Does Disagreement Facilitate Informed Trading? Evidence from Activist Investors
نویسندگان
چکیده
Abstract We study the effects of investor disagreement on informed trading by activist investors using high-frequency data derived from social network StockTwits. Greater leads to more activity subsequent day privately activists. Disagreement higher prices and improvements in measured liquidity, but these observed valuation market liquidity differences do not explain increase trading. Instead, affects primarily facilitating non-activist investors. These findings suggest that only uninformed also facilitates participants who often take actions aimed at changing corporate policies.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3765092