点击次数：

论文类型：会议论文

发表时间：2017-01-01

收录刊物：CPCI-SSH

页面范围：101-105

关键字：Institutional Investor; Investment Behavior; Market Efficiency

摘要：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.