Institutional Ownership and Changes in the S&P 500
通过分析标普500指数成分股变动前后的机构持股变化，发现机构持股与指数变动正相关，为价格压力效应和机构需求弹性提供了新证据。
ABSTRACT Several recent articles have provided new evidence for the existence of price pressures by examining the price and volume effects associated with changes in the S&P 500. The present study extends this work by examining actual changes in institutional holdings following both additions to and deletions from the S&P 500. The results show that changes in institutional holdings in response to additions or deletions from the S&P 500 are positively correlated. In addition to providing further evidence for the existence of price pressure effects, the results also provide evidence of the very large institutional elasticities of demand for stock.