摘要：The purpose of this study is to
investigate the relationship between the level of institutional ownership and
the magnitude of the share price response to new equity issues by public utility
firms. Previous studies of industrial firms argue that the presence of
institutional investors reduces information asymmetry between the issuing firm
and the market. Their results indicate that there is a direct relationship
between the level of institutional ownership and the resulting magnitude of the
share price response. We hypothesize that this relationship is not significant
for public utility firms since the role of regulators supersedes that of
institutional investors in reducing information asymmetries. Findings, based on
a sample of 325 new equity issues by public utilities during 1977-1994, are
consistent with our hypothesis.
