to hold stocks with high asymmetric beta (the preference explanation). Second, differences in individual and institutional investors' behavior in rising and falling markets cause beta asymmetry (the trading-impact explanation). The results from my analysis of the causality between net institutional demand and changes in asymmetric beta are consistent with the trading-impact explanation, and indicate that institutional investors buy to a greater extent during an up market than they sell during a down market.
520 $a In chapter two, I use closed-end funds to explore whether institutional investors are a stabilizing or destabilizing force in the market. If institutional investors tend to drive prices towards fundamental values, then they should purchase closed-end funds selling at a wide discount and sell funds selling at a large premium. Consistent with the hypothesis that institutions drive prices toward fundamental values, I document that wide-discount funds experience a higher subsequent institutional demand than premium funds do. Moreover, I find that an increase in institutional ownership forecasts a decrease in the volatility of discounts. In sum, my evidence suggests that institutional investors play a price-stabilizing role in financial markets.
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