Institutional Trading and Short-Term Stock Returns – Evidence from Dragon and Tiger List Data in China

Xin Hong, Juan Yao and Zhuang Zhuang

Emerging Markets Finance and Trade, 2025, vol. 61, issue 14, 4545-4559

Abstract: This paper uses daily institutional trading data derived from the Dragon and Tiger List in the Chinese stock market to examine how institutional trading affects short-term stock performance. We find that institutional trading is positively related to short-term stock performance, particularly for stocks with lower prior analyst coverage. Additionally, institutional trading is positively correlated with retail investor sentiment. However, institutional trading shows no significant relationship with long-term stock returns or firm performance.

Date: 2025
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DOI: 10.1080/1540496X.2025.2520377

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