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作者：Hu, Gang; McLean, R. David; Pontiff, Jeffrey; Wang, Qinghai
作者单位：Babson College; University of Alberta; Massachusetts Institute of Technology (MIT); Boston College; University System of Georgia; Georgia Institute of Technology
摘要：At year-end, some allege that institutional investors try to mislead investors by placing trades that inflate performance (portfolio pumping) or distort reported holdings (window dressing). We contribute direct tests using daily institutional trades and find that year-end price inflation derives from a lack of institutional selling rather than institutional buying. In fact, institutional buying declines at year-end. Consistent with pumping, institutions tend to buy stocks in which they already...
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作者：Ozsoylev, Han N.; Walden, Johan; Yavuz, M. Deniz; Bildik, Recep
作者单位：University of Oxford; Koc University; University of California System; University of California Berkeley; Purdue University System; Purdue University; Borsa Istanbul
摘要：We study the trading behavior of investors in an entire stock market. Using an account level dataset of all trades on the Istanbul Stock Exchange in 2005, we identify investors with similar trading behavior as linked in an empirical investor network (EIN). Consistent with the theory of information networks, we find that central investors earn higher returns and trade earlier than peripheral investors with respect to information events. Overall, our results support the view that information dif...
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作者：Chen, Hailiang; De, Prabuddha; Hu, Yu (Jeffrey); Hwang, Byoung-Hyoun
作者单位：City University of Hong Kong; Purdue University System; Purdue University; University System of Georgia; Georgia Institute of Technology; Korea University
摘要：Social media has become a popular venue for individuals to share the results of their own analysis on financial securities. This paper investigates the extent to which investor opinions transmitted through social media predict future stock returns and earnings surprises. We conduct textual analysis of articles published on one of the most popular social media platforms for investors in the United States. We also consider the readers perspective as inferred via commentaries written in response ...
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作者：Malmendier, Ulrike; Shanthikumar, Devin
作者单位：University of California System; University of California Berkeley; University of California System; University of California Irvine
摘要：Why do security analysts issue overly positive recommendations? We propose a novel approach to distinguish strategic motives (e.g., generating small-investor purchases and pleasing management) from nonstrategic motives (genuine overoptimism). We argue that nonstrategic distorters tend to issue both positive recommendations and optimistic forecasts, while strategic distorters speak in two tongues, issuing overly positive recommendations but less optimistic forecasts. We show that the incidence ...
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作者：Dass, Nishant; Kini, Omesh; Nanda, Vikram; Onal, Bunyamin; Wang, Jun
作者单位：University System of Georgia; Georgia Institute of Technology; University System of Georgia; Georgia State University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Aalto University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We analyze the role of directors from related industries (DRIs) on a firm's board. DRIs are officers and/or directors of companies in the upstream/downstream industries of the firm. DRIs are more likely when the information gap vis-a-vis related industries is more severe or the firm has greater market power. DRIs have a significant impact on firm value/performance, especially when information problems are worse. Furthermore, DRIs help firms handle industry shocks and shorten their cash convers...
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作者：Georgarakos, Dimitris; Haliassos, Michael; Pasini, Giacomo
作者单位：Goethe University Frankfurt; University of Leicester; Centre for Economic Policy Research - UK; Universita Ca Foscari Venezia
摘要：Can concern with relative standing, which has been shown to influence consumption and labor supply, also increase borrowing and the likelihood of financial distress? We find that perceived peer income contributes to debt and the likelihood of financial distress among those who consider themselves poorer than their peers. We use unique responses describing perceived peer characteristics from a Dutch population-wide survey to handle two major challenges of uncovering social interaction effects o...
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作者：Malenko, Nadya
作者单位：Boston College
摘要：Time constraints, managerial power, and reputational concerns can impede board communication. This paper develops a model where board decisions depend on directors' effort in communicating their information to others. I show that directors communicate more effectively when pressure for conformity is stronger-that is, when directors are more reluctant to disagree with each other. Hence, open ballot voting can be optimal, even though it induces directors to disregard their information and confor...
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作者：Bali, Turan G.; Peng, Lin; Shen, Yannan; Tang, Yi
作者单位：Georgetown University; City University of New York (CUNY) System; Baruch College (CUNY); Bentley University; Fordham University
摘要：We find that the stock market underreacts to stock-level liquidity shocks: liquidity shocks are not only positively associated with contemporaneous returns, but they also predict future return continuations for up to six months. Long-short portfolios sorted on liquidity shocks generate significant returns of 0.70% to 1.20% per month that are robust across alternative shock measures and after controlling for risk factors and stock characteristics. Furthermore, we show that investor inattention ...
