Volatility and the Institutional Investor
研究发现机构持股比例与股票收益波动性正相关，且证据支持机构持股增加导致波动性上升，而非风险吸引机构。
Inconsistent with the relationship predicted by most academic theory, a positive contemporaneous association is documented between the level of institutional ownership and security return volatility after accounting for capitalization. This relationship is consistent with two stories: Either riskier securities attract institutional investors, or an increase in institutional holdings results in an increase in volatility. These empirical results are consistent with the latter interpretation.