We investigate how distraction affects the trading behavior of professional asset managers. Exploring detailed transaction-level data, we show that managers with a large fraction of portfolio stocks exhibiting an earnings announcement are significantly less likely to trade in other stocks, suggesting that these announcements absorb attention which is missing for the choice of which stocks to tr...

We address the question: do technology investors differ from traditional investors? Employing a conjoint methodology, we identified 28 technology investors from a sample of 68 European early stage investors. Comparing the two groups of investors we found that: (1) technology investors were not more likely to receive public funding than traditional investors; (2) technology investors had more in...

This paper shows that active investors, such as venture capitalists, can affect the speed at which new ventures grow. In the absence of product market competition, new ventures financed by active investors grow faster initially, though in the long run those financed by passive investors are able to catch up. By contrast, in a competitive product market, new ventures financed by active investors...

Examining a sample of 701 offshore securities offerings under Regulation S of the Securities Act from 1993 to 1997, this Article tests whether foreign investors expect to resell Regulation S securities in the United States ahead of the U.S. secondary market reaction to news of the offering. The Article provides evidence from an event study that the secondary market reaction to a Regulation S of...

house at night and stabs his father to death in a callous and brutal act of revenge. 'Georgie' then proceeds to disrupt the Harper household. He displaces one of Mrs. Harper's paying guests, Gerry Henderson, from her affection and she tells her lover to leave. Susan later discovers 'Georgie's' true identity and his interest in sex and violence, and begins to suspect his connection with Mr. Durn...

Investors’ previous experiences with a stock affect their willingness to repurchase that stock. Using detailed trade data from two brokers, the authors document that investors are reluctant to repurchase stocks previously sold for a loss and stocks that have risen in price subsequent to a prior sale. The authors propose that this behavior reflects investors’ emotional reactions to trading and t...

As the evolvement of financial trading technology with wireless network infrastructure, mobile trading technology has emerged to meet investors’ requirements to access the financial markets regardless of time and place. However, being like a “two-edged sword”, mobile trading technology may affect investors’ irrational trading behaviors negatively. This research investigates both the positive an...

This paper examines the relationship between the stock crash risk of REITs and different types of institutional investors. First, when we classify REIT institutional investors by their legal type, we find that the ownership of pension funds (bank trusts) is negatively (positively) related to REIT crash risk. In addition, the trading of investment companies, including mutual funds, has become po...

Using Panel Data methods, this paper examines the impact of institutional investors on corporate governance and corporate performance, based on samples of familial listed companies in China from 2006 to 2008. The research shows that after investing in familial listed companies, institutional investors would play an important role to improve corporate governance. Simultaneously, the proportion o...