Does institutional ownership matter for international stock return comovement?

Detalhes bibliográficos
Autor(a) principal: Faias, José A.
Data de Publicação: 2017
Outros Autores: Ferreira, Miguel A.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://doi.org/10.1016/j.jimonfin.2017.08.004
Resumo: funding: Portuguese Foundation for Science and Technology-FCT (UID/GES/00407/2013 PTDC/IIM-FIN/2977/2014) and European Research Council
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spelling Does institutional ownership matter for international stock return comovement?ComovementsInstitutional investorsInternational capital marketsInternational diversificationFinanceEconomics and Econometricsfunding: Portuguese Foundation for Science and Technology-FCT (UID/GES/00407/2013 PTDC/IIM-FIN/2977/2014) and European Research CouncilWe study the link between international stock return comovements and institutional investment. We test whether the rise of institutional ownership has increased cross-country correlations and decreased cross-industry correlations. Using stock-level institutional holdings across 45 countries during the 2001–2010 period, we find that industry and global factors are relatively more important the country factors in explaining stock return variation among stocks with higher institutional ownership. Industry diversification strategies are more beneficial than country diversification strategies for stocks with high institutional ownership. We show that cross-border portfolio investment is a powerful force of international capital market integration and convergence of asset prices.NOVA School of Business and Economics (NOVA SBE)RUNFaias, José A.Ferreira, Miguel A.2022-03-27T01:01:18Z2017-11-012017-11-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article20application/pdfhttps://doi.org/10.1016/j.jimonfin.2017.08.004eng0261-5606PURE: 3145010http://www.scopus.com/inward/record.url?scp=85028951839&partnerID=8YFLogxKhttps://doi.org/10.1016/j.jimonfin.2017.08.004info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:18:44Zoai:run.unl.pt:10362/34183Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:30:07.809311Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Does institutional ownership matter for international stock return comovement?
title Does institutional ownership matter for international stock return comovement?
spellingShingle Does institutional ownership matter for international stock return comovement?
Faias, José A.
Comovements
Institutional investors
International capital markets
International diversification
Finance
Economics and Econometrics
title_short Does institutional ownership matter for international stock return comovement?
title_full Does institutional ownership matter for international stock return comovement?
title_fullStr Does institutional ownership matter for international stock return comovement?
title_full_unstemmed Does institutional ownership matter for international stock return comovement?
title_sort Does institutional ownership matter for international stock return comovement?
author Faias, José A.
author_facet Faias, José A.
Ferreira, Miguel A.
author_role author
author2 Ferreira, Miguel A.
author2_role author
dc.contributor.none.fl_str_mv NOVA School of Business and Economics (NOVA SBE)
RUN
dc.contributor.author.fl_str_mv Faias, José A.
Ferreira, Miguel A.
dc.subject.por.fl_str_mv Comovements
Institutional investors
International capital markets
International diversification
Finance
Economics and Econometrics
topic Comovements
Institutional investors
International capital markets
International diversification
Finance
Economics and Econometrics
description funding: Portuguese Foundation for Science and Technology-FCT (UID/GES/00407/2013 PTDC/IIM-FIN/2977/2014) and European Research Council
publishDate 2017
dc.date.none.fl_str_mv 2017-11-01
2017-11-01T00:00:00Z
2022-03-27T01:01:18Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv https://doi.org/10.1016/j.jimonfin.2017.08.004
url https://doi.org/10.1016/j.jimonfin.2017.08.004
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0261-5606
PURE: 3145010
http://www.scopus.com/inward/record.url?scp=85028951839&partnerID=8YFLogxK
https://doi.org/10.1016/j.jimonfin.2017.08.004
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