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

Copyright Owner and License

Author

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