1、1600 单词， 10000 英文字符，中文 3000 字 文献出处： Ajina A, Lakhal F, Sougn D. Institutional investors, information asymmetry and stock market liquidity in FranceJ. International Journal of Managerial Finance, 2015, 11(1):44-59. http:/w ww.w 原文 Institutional investors, information asymmetry and stock market liqui
2、dity in France Ajina, Aymen, faten lakhal, and Danielle Sougn. 1. Introduction Institutional investors are considered as a common feature of modern capital markets. They play a major role in internationalizing financial markets because they manage huge volume of assets: nearly 62,000 billion dollars
3、 at the end of 2006, more than the total GDP of major industrialized countries. In 2005, institutional investors held 65% of equity in firms listed on the NYSE/AMEX, indicating a compound annual growth rate of 6.3% over the past 25 years (Agarwal, 2009). Institutional investors have constantly monit
4、ored companies for the past few years. Within this context, many studies have focused on the role of institutional investors as main actors on corporate governance structures (Bozec and Bozec, 2007; Chung and Zhang, 2011). However, few researchers studied institutional investors impact on the financ
5、ial market and, particularly, on liquidity. The purpose of this paper is to examine whether institutional investors affect information asymmetry and stock market liquidity in France. On the one hand, institutional investors are often considered as informed agents. Due to their huge volumes of assets
6、, they are able to get private information (Fehle, 2004). The information asymmetry between those who possess private information (institutional investors) and uninformed agents (minority shareholders) can have a negative impact on market liquidity, which confirms the adverse selection hypothesis. On the other hand, the signal theory developments claim that such a share-ownership is a governance mechanism. It should by nature encourage investors to inv
