| Autor: |
Bohui Zhang, Fariborz Moshirian, Tung Lam Dang |
| Rok vydání: |
2019 |
| Předmět: |
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| Zdroj: |
The North American Journal of Economics and Finance. 47:184-209 |
| ISSN: |
1062-9408 |
| DOI: |
10.1016/j.najef.2018.12.005 |
| Popis: |
This paper investigates the role of institutional investors in amplifying market liquidity shocks during the global financial crisis of 2008–2009. We find that stocks with high pre-crisis institutional ownership experienced significant institutional holding reductions and larger price reductions during the crisis period. More importantly, this effect is pronounced for stocks with greater liquidity exposure to market liquidity shocks. Further analysis reveals that the institutional investors’ contribution to the amplification of liquidity shocks clusters primarily on non-block and/or independent institutional investors, who were more likely to encounter liquidity constraints during the crisis. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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Full Text from ScienceDirect