haku: @author Strickland, D. / yhteensä: 3
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| Tekijä: | Hotchkiss, E. S. Strickland, D. |
| Otsikko: | Does shareholder composition matter? Evidence from the market reaction to corporate earnings announcements |
| Lehti: | Journal of Finance
2003 : AUG, VOL. 58:4, p. 1469-1498 |
| Asiasana: | Stock markets Shareholders Share prices |
| Kieli: | eng |
| Tiivistelmä: | The authors examine whether institutional ownership composition is related to parameters of the market reaction to negative earnings announcements. When firms report earnings below analysts' expectations, the stock price response is more negative for firms with higher levels of ownership by momentum or aggressive growth investors. There is no evidence, however, that these institutions cause an "overreaction" to earnings news. The findings are consistent with the idea that the composition of institutional shareholders effects stock price behaviour around the release of corporate information. |
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