Earnings Announcements: Good News for Institutional Investors and Short Sellers

被引：31

作者：

Berkman, Henk ^{[1
]}

McKenzie, Michael ^{[2
]}

机构：

[1] Univ Auckland Business Sch, Auckland, New Zealand

[2] Univ Sydney, Sydney, NSW, Australia

来源：

FINANCIAL REVIEW | 2012年 / 47卷 / 01期

关键词：

informed traders; institutional ownership; short selling; earnings announcements; post-earnings announcement drift;

D O I：

10.1111/j.1540-6288.2011.00322.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we consider the trading behavior of institutional investors and short sellers around earnings announcements. The results suggest that institutional investors, and to a lesser extent short sellers, successfully anticipate earnings news. In the period immediately after the earnings announcement, both types of traders are active in the market and trade in response to the earnings announcement. In particular, short sellers are quick to increase their short positions when a company releases bad news. Institutional traders also trade in response to the news; however, they take longer to react.

引用

页码：91 / 113

页数：23

共 50 条

[41] Investors' trade size and trading responses around earnings announcements: An empirical investigation
Bhattacharya, N
ACCOUNTING REVIEW, 2001, 76 (02): : 221 - 244
[42] Investors' opinion disagreement and abnormal trading around pre-earnings announcements
Li, Xing
Hou, Keqiang
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2024, 91
[43] Investors' evaluations of strategic prior-period benchmark disclosures in earnings announcements
Krische, SD
ACCOUNTING REVIEW, 2005, 80 (01): : 243 - 268
[44] Earnings persistence, institutional investors monitoring and types of political connections
Tee, Chwee Ming
Rasiah, Puspavathy
ASIAN REVIEW OF ACCOUNTING, 2020, 28 (03) : 309 - 327
[45] Can Institutional Investors Improve Voluntary Management Earnings Forecasts?
Wang, Zhenkun
Zhang, Zhihong
Zhang, Han
EMERGING MARKETS FINANCE AND TRADE, 2019, : 2560 - 2582
[46] The relations among accounting conservatism, institutional investors and earnings manipulation
Lin, Fengyi
Wu, Chung-Min
Fang, Tzu-Yi
Wun, Jheng-Ci
ECONOMIC MODELLING, 2014, 37 : 164 - 174
[47] Institutional investors and real earnings management: A meta-analysis
Kabacinski, Bartosz
Mizerka, Jacek
Strozynska-Szajek, Agnieszka
ECONOMICS AND BUSINESS REVIEW, 2022, 8 (02) : 50 - 79
[48] Sports Mood Index, institutional investors, and earnings announcement anomalies
Wu, Runze
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, 2022, 35
[49] An Empirical Study on the Relationship between Institutional Investors and Earnings Management
Shen, Zunhuan
Duan, Aman
PROCEEDINGS OF THE 2012 INTERNATIONAL CONFERENCE ON MANAGEMENT INNOVATION AND PUBLIC POLICY (ICMIPP 2012), VOLS 1-6, 2012, : 312 - 316
[50] Institutional Investors Heterogeneity, Future Earnings and The Informativeness of Stock Prices
Ding Fangfei
Hou Ningning
Li Su
2013 THIRD INTERNATIONAL CONFERENCE ON INTELLIGENT SYSTEM DESIGN AND ENGINEERING APPLICATIONS (ISDEA), 2013, : 887 - 890

← 1 2 3 4 5 →