Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility
نویسندگان
چکیده
منابع مشابه
Institutional Investors and Stock Return Anomalies
We examine institutional investor demand for stocks that are categorized as mispriced according to twelve well-known pricing anomalies. We find that institutional demand prior to anomaly portfolio formation is typically on the wrong side of the anomalies’ implied mispricing. That is, we find increases in institutional ownership for overvalued stocks and decreases in institutional ownership for ...
متن کاملInstitutional Investors and Corporate Investment
This paper investigates whether institutional investors influence firms’ investment in real assets and reduce the managerial agency conflict in investment choices. Institutional investors’ holdings of U.S. firms have gone from 10% of shares outstanding in 1960, to well over 60% in 2005. Importantly, given their significant ownership stakes and investment horizons, we expect them to closely moni...
متن کاملInstitutional Investors and Corporate Governance
The growing dominance of equity holdings by institutional investors, both domestic and international, is casting a sharp focus on their activities and owners and monitors of firms. It is suggested that whereas some general considerations arise in all cases, it is useful to separate discussion of the developments in the Anglo Saxon countries and continental Europe/Japan. The former is showing an...
متن کاملInstitutional Investors and Stock Market
We present a theory of excess stock market volatility, in which market movements are due to trades by very large institutional investors in relatively illiquid markets. Such trades generate significant spikes in returns and volume, even in the absence of important news about fundamentals. We derive the optimal trading behavior of these investors, which allows us to provide a unified explanation...
متن کاملStock Return Volatility and Capital Structure Decisions∗
We comprehensively examine the effects of stock return volatility on firms’ financial and investment decisions. Consistent with theories of investment with financing frictions, firms with high volatility actively reduce their leverage, cut investment, increase cash holding, cut non-cash current assets such as inventories and account receivables, and cut dividend. The effects of volatility are s...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Accounting Research
سال: 2000
ISSN: 0021-8456
DOI: 10.2307/2672914