Investment Behaviour of Institutional Investors in Emerging Markets:Evidence from China
研究了中国机构投资者在股票选择中偏好低交易成本股票，并关注省份经济和行业特征，在发达地区采用价值投资策略，在上游产业高、垄断产业低的地区采用概念与价值结合的策略以获得超额收益。
This paper investigates institutional investment decisions in the emerging Chinese market.Similar to the evidence from the developed markets,Chinese institutional investors prefer stocks with lower deadweight costs.Moreover,Chinese institutional investors care about the economic and industry attributes of provinces where the stocks locates.In particular,for stocks located in the developed region,they adopt the value investment strategy;however,for stocks domiciled in regions with higher output from upstream industries and lower output from the monopoly industries,they employ an investment strategy combining both concept investment and value investment,which brings superior returns.