We investigate the relation between share prices and the proportion of equity held by institutional investors for a sample of 52 companies quoted on the Athens Stock Exchange over the period from 1991 to 1996. We differ from earlier studies in as much as use is made of a) an explicit share valuation model and b) temporal and cross-sectional analysis. We find no significant relationship between share prices and institutional holdings. Tentatively, we conclude that institutional investors do not see themselves as part of the decision making team in which they have a stake.

Dimosthenis Hevas Et Al (2003). Share Prices and Ownership Variables:A Cross-Sectional and Temporal Analysis., European Research Studies Journal Volume VI Issue 3-4, 163-176