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Thesis (M. Phil.)--University of Hong Kong, 2005. / Title proper from title frame. Also available in printed format.

Thesis (M.B.A.)--University of Hong Kong, 1987. / Cover title.

published_or_final_version / abstract / Business / Master / Master of Philosophy

This paper uses survey data by the Hong Kong Stock Exchange (HKEx) from 1991-2013 to test the role that institutional ownership has on the relative informational efficiency of stock prices in the Hang Seng Index, using the R2 of stock prices as a measurement of efficiency. This paper finds that on the aggregate level, the presence of institutional ownership is positively associated with R2, reflecting a negative effect on the level of information incorporated into stock prices. However, in isolating foreign institutions, the relationship with R2 reverses, and I find a positive correlation with the informational efficiency of stock prices. Moreover, this paper finds that a period characterized by high growth in institutional shareholding does not necessarily correspond to a greater level of improvement in the informational environment of stock markets. The results however, lack significance, perhaps due to the shortcomings of the survey data which is limited to 21 annual observations when incorporating a t-1 year lag. With more observations we would expect a substantial increase in the significance of the coefficient on our explanatory variables.

Thesis (M.B.A.)--University of Hong Kong, 1994. / Includes bibliographical references (leaves 107-109).