THE IMPACT OF INSTITUTIONAL TRADING ON STOCK-PRICES

被引：958

作者：

LAKONISHOK, J

SHLEIFER, A

VISHNY, RW

机构：

[1] UNIV ILLINOIS,CHAMPAIGN,IL 61820

[2] HARVARD UNIV,CAMBRIDGE,MA 02138

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1992年 / 32卷 / 01期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1016/0304-405X(92)90023-Q

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：23 / 43

页数：21

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