There has been a steady increase in institutional ownership of penny stocks over the past decades. Nevertheless, we show that penny stocks bought by institutional investors significantly underperform other penny stocks in subsequent four quarters. This poor performance is mainly driven by quasi-indexers, i.e., institutions with passive and widely diversified investment strategies. In comparison, dedicated institutions, i.e., those with low turnover but large average investments in portfolio firms and a commitment to “relationship investing”, have marginally significant ability in trading penny stocks.

中文翻译：

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小池塘里的大鱼：低价股的机构交易

在过去的几十年里，机构持有的低价股一直在稳步增加。尽管如此，我们显示机构投资者购买的便士股票在随后的四个季度中的表现明显逊于其他便士股票。这种糟糕的表现主要是由准指数机构驱动的，即具有被动和广泛多元化投资策略的机构。相比之下，专门机构，即那些换手率低但平均对投资组合公司进行大量投资并致力于“关系投资”的机构，在交易便士股票方面的能力略显显着。