Heterogeneity of Institutional Investors Based on Feature Extraction of Investment Behavior and Overvaluation of Stock Price

摘要

Based on the data of institutional investors in China's capital market from 2009 to 2017, this paper divides institutional investors into three types according to the characteristics of shareholding concentration and turnover rate: dedicated, transient and long-term dispersed, and examines the role of different types of institutional investors in overvaluation of stock prices. The empirical results show that: long-term dispersed institutional investors have a weakening effect on stock price overvaluation, while dedicated and transient institutional investors have the opposite effect; Analysts' concern strengthens the heterogeneous effect of these three types of institutional investors on stock price overvaluation.