Momentum, Reversals, and Investor Clientele

Executive Compensation and Investor Clientele

Executive Compensation and Investor Clientele Executive compensation has increased dramatically in recent times, but so has trading volume and individual investor access to financial markets. We provide a model where some managers may understate asset values through misleading statements in order to have enough of a cushion to compensate themselves. Owing to a lack of sophistication or näıveté,...

Integrated Reporting and Investor Clientele

In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm’s investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors. This result is more pronounced for firms with high growth opportunities, not controlled by a family, operating in ‘sin’ industries,...

Investor Sentiment and Price Momentum

This paper sheds empirical light on whether investor sentiment affects the profitability of price momentum strategies. We hypothesize that when investors are optimistic, their expectations will be more miscalibrated relative to those obtained from objective probabilities, and arbitrage will be more difficult with short-selling constraints. Our results show that momentum rises only when investor...

Stock Return Momentum and Investor Fund Choice

Volatile market condition and investor clientele effects on mutual fund flow performance relationship ¬リニ

Article history: Received 11 October 2012 Accepted 6 May 2014 Available online 4 June 2014 We analyze mutual fund flow–performance relationship using a novel sample of Chinese mutual funds that trade in a volatile market environment. Consistent with existing literature, we find that the net flow to a fund is positively related to past fund performance. However, the positive flow–performance rel...