Foreign institutional investors and security returns: evidence from Indian stock exchanges

Paper

Ananthanarayanan, Sandhya, Krishnamurti, Chandrasekhar and Sen, Nilanjan. 2009. "Foreign institutional investors and security returns: evidence from Indian stock exchanges ." 7th INFINITI Conference on International Finance 2009 - Credit Markets, Credit Institutions and Macroeconomic Volatility. Dublin, Ireland 08 - 09 Jun 2009 Dublin, Ireland.
Paper/Presentation Title

Foreign institutional investors and security returns: evidence from Indian stock exchanges

Presentation TypePaper
AuthorsAnanthanarayanan, Sandhya (Author), Krishnamurti, Chandrasekhar (Author) and Sen, Nilanjan (Author)
Journal or Proceedings TitleProceedings of the 7th INFINITI Conference on International Finance 2009 - Credit Markets, Credit Institutions and Macroeconomic Volatility
Number of Pages30
Year2009
Place of PublicationDublin, Ireland
Conference/Event7th INFINITI Conference on International Finance 2009 - Credit Markets, Credit Institutions and Macroeconomic Volatility
Event Details
7th INFINITI Conference on International Finance 2009 - Credit Markets, Credit Institutions and Macroeconomic Volatility
Event Date
08 to end of 09 Jun 2009
Event Location
Dublin, Ireland
Abstract

India liberalized its financial markets by opening its doors to foreign institutional investors in September, 1992. We study this landmark event, by examining the impact of trading of Foreign Institutional Investors on the major stock indices of India. First, we find that unexpected flows have a greater impact than expected flows on stock indices. Second, we find strong evidence consistent with the base-broadening hypothesis. Third, we do not find any evidence that foreign institutional investors employ either momentum or contrarian strategies. Fourth, our findings support the price pressure hypothesis. Finally, the claim that foreigners’ destabilize the market is not substantiated.
Keywords:

Keywordsforeign institutional investors, momentum and contrarian strategies, market destabilization
ANZSRC Field of Research 2020350202. Finance
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Byline AffiliationsCRISIL, India
Auckland University of Technology, New Zealand
Nanyang Technological University, Singapore
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