Figure 4
The line plot titled “Cumulative Changes of Size-adjusted Institutional Ownership for Mispriced Stocks: Global Markets (excluding US)” charts six data series. The x-axis represents quarters marked from left to right as “Q negative 1, Q 0, Q 1, Q 2, Q 3, and Q 4,” and the y-axis shows “delta I O A D J,” ranging from negative 15.00 percent to 10.00 percent with an interval of 5.00 percent. Six lines represent “Global: overpriced” (dash-dotted blue), “Developed: overpriced” (dashed red), “Emerging: overpriced” (solid olive-green), “Global: underpriced” (bold dashed purple), “Developed: underpriced” (bold dashed blue), and “Emerging: underpriced” (dotted yellow). The legend at the bottom depicts these lines. The dash-dotted blue line starting from (Q negative 1, 0.00) decreases through (Q 2, negative 2.00) and ends at (Q 4, negative 5.00). The dashed red line starting from (Q negative 1, 0.00) decreases through (Q 2, negative 2.80) and ends at (Q 4, negative 3.60). The solid olive-green line starting from (Q negative 1, negative 1.00) decreases through (Q 2, negative 7.50) and ends at (Q 4, negative 13.40). The bold dashed purple line starting from (Q negative 1, 0.00) increases through (Q 2, 2.00) and ends at (Q 4, 3.40). The bold dashed blue line starting from (Q negative 1, 0.00) increases through (Q 2, 1.50) and ends at (Q 4, 1.67). The dotted yellow line starting from (Q negative 1, 1.80) increases through (Q 2, 2.50) and ends at (Q 4, 7.00). Note: All the numerical data values are approximated.Cumulative changes in size-adjusted institutional ownership in mispriced stocks in global markets. This figure shows the cumulative changes of size-adjusted institutional ownership in mispriced stocks in global markets from the fiscal-year end quarter to the end of institutional trading window. The overpriced stocks are the low FSCORE glamour firms and the underpriced stocks are high FSCORE value firms. The sample of global market includes 34 countries/regions around the world, excluding the USA. There are 19 developed markets and 15 emerging markets. The figure is created by authors