Resource title

Institutional investors and stock market efficiency: The case of the January anomaly

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Resource description

In this paper, we investigate the effect of institutional investors on the January stock market anomaly. The Polish and Hungarian pension system reforms and the associated increase in investment activities of pension funds are used as a unique institutional characteristic to provide evidence on the impact of individual versus institutional investors on the January effect. We find robust empirical results that the increase in institutional ownership has reduced the magnitude of an anomalous January effect induced by individual investors' trading behavior.

Resource author

Martin T. Bohl, Katrin Gottschalk, Harald Henke, Rozália Pál

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Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/22111

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Adapt according to the presented license agreement and reference the original author.