IDEAS home Printed from
   My bibliography  Save this article

Glamour Versus Value: Trading Behavior Of Institutions And Individual Investors


  • Vivek Sharma
  • Jungshik Hur
  • Heiwai Lee


We design a new metric to measure the net buying and selling by institutions and individual investors and find that from 1980 to 2004 institutional investors were net buyers of growth stocks and net sellers of value stocks, implying that individual investors were net buyers of value stocks and net sellers of glamour stocks. The institutional preference for glamour and value stocks seems to be related to sell-side analysts' recommendations and recent favorable stock price performances, especially during the post-1994 period. Finally, the institutional buying of growth stocks and sale of value stocks was not based on superior information. 2008 The Southern Finance Association and the Southwestern Finance Association.

Suggested Citation

  • Vivek Sharma & Jungshik Hur & Heiwai Lee, 2008. "Glamour Versus Value: Trading Behavior Of Institutions And Individual Investors," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 31(1), pages 65-84.
  • Handle: RePEc:bla:jfnres:v:31:y:2008:i:1:p:65-84

    Download full text from publisher

    File URL:
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Andrei Salem Gonçalves & Robert Aldo Iquiapaza & Aureliano Angel Bressan, 2012. "Latent Fundamentals Arbitrage with a Mixed Effects Factor Model," Brazilian Review of Finance, Brazilian Society of Finance, vol. 10(3), pages 317-335.
    2. Brounen, Dirk & Kok, Nils & Ling, David C., 2012. "Shareholder composition, share turnover, and returns in volatile markets: The case of international REITs," Journal of International Money and Finance, Elsevier, vol. 31(7), pages 1867-1889.
    3. repec:eee:quaeco:v:64:y:2017:i:c:p:152-161 is not listed on IDEAS
    4. Hung, Weifeng & Huang, Sheng-Tang & Lu, Chia-Chi & Liu, Nathan, 2015. "Trading behavior and stock returns in Japan," The Quarterly Review of Economics and Finance, Elsevier, vol. 58(C), pages 200-212.
    5. Jiang, Hao, 2010. "Institutional investors, intangible information, and the book-to-market effect," Journal of Financial Economics, Elsevier, vol. 96(1), pages 98-126, April.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jfnres:v:31:y:2008:i:1:p:65-84. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.