Does Shareholder Composition Matter ? Evidence From The Market Reaction to Corporate Earnings Announcements  

Oleh:

Hotchkiss, Edith S. ; Strickland, Deon

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 4 (2003), page 1469-1498.
Topik: CORPORATE; institutional investments; earnings announcements; securities markets; stock prices; studies
Fulltext: p 1469.pdf (220.68KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine whether institutional ownership 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. Ownership structure is also related to trading volume and to stock price volatility on days around earnings announcements. Our findings are consistent with the idea that the composition of institutional shareholders effects stock price behavior around the release of corporate information.

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