We investigate whether foreign institutional investors facilitate firm-specific information flow in the global market. Specifically, using annual institutional ownership data from firms across 40 countries, we find that foreign institutional ownership is negatively associated with excess stock return comovement. Our results are more pronounced when foreign institutional investors originate from common-law countries and hold a large equity stake in invested firms; and when the invested firms are located in civil-law countries. Overall, the evidence suggests that foreign institutional investors from countries with strong investor protection play an important informational role in mitigating excess stock return comovement around the world.

中文翻译：

---

境外机构投资者与股票收益联动

我们调查外国机构投资者是否促进了全球市场中特定于公司的信息流动。具体而言，使用来自 40 个国家的公司的年度机构所有权数据，我们发现外国机构所有权与超额股票收益联动呈负相关。当外国机构投资者来自普通法国家并持有被投资公司的大量股权时，我们的结果更加明显；以及当被投资公司位于大陆法系国家时。总体而言，有证据表明，来自拥有强大投资者保护的国家的外国机构投资者在缓解全球股票超额收益联动方面发挥着重要的信息作用。