Family control, multiple institutional block-holders, and informed trading
نویسندگان
چکیده
منابع مشابه
Price Impact Asymmetry of Block Trades: An Institutional Trading Explanation
This article develops a theoretical model to explain the permanent price impact asymmetry between buyerand seller-initiated block trades (the permanent price impact of buys is larger than that of sells). The model shows how the trading strategy of institutional portfolio managers creates a difference between the information content of buys and sells. The main implication of the model is that th...
متن کاملRestructuring Institutional Block Trading: An Overview of the OptiMark System
Financial markets perjorm many functions, but principal among them is to bring buyers and sellers together and provide a mechanism for price discove~. Information technology has had a number of significant impacts on financial markets, enabling enormous increases in volumes and more sophisticated trading techniques such as program trading and index arbitrage. Despite improvements, some large in...
متن کاملCorportate Governance and Institutional Trading
Corportate Governance and Institutional Trading
متن کاملWho Benefits from Corporate Opacity? International Evidence from Informed Trading by Institutional Investors
Using cross-country data on trading by international mutual funds, I find that firms with more opaque information environments, as captured by firmand country-level measures of the availability of financial reporting information, experience more privately-informed trading by institutional investors. The association between firm-level opacity and informed trading is most pronounced where country...
متن کاملHow (Un)Informed Is Trading?
We estimate a structural model of strategic trader behavior that sheds light on the determinants of trading volume and stock returns. Our novel identification approach exploits enormous empirical variation in trading and volatility associated with the time of day and public news arrival. Over 95% of trading occurs during regular market hours (9:30am to 4pm), even though prices exhibit considera...
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: The European Journal of Finance
سال: 2012
ISSN: 1351-847X,1466-4364
DOI: 10.1080/1351847x.2012.696549