The Shareholder Base Hypothesis of Stock Return Volatility: Empirical Evidence
利用瑞典所有权数据，研究股东基础规模和多样性是否通过改善股价信息含量来降低波动性，发现股东数量增加反而提高波动性。
Abstract We use Swedish ownership data to explore whether a large and diversified shareholder base leads to lower volatility by improving the information content of stock prices. We find that volatility increases in the number of shareholders with respect to both the number of relatively large shareholders and the fraction of shares held by investors with stakes below 0.1%. Volatility is also positively related to the number of institutional owners but negatively related to the number of large and underdiversified institutional owners. Foreign investors have no impact. Our results suggest that a large shareholder base does not lower volatility.