A NOTE ON THE EFFECT OF INSTITUTIONAL TRADING ACTIVITIES ON THE REAL VALUE OF THE FINANCIAL TIMES ALL‐SHARE INDEX
用通胀调整后的数据检验金融机构股票交易对股价的影响，发现机构买入推高价格、卖出压低价格，但英国股市中没有单一金融部门是价格领导者。
The impact of financial institutions' equity trading activities on share prices is examined using inflation‐adjusted data. The regression results show that institutional purchasing pressure tends to raise prices and institutional selling activity tends to lower prices, but that no single financial sector may be identified as price leader within the UK equity market. These results are in complete agreement with those obtained in a previous study where the data were not corrected for inflation.