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Indexed by:会议论文

Date of Publication:2017-01-01

Included Journals:CPCI-SSH

Page Number:101-105

Key Words:Institutional Investor; Investment Behavior; Market Efficiency

Abstract:This paper employs the variance ratio test method based on the theory of random walk to analyze different types of institutional investors' influence on market efficiency. Selecting the return volatility of five institutional investors' heavy warehouse stock from 2011 to 2015 to calculate and compare the effectiveness index, we show that these different institutional investors make various contribution to the market efficiency. The results show that institutional investors can improve the efficiency of the market. Among them, the contribution of brokers and insurance companies is more.