Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/79979
Title: Foreign institutional investors and stock return comovement
Authors: Jiang, L 
Kim, JB
Pang, L
Keywords: Firm-specific information
Foreign institutional investors
Investor protection
Stock return comovement
Issue Date: 2018
Publisher: SpringerOpen
Source: Frontiers of business research in China, 2018, v. 12, no. 1, 16, p. 1-31 How to cite?
Journal: Frontiers of business research in China 
Abstract: We investigate whether foreign institutional investors facilitate firm-specific information flow in the global market. Specifically, using annual institutional ownership data from firms across 40 countries, we find that foreign institutional ownership is negatively associated with excess stock return comovement. Our results are more pronounced when foreign institutional investors originate from common-law countries and hold a large equity stake in invested firms; and when the invested firms are located in civil-law countries. Overall, the evidence suggests that foreign institutional investors from countries with strong investor protection play an important informational role in mitigating excess stock return comovement around the world.
URI: http://hdl.handle.net/10397/79979
ISSN: 1673-7326
EISSN: 1673-7431
DOI: 10.1186/s11782-018-0036-8
Rights: © The Author(s). 2018 Open Access This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
The following publication Jiang, L., Kim, J. -., & Pang, L. (2018). Foreign institutional investors and stock return comovement. Frontiers of Business Research in China, 12(1), 16, 1-31 is available at https://dx.doi.org/10.1186/s11782-018-0036-8
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