haku: @author Bartov, E. / yhteensä: 5
viite: 3 / 5
| Tekijä: | Bartov, E. |
| Otsikko: | Investor sophistication and patterns in stock returns after earnings announcements |
| Lehti: | Accounting Review
2000 : JAN, VOL. 75:1, p. 43-64 |
| Asiasana: | INVESTMENT STOCK RETURNS EARNINGS |
| Kieli: | eng |
| Tiivistelmä: | This study tests whether the observed patterns in stock returns after quarterly earnings announcements are related to the proportion of firm shares held by institutional investors, a variable used by prior research to proxy for investor sophistication. The authors' findings show that the institutional holdings variable is negatively correlated with the observed post-announcement abnormal returns. The findings show that traditional proxies for transaction costs as well as firm size have little situational holdings as an explanatory variable. |
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