机构投资者一定能够稳定股市吗？——来自中国的经验证据

摘要

Institutional investors have long been advocated for their significant function in stabilizing the Chinese stock market especially in decreasing stock price volatility. This paper studies institutional investors’ impact on stock price volatility in detail. We find that the different types of institutional investors with very different trading behaviors, the overall impact of institutional investors on stock market volatility is statistically insignificant; and the impact of the mutual funds on stock price volatility varies with the structure and the environment of the stock market.