Institutional Ownership and Stock Liquidity: International Evidence
- Publication Type:
- Journal Article
- Asia-Pacific Journal of Financial Studies, 2018, 47 (1), pp. 21 - 53
- Issue Date:
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© 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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