作者：Irvine, Paul; Lipson, Marc; Puckett, Andy
作者单位：University System of Georgia; University of Georgia; University of Virginia; University of Missouri System; University of Missouri Columbia
摘要：We investigate the trading of institutions immediately before the release of analysts' initial buy recommendations. We document abnormally high institutional trading volume and buying beginning five days before recommendations are publicly released. Abnormal buying is related to initiation characteristics that would require knowledge of the content of the report-such as the identity of the analyst and brokerage firm, and whether the recommendation is a strong buy. We confirm that institutions ...
作者：Colak, Gonul; Whited, Toni M.
作者单位：University of Wisconsin System; University of Wisconsin Madison; Wichita State University
摘要：We examine whether spin-offs or divestitures cause improvements in conglomerate investment efficiency. At issue are endogeneity of these restructuring decisions and correct measurement of investment efficiency. Endogeneity is a problem because the factors that induce firms to spin off or divest divisions may also improve investment efficiency; measurement error is a problem because efficiency measures employ Tobin's q as a noisy proxy for investment opportunities. We find important differences...
