Institutional Ownership and Stock Liquidity: International Evidence

Dang, TL; Nguyen, TH; Tran, NTA; Vo, TTA

Institutional Ownership and Stock Liquidity: International Evidence

Dang, TL Nguyen, TH Tran, NTA Vo, TTA

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Publication Type:: Journal Article
Citation:: Asia-Pacific Journal of Financial Studies, 2018, 47 (1), pp. 21 - 53
Issue Date:: 2018-02-01

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Field	Value	Language
dc.contributor.author	Dang, TL	en_US
dc.contributor.author	Nguyen, TH	en_US
dc.contributor.author	Tran, NTA	en_US
dc.contributor.author	Vo, TTA	en_US
dc.date.issued	2018-02-01	en_US
dc.identifier.citation	Asia-Pacific Journal of Financial Studies, 2018, 47 (1), pp. 21 - 53	en_US
dc.identifier.issn	2041-9945	en_US
dc.identifier.uri	http://hdl.handle.net/10453/134385
dc.description.abstract	© 2018 Korean Securities Association This paper investigates the relation between institutional ownership and stock liquidity, and explores whether this relation differs across institutional settings. Using a comprehensive data set across 41 countries from 2000 to 2010, we find that institutional ownership is positively correlated with stock liquidity. Importantly, the positive association between institutional ownership and stock liquidity is stronger (weaker) for firms in countries with opaque (transparent) information environments or poor (good) institutional characteristics. Our additional analysis reveals that the positive association between institutional ownership and liquidity is attributable to non-block institutional investors.	en_US
dc.relation.ispartof	Asia-Pacific Journal of Financial Studies	en_US
dc.relation.isbasedon	10.1111/ajfs.12202	en_US
dc.title	Institutional Ownership and Stock Liquidity: International Evidence	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	47	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Students
utslib.copyright.status	closed_access
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	47	en_US

Abstract:

© 2018 Korean Securities Association This paper investigates the relation between institutional ownership and stock liquidity, and explores whether this relation differs across institutional settings. Using a comprehensive data set across 41 countries from 2000 to 2010, we find that institutional ownership is positively correlated with stock liquidity. Importantly, the positive association between institutional ownership and stock liquidity is stronger (weaker) for firms in countries with opaque (transparent) information environments or poor (good) institutional characteristics. Our additional analysis reveals that the positive association between institutional ownership and liquidity is attributable to non-block institutional investors.

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http://hdl.handle.net/10453/134385