INSTITUTIONAL INVESTORS' ATTENTION AND FRENCH STOCKS' LIQUIDITY

Imane El Ouadghiri and Jonathan Peillex ()
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Imane El Ouadghiri: PULV - Pôle Universitaire Léonard de Vinci, EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique
Jonathan Peillex: CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne

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Abstract: This article is the first to examine the daily influence of institutional investors' attention (IIA) on stock market liquidity. To do this, a sample composed of 87 French stocks from 2010 to 2018 is mobilized. In an original way, the IIA is estimated from the number of times that Bloomberg terminal users, who are mostly institutional investors, search for a particular company and read news articles about a specific firm. The empirical results indicate that the IIA exerts a strong positive effect on the liquidity of French stocks.

Date: 2020
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Published in Revue Economique, 2020, 71 (5), pp.841-863

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03688866

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