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Institutional investor cliques and stock price efficiency: Evidence from China
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We investigate the impact of coordinating groups of institutional investors (cliques) on stock price efficiency in China. Employing the Louvain algorithm, we identify institutional investor cliques based on their holding networks and observe strongly correlated trading behaviors among clique members. Our baseline findings document that institutional investor clique ownership impedes stock price efficiency. We also provide a potential mechanism suggesting that this impediment effect arises from reduced information acquisition by clique members. Our additional analyses suggest that the inefficient stock prices induced by institutional cliques may exacerbate stock bubbles and increase the stock price crash risk.
Title: Institutional investor cliques and stock price efficiency: Evidence from China
Description:
We investigate the impact of coordinating groups of institutional investors (cliques) on stock price efficiency in China.
Employing the Louvain algorithm, we identify institutional investor cliques based on their holding networks and observe strongly correlated trading behaviors among clique members.
Our baseline findings document that institutional investor clique ownership impedes stock price efficiency.
We also provide a potential mechanism suggesting that this impediment effect arises from reduced information acquisition by clique members.
Our additional analyses suggest that the inefficient stock prices induced by institutional cliques may exacerbate stock bubbles and increase the stock price crash risk.
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