التفاصيل البيبلوغرافية
| العنوان: |
Big Fish in a Small Pond: Institutional Trading of Penny Stocks. |
| المؤلفون: |
Huang, Wei1 whuang@csbsju.edu, Jiang, George J.2 george.jiang@wsu.edu |
| المصدر: |
Quarterly Journal of Finance. Jun2020, Vol. 10 Issue 2, pN.PAG-N.PAG. 31p. |
| مصطلحات موضوعية: |
*INSTITUTIONAL ownership (Stocks), *PENNY stocks, *INSTITUTIONAL investors, *PORTFOLIO management (Investments), *RATE of return on stocks |
| مستخلص: |
There has been a steady increase in institutional ownership of penny stocks over the past decades. Nevertheless, we show that penny stocks bought by institutional investors significantly underperform other penny stocks in subsequent four quarters. This poor performance is mainly driven by quasi-indexers, i.e., institutions with passive and widely diversified investment strategies. In comparison, dedicated institutions, i.e., those with low turnover but large average investments in portfolio firms and a commitment to "relationship investing", have marginally significant ability in trading penny stocks. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Business Source Index |