Papmot --
This is a very interesting question, especially since equity holdings
have shifted dramatically, even in the past 10 years. Much of it has
been driven by portfolio theory, especially the emergence of the
mutual fund industry.
Institutional stock holdings have increased from 35% in the mid-1980s
to 50% in 1996, according to a paper by Yaniv Grinstein and Roni
Michaely, of Cornell University. The paper says that there's no
increase in dividend payouts in companies with large institutional
shareholders:
"Institutional Holdings and Payout Policy" (Grinstein & Michaely, September, 2003)
http://forum.johnson.cornell.edu/faculty/michaely/Institutional%20Holdings%20and%20Payout%20Policy.pdf
University of Michigan Business School
"Who Moves the Market: A Study of Stock Prices and Sector Cash Flows"
(Zheng and Boyer, February, 2003)
http://webuser.bus.umich.edu/luzheng/web_page/lu_papers/mover.pdf
The Zheng-Boyer paper is very descriptive, noting some dramatic
changes in holdings of stock market securities (see pages 10-11):
1952 Equity Market
-------------------------
Households 91%
Mutual funds 2%
Pension funds 1%
1995 Equity Market
-------------------------
Households: 52%
Pension funds: 22%
Mutual funds 13%
The data used by Lu is from the Federal Reserve's "Flow of Funds
Accounts," produced quarter to show holdings of major assets in the
U.S. economy since 1952. This report, from the Board of Governors,
more detailed than even the information that you're seeking, breaking
down many types of institutional holders (banks, S&Ls, mutual funds,
pension funds, foreign banks, etc.)
You'll want to use chart L.213 on page 33, which has the most-recent
data from the end of September, 2003. It lists all of the institution
types in detail, though I've lumped several of the sub-1% holders in
"Other" in my summary chart below:
U.S. Federal Reserve Bank
Flow of the Funds of the United States -- Level Tables (Jan. 15, 2004)
http://www.federalreserve.gov/releases/Z1/Current/z1r-4.pdf
In summary, here are the most-recent percentages:
CORPORATE EQUITIES, Q3 2003
============================
Total value = $13,622 billion
Household: 37%
Rest-of world: 10%
Bank personal trusts & estates: 1%
Life insurance companies: 6%
Other insurance companies: 1%
Private pensions: 12%
State & local retirement: 8.6%
Mutual funds: 19.8%
Exchange-related funds: 1%
Other: 3.4%
DAILY TRADING INFORMATION
============================
I've checked a variety of sources and don't believe that daily trading
statistics (or averages) are available in any meaningful breakdowns.
It's difficult to track because of brokers dealing in street-name
accounts.
I've checked the 3 major exchanges (NYSE, AMEX, NASDAQ), Google and
academic sources -- none of which even attempt to measure who's really
trading.
However, Bear Stearns has published an interesting report in which
they classify different types of traders and the changes that are
hitting the stock market:
Bear Stearns
"Financial Technology" (March , 2003)
http://www.rushtrade.com/Press/030303.pdf
Google search strategy:
"institutional stock holdings"
Some of the Google search strategies used to try isolate daily trading
statistics were:
"daily trading statistics" + institutions
"daily trades" + "by segment"
"who trades on the NYSE"
A final note: you may wish to see several other Google Answers that
I've researched for some insights into trends in investment theory.
In particular, I'd recommend this one on Gene Fama & Ken French's
article on investments in small cap stocks:
http://answers.google.com/answers/threadview?id=273817
And another investment strategy:
http://answers.google.com/answers/main?cmd=threadview&id=176000
Best regards,
Omnivorous-GA |
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