How institutional investors preference in small-cap stocks?

[[abstract]]本研究根據Blume and Keim (2008)的研究方法將股票分為大市值股、大中市股、中市值股、中小市值股和小市值股五類，探討機構投資者持有不同市值股的偏好，特別是以小市值股票為主要探討對象。研究分為下列三個部分，第一部分為臺灣股票型基金持股票偏好，發現基金偏好持有中小市值股與小市值股。第二部分為基金的持股偏好是否會隨時間而改變偏好，研究顯示基金在本研究期間沒有偏好改變，同時基金對小市值股的持有偏好與景氣政策訊號有正相關。第三部分為探討不同規模的基金持股偏好，發現小規模的基金特別偏好持有小市值股。[[abstract]]According to the research methods of Blume and Keim (2008) divided into the stock market capitalization quintiles explore the preferences of different cap stocks held by institutional investors particularly in the small-cap stocks as the main discussion The research is divided into the following three parts The first part is held by mutual funds the stock preferences found that institutional investors prefer small-cap stocks than large-cap stocks The second part is the Fund's holdings preferences change over time the study showed no significant change in the trend and the trend of the ratio of small-cap stocks held by the fund and Monitoring indicator time trends similar The third part is to explore the different sizes of the fund's holdings preferences and found that the ratio of small-cap stocks are held in small-cap fund were higher than the ratio of small-cap stocks held in large-cap funds which means that small-cap funds more prefer to hold small-cap stocks than large-cap fun