search query: @author Kini, O. / total: 8
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| Author: | Brous, P. Kini, O. |
| Title: | The valuation effects of equity issues and the level of institutional ownership: evidence from analysts' earnings forecasts |
| Journal: | Financial Management
1994 : SPRING, VOL. 23:1, p. 33-46 |
| Index terms: | VALUATION FORECASTING EARNINGS |
| Language: | eng |
| Abstract: | This paper investigates whether the level of institutional ownership has any effect on the market reaction to announcements of a firm-level "event", namely the issuance of equity. The authors first study the association between the announcement-period abnormal stock price reaction and institutional ownership. They find a significant positive relation between announcement period abnormal stock returns and institutional ownership. The findings support the view that institutions are effective monitors of of the equity issuance decision. |
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