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Cited by 762

The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.

Institutional Investors and the Informational Efficiency of Prices

Boehmer, Ekkehart, Kelley, Eric K.·2009·Review of Financial Studies
DOI 10.1093/rfs/hhp028
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Abstract

Using a broad panel of NYSE-listed stocks between 1983 and 2004, we study the relation between institutional shareholdings and the relative informational efficiency of prices, measured as deviations from a random walk. Stocks with greater institutional ownership are priced more efficiently, and we show that variation in liquidity does not drive this result. One mechanism through which prices become more efficient is institutional trading activity, even when institutions trade passively. But efficiency is also directly related to institutional holdings, even after controlling for institutional trading, analyst coverage, short selling, variation in liquidity, and firm characteristics.

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Metadata

Authors
Boehmer, E., & Kelley, E. K.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2009-04-17
Volume
22
Issue
9
Pages
3563-3594
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhp028
OpenAlex
W3122551880
Cited by
762
References
1
FWCI
51.54
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Institutional Investors and the Informational Efficiency of Prices. https://app.cochat.ai/papers/10.1093/rfs/hhp028
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Boehmer, E., & Kelley, E. K. (2009). Institutional Investors and the Informational Efficiency of Prices. Review of Financial Studies. https://doi.org/10.1093/rfs/hhp028

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.