机构持股比例高的上市公司其应计可靠性较高。
The companies with high proportion of institutional ownership have higher accrual reliability.
私人和机构股东之所以愤怒，是因为这笔交易无视他们的优先购买权----任何新股份发行，他们都应该有第一承购权，----并且降低了他们的持股比例。
Private and institutional shareholders are angry because the deal ignores their pre-emption rights – they should have first refusal on any new shares issued – and would dilute their stakes.
本文将股票按照机构投资者持股比例高低分为不同子集，分别研究惯性和反转现象的发生情况。
The returns of the groups show the characteristics of reversal with lower institutional investor holding and the momentum with higher institutional investor holding respectively.
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