PANGGABEAN, L.S. (2014) Tables for Chapter 1
Saturday, 1 March 2014
Do the wealthiest investors cause the most
significant price impact in the long run?
the
reality in open, closed, regulated, and non-regulated stock marketS
Linda Sari Panggabean, MBM, S.T.
Radboud Universiteit Nijmegen
6
November 2013
ABSTRACT
The wealthiest investors are not the ones that impact the
stock market price in the long run. This finding contradicts the basic claim in
the Market Selection Hypothesis literatures and challenges the basic
assumptions in the financial economic theories about the presence of
representative agents that govern the relations of price. The result is robust
both in the regular market and OTC market as well as in the open and closed
market environments. The wealthiest investor group gains its superiority status
because new monies play more dominant role in their long term wealth than in
the other groups’.
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