Do foreign institutional investors stabilize the capital market?
2015
Han, Liyan | Zheng, Qingqing | Li, Lei | Yin, Libo
This paper examines the impact of financial liberalization on emerging capital market in the context of China. We control for time-invariant firm fixed effects and employ lagged firm size and ownership structure as instrumental variables for the shareholdings of institutional investors. The results indicate that foreign institutional investors reduce volatility and act as market stabilizers. In contrast, domestic institutional investors exacerbate stock market fluctuation.
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书目信息
出版者
Elsevier B.V.
其它主题
G1; Financial liberalization; G2; F3; Foreign institutional investor
语言
英语
类型
Journal Article; Text
2024-02-28
MODS