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Because shares that are shorted are owned by more than one party (the original lender plus the purchaser on the other side of the short sale), institutional ownership can exceed 100%. If a share sold short is re-borrowed and sold again, short interest ratios can also exceed 100%.

Asquith, Pathak & Ritter. "Short Interest, Institutional Ownership, and Stock Returns." Journal of Financial Economics.
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Q: Why is institutional ownership over 100?
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