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| Author: | Cohen, R. B. Gompers, P. A. Vuolteenaho, T. |
| Title: | Who underreacts to cash-flow news? Evidence from trading between individuals and institutions |
| Journal: | Journal of Financial Economics
2002 : DEC, VOL. 66:2-3, p. 409-462 |
| Index terms: | Return on investment Cash flow Individual behaviour Organizational behaviour |
| Language: | eng |
| Abstract: | The authors examine the joint behaviour of returns, cash-flow news, and trading between individuals and institutions. Institutions buy shares from individuals in response to positive cash-flow news, thus exploiting the underreaction phenomenon.Instituions are not simply following price momentum strategies: When price goes up (down) in the absence of any cash-flow news, institutions sell shares to (buy shares from) individuals. |
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