haku: @indexterm INSTITUTIONAL INVESTORS / yhteensä: 153
viite: 67 / 153
| Tekijä: | Nofsinger, J. R. |
| Otsikko: | The impact of public information on investors |
| Lehti: | Journal of Banking and Finance
2001 : APR, VOL. 25:4, p. 1339-1366 |
| Asiasana: | INVESTMENT INVESTORS INFORMATION INSTITUTIONAL INVESTORS MACROECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | This study investigates the trading behavior of institutional and individual investors around both firm- specific news releases in the Wall Street Journal and and macro-economic announcements. For the firm-specific news releases the authors find that investors conduct a high degree of trading around news releases, especially earnings and dividend news. Institutions buy and sell on both good and bad news, while individual investors only only trade on good news. The length of the news article (visibility) is also an important attribute to motivate individual investor trading. Lastly, both institutions and individuals buy large firms after good economic news and sell large firms after bad economic news. The trading of small firms does not appear to be motivated by macro-news. |
SCIMA