This study examines the role played by institutional investors in Australia. With a unique database that provides comprehensive coverage of institutional ownership, this study is the first to examine the overall performance of all institutions in the Australian equity market. Institutional investors do not outperform the market. Examining their trading activities in greater detail, we find that institutional investors do not exploit well-known stock market anomalies, with the exception of momentum. Institutional investors are also found to sell loser stocks heavily at the end of the financial year, thus contributing to a strong quarter-end momentum effect.

中文翻译：

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澳大利亚股市异常的机构交易

本研究考察了澳大利亚机构投资者所扮演的角色。凭借提供全面覆盖机构所有权的独特数据库，本研究首次检验了澳大利亚股票市场中所有机构的整体表现。机构投资者的表现并不优于市场。更详细地检查他们的交易活动，我们发现机构投资者不会利用众所周知的股市异常，除了动量。机构投资者也被发现在财政年度末大量抛售亏损股票，从而促成了强劲的季度末动能效应。