Which Institutional Investors Trade Based on Private Information About Earnings and Returns

By Brian J. Bushee, Theodore H. Goodman. 2007

344 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/07db2637ad4e0eb56b63e63e763d81fc93437da2

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Citations in the corpus

Foreign Institutional Ownership and Stock Market Liquidity: Evidence from Indonesia (2009, unknown): “Many studies show that institutional trading is more likely information-driven (e.g. Ali et al., 2004; Pinnuck, 2004; Ke and Petroni, 2004; Bushee and Goodman, 2007), and large institutional ownership increases the degree of information asymmetry (e.”
Blockholders and Corporate Governance (2014, unknown): “Bushee & Goodman (2007) find the private information content of an institutional investor's trade increases in his stake.”
Governance Through Trading and Intervention: A Theory of Multiple Blockholders (2011, background): “Bushee and Goodman (2007) show that blockholders trade on private rather than public information.”
Block Ownership, Trading Activity, and Market Liquidity (2009, unknown): “Bushee and Goodman (2007) find that changes in institutional ownership are consistent with trading on private information.”
Local institutional investors, information asymmetries, and equity returns (2010, background): “This result confirms those in the previous sections and is consistent with Bushee and Goodman (2007), who show that private information trading is most pronounced for investment advisors.”
Common ownership and competition in product markets (2021, unknown): “Using 5% blockholdings for some of our measures incorporates institutions’ incentives and means to influence corporate policy choices. Second, percentage of common funds (PCF) is defined as the number of blockholders that own two or more companies in the industry over the total number of blockholder”
Corporate Jets and Private Meetings with Investors (2018, unknown): “Table 8 presents the results of regressions of Trading Gains on the same set of variables as in Table 7, and an additional variable (BHARq) to control for buy-and-hold size-adjusted returns over the current quarter (Bushee and Goodman 2007).”
Individual investors and financial disclosure (2013, background): “Krinsky 2000; D'Souza, Ramesh, and Shen 2010) who have lower information processing costs than other market participants, and documents that institutions develop and trade on their own private information (e.g., Ke and Petroni 2004; Bushee and Goodman 2007; Ali et al. 2008).”
Financial Reporting Opacity and Informed Trading by International Institutional Investors (2012, background): “Bushee and Goodman (2007) shows informed trading by institutions is most likely to take place when institutions hold large positions in particular firms, when the institution itself is large, and when the institution has more lax fiscal responsibilities.”
Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility (2015, unknown): “…and investment advisors who have the least fiduciary restrictions are both a concave function of CSR, consistent with Ali et al. (2004) and Bushee and Goodman (2007) that these institutions across different fiduciary duties behave similarly to total population of institutional investors.”