学术预告|bte365娱乐城学术系列(第70期)

 

We examine how institutional investors influence post-earnings announcement drift (PEAD) in China. Our findings suggest that institutional holdings are positively correlated with PEAD in China. This positive relation is more salient for institutional investors with shorter investment horizons, in firms with lower transaction costs and higher information opacity, and before the Fair Disclosure Reform. In addition, we show that institutional investors reverse their trading positions in the second quarter after the earnings announcement. Stock return reversed subsequently as well. In contrast to the well-established view that institutional investors exploit PEAD and accelerate the speed of information incorporation, our findings suggest that the profit chasing activities of institutional investors may destabilize stock price in emerging markets, such as China, that can be characterized with weak legal system and retail-investor-dominance.

 

        林秉旋，美国罗德岛大学金融学终身教授。主要研究兴趣为企业并购、财务分析师和公司治理，已在JCF、JAPP、JBFA、JEF、EJF、《经济研究》、《金融研究》等国内外重要期刊发表学术论文多篇。