Institutional investors and stock market liquidity trends and relationships

In this paper we show that institutional participation in the U. We first document trends in the growth of institutional stock ownership using the 13F holdings, extending the evidence by thirteen years to the end of In contrast to previous research, we find that institutions, and particularly hedge funds, have increased their holdings of smaller stocks and decreased their holdings of larger stocks over this period.

Institutions currently underweight the largest stocks and overweight the smallest stocks relative to market weights.

We then examine the relation between illiquidity and two measures of institutional stock ownership — the percentage of a stock owned by institutions and the number of institutions that own the stock — both in the cross section and through time.

Institutional investors, Institutional stock ownership, SEC 13F filings, Hedge funds. Trends and Relationships August 21, The Wharton School Locust Walk Philadelphia, PA United States Phone Fax. Wharton Research Data Services WRDS Research Paper Series.

Institutional investors, information asymmetry and stock market liquidity in France: International Journal of Managerial Finance: Vol 11, No 1

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Download this Paper Nas money make the world go round lyrics PDF in Browser Share: Using the URL or DOI link below will ensure access to this page indefinitely. Blume University of Pennsylvania - Finance Department Donald B.

Keim University of Pennsylvania - Wharton School. Abstract In this paper we show that institutional participation in the U.

Blume University of Pennsylvania - Finance Department email The Wharton School Locust Walk Philadelphia, PA United States Phone Fax. Keim Contact Author University of Pennsylvania - Wharton School email The Wharton School Locust Walk Philadelphia, PA United States Phone Fax.

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