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Home > American Journal of Business > Volume 24 issue 1 > Bear Market Behavior of Institutional Investors in Sweden
American Journal of Business
ISSN: 1935-5181
Online from: 1986
Subject Area: Management Science/Management Studies
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Bear Market Behavior of Institutional Investors in Sweden
| Title: | Bear Market Behavior of Institutional Investors in Sweden |
|---|---|
| Author(s): | David Burnie, (Western Michigan University), Adri De Ridder, (Gotland University (Sweden)) |
| Citation: | David Burnie, Adri De Ridder, (2009) "Bear Market Behavior of Institutional Investors in Sweden", American Journal of Business, Vol. 24 Iss: 1, pp.33 - 46 |
| Keywords: | Bear market, Institutions, International markets, Portfolio decisions, Stock holdings |
| Article type: | General review |
| DOI: | 10.1108/19355181200900003 (Permanent URL) |
| Publisher: | Emerald Group Publishing Limited |
| Abstract: | Using a unique dataset of ownership structure for all stocks listed on the Stockholm Stock Exchange in Sweden, we examine different degrees of institutional holdings in Swedish firms during the bear market of 2000 to 2002. We find that examination by institutional investor domicile reveals that both Swedish and foreign institutions increase their equity holdings, although the increase by foreign institutions is proportionately higher, (individuals reduce their equity holdings). We find evidence that foreign and domestic institutional investors exhibit different preferences for excess returns and standard deviations in excess returns when we control for firm size; excess return is associated with changes in foreign institutional holdings while higher standard deviation in excess return is associated with the change in domestic institutional holdings. Both types of institutions are sensitive to liquidity and trading factors, causing portfolio realignment. |
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