Publication Type
Master Thesis
Version
publishedVersion
Publication Date
2009
Abstract
This paper examines whether stock return is related to the extent of portfolio concentration on the part of institutional fund managers. There is evidence that large firms are preferred for both concentrated and well-diversified funds. Also, a trading strategy based on concentrated ownership generates positive abnormal return. This implies that informational effect (implied in an increase in concentrated capital) has significant impacts and predictability on returns. Meanwhile, we do not find diversified ownership has predictability on future stock returns.
Keywords
fund portfolios, stock price, diversifying behavior, fund performance measures, institutional investors
Degree Awarded
MSc in Finance
Discipline
Finance and Financial Management | Portfolio and Security Analysis
Supervisor(s)
CHAN, Justin
Publisher
Singapore Management University
City or Country
Singapore
Citation
ZHANG, Hao li.
The Effect of Concentrated Institutional Portfolio on Stock Returns. (2009).
Available at: https://ink.library.smu.edu.sg/etd_coll/42
Copyright Owner and License
Author
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.