THE IMPACT OF INSTITUTIONAL TRADING ON STOCK-PRICES
成果类型：
Article
署名作者：
LAKONISHOK, J; SHLEIFER, A; VISHNY, RW
署名单位：
University of Illinois System; University of Illinois Urbana-Champaign; Harvard University
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(92)90023-Q
发表日期：
1992
页码：
23-43
关键词：
摘要：
This paper uses new data on the holdings of 769 tax-exempt (predominantly pension) funds, to evaluate the potential effect of their trading on stock prices. We address two aspects of trading by these money managers: herding, which refers to buying (selling) simultaneously the same stocks as other managers buy (sell), and positive-feedback trading, which refers to buying past winners and selling past losers. These two aspects of trading are commonly a part of the argument that institutions destabilize stock prices. The evidence suggests that pension managers do not strongly pursue these potentially destabilizing practices.
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