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Institutional Trading and Short-Term Stock Returns – Evidence from Dragon and Tiger List Data in China

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  • Xin Hong
  • Juan Yao
  • Zhuang Zhuang

Abstract

This paper uses daily institutional trading data derived from the Dragon and Tiger List in the Chinese stock market to examine how institutional trading affects short-term stock performance. We find that institutional trading is positively related to short-term stock performance, particularly for stocks with lower prior analyst coverage. Additionally, institutional trading is positively correlated with retail investor sentiment. However, institutional trading shows no significant relationship with long-term stock returns or firm performance.

Suggested Citation

  • Xin Hong & Juan Yao & Zhuang Zhuang, 2025. "Institutional Trading and Short-Term Stock Returns – Evidence from Dragon and Tiger List Data in China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 61(14), pages 4545-4559, November.
    • Handle: RePEc:mes:emfitr:v:61:y:2025:i:14:p:4545-4559
    DOI: 10.1080/1540496X.2025.2520377
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