The contribution of the paper is to integrate several concepts to measure the information disclosure, and to investigate the influence of the information disclosure and the stock return synchronicity on the institutional investors' shareholdings. The information disclosure evaluated by SFI (Securities and Futures Institute) shows a positive impact on the institutional investors. In terms of the information content, when the firms' stock returns comprise more firm specific information they would be more attractive to the institutional investors. In the robust test, the regression models are reestimated using different information disclosure and control variable measurements, and the subsample of high stock return synchronicity. We also delete the firms with zero institutional holdings and deal with the outlier issue in the robustness and the results remain the same. Considering the endogeneity of the information disclosure, we adopt TSLS (Two-Stage Least Square) to estimate the simultaneous equations. The coefficient of the information disclosure remains positive.
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