题 目：Foreign Institutional Ownership and Liquidity Commonality Around the World
时 间：2017年10月19日（周四）下午16:30
地 点：浙江大学玉泉校区经济学院236室
主讲人：李勇博士 澳大利亚昆士兰大学
主持人：王义中 浙江大学经济学院副院长、教授
主办方：浙江大学经济学院
浙江大学工程师学院互联网金融分院
协办方：浙江大学金融研究院
浙江大学应用经济研究中心
Abstract:
In this study, we identify the relation between foreign institutional ownership and stock liquidity commonality in 39 countries from 2000 to 2014. Our results show a negative and robust linkage between foreign institutional ownership and global stock liquidity commonality. Corporate transparency is a key mechanism through which foreign institutional investors can reduce stock liquidity commonality. Independent and U.S.-based foreign institutional investors have a greater effect on reducing stock liquidity commonality. Additionally, there is a U-shaped relation between foreign institutional ownership and stock liquidity commonality. Next, we provide evidence that foreign institutional investors mitigate the effects of local culture, exaggerate the impacts of economic policy uncertainty, and substitute the role of a country’s corporate governance level. Finally, it is evident that stock liquidity commonality mediates the relation between foreign institutional ownership and firm valuation. Foreign institutional investors can enhance firm valuation through stock liquidity commonality and stock illiquidity.
嘉宾简介：
Dr Yong Li is a research fellow at UQ Business School. Yong’s research focuses on Funds Management and portfolio management. Yong’s work is published in internationally refereed journals including Quantitative Finance, Insurance: Mathematics and Economics, and Mathematical Social Sciences. His teaching focus is in Introduction to Finance, International Financial Management and Derivatives and Risk Management.
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