Do institutional investors have superior stock selection ability in China?

作     者：Yihong Deng Yongxing Xu 

作者机构：The School of Economics&ManagementTsinghua University The Finance Department of Guangxi Zhuang Autonomous Region 

出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)

年 卷 期：2011年第4卷第3期

页      面：107-119页

学科分类：12[管理学] 02[经济学] 0202[经济学-应用经济学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 

主　　题：Institutional investors Stock selection ability Individual investors 

摘      要：This paper uses unique data on the shareholdings of both institutional and individual investors to directly investigate whether institutional investors have better stock selection ability than individual investors in *** for other factors,we find that institutional investors increase(decrease)their shareholdings in stocks that subsequently exhibit positive(negative)short-and long-term cumulative abnormal *** contrast individual investors decrease(increase)their shareholdings in stocks that subsequently exhibit positive(negative)short-and long-term cumulative abnormal *** findings indicate that institutional investors have superior stock selection ability in China.