Institutional Investors and Stock Return Volatility

• Main Authors: Kai-Fen Chang, 張鐦分
• Other Authors: Liao, Hsien-Hsing
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/4aucfb

碩士 === 國立臺灣大學 === 財務金融學研究所 === 107 === This study investigates the influence of different types of Institutional Investors on future stock return volatility. Institutional Investors are classified into Growth and Non-Growth by their investing preference, and are classified into Transient and Non-Transient by their investing style. The empirical results indicate that greater ownership of Growth institutional investors is associated with higher future stock return volatility, and that greater ownership of Non-Growth institutional investors is negatively associated with future stock return volatility. In addition, this study provides evidences for a stronger impact of investing preference on future stock return volatility. Our findings remain consistent before and after global financial crisis.