标题：Studying the effect of institutional shareholders on stock price crash risk and stock price synchronicity in firms enlisted in Tehran Stock Exchange
摘要：One of the main presuppositions of agency theory is the fact that firm managers as 'employees' and shareholders as 'employers' have benefit controversies and managers do not make decisions necessarily to benefit shareholders. Accordingly this result in creating an opaque reporting environment for the investors and it affects stock value. Thus, the present research is going to investigate about the effect of institutional shareholders on the stock price crash risk and stock price synchronicity. In this research 152 firms enlisted in Tehran Stock Exchange were investigated during the time period between 2008 and 2013. To test the hypotheses we have used panel linear regression models and logistic non-linear models. The research findings showed that institutional shareholders affect stock price crash risk negatively and meaningfully but institutional investors did not affect stock price synchronicity meaningfully
