EconPapers    
Economics at your fingertips  
 

Value Relevance Of Institutional Investors

George Karathanassis, Nikolaos Philippas (), Mike Tsionas and Dimosthenis Hevas ()

European Research Studies Journal, 2004, vol. VII, issue 3-4, 83-102

Abstract: In this paper we investigate the influence of institutional investors on share prices using data from companies quoted on the Athens Stock Exchange. For finance theorists the value of an investment, real or financial, is a function of its expected benefits and the riskiness of these benefits. Whatever influences are exerted by the structure of equity ownership are diversified away by efficient risk-averse investors. Managerial and agency theorists argue that the particular ownership structure may have an effect on share value or returns. Their arguments are based (mainly) on the consequences of the separation of ownership from control. In addition to traditional methods of estimation we have used Chamberlain’s (1982) multivariate panel data estimator, which allows for arbitrary patterns of error autocorrelation and parameter temporal behavior. Among all alternative methods of estimation used, only this one produced a statistically significant and econometrically well specified relationship between share prices and institutional shareholdings.

Date: 2004
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.ersj.eu/repec/ers/papers/04_34_p6.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:vii:y:2004:i:3-4:p:83-102

Access Statistics for this article

More articles in European Research Studies Journal from European Research Studies Journal
Bibliographic data for series maintained by Marios Agiomavritis ( this e-mail address is bad, please contact ).

 
Page updated 2021-07-14
Handle: RePEc:ers:journl:v:vii:y:2004:i:3-4:p:83-102