Changes in Institutional Ownership and Subsequent Earnings Announcement Abnormal Returns

By Ashiq Ali, Cindy Durtschi, Baruch Lev, Mark A. Trombley. 2004

133 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/5716a45709f2ca925877f094a6040a98afb09347

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Mark Maffett
2. Theodore H. Goodman
3. Benjamin C. Ayers
4. Brian J. Bushee
5. John R. Robinson
6. Christian Leuz
7. G. He
8. Peter D. Wysocki

In Finance

1. Mark Maffett
2. Theodore H. Goodman
3. Benjamin C. Ayers
4. Brian J. Bushee
5. John R. Robinson
6. G. He
7. Amy Y. Zang
8. Jeffrey L. Callen

Citations in the corpus

• Which Institutional Investors Trade Based on Private Information About Earnings and Returns (2007, result): “We confirm prior findings of institutional trading in advance of future firm performance, including positive relations between changes in investment adviser ownership and future earnings-announcement returns (Ali et al. [2004], Pinnuck [2004]) and between changes in transient investor ownership and ”
• Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility (2015, unknown): “…fiduciary restrictions 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…”
• Do institutional investors exploit the post-earnings announcement drift? (2005, unknown): “Because Ali et al. (2004) show that mutual funds and investment advisors’ quarterly ownership changes can predict the stock market’s response to the subsequent quarter’s earnings announcement (i.”
• The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices (2004, unknown): “, independent investment advisors, investment companies, bank trusts, etc) using the classifications outline in Ali et al. (2004) and Hartzell and Starks (2003). We find no significant differences in the relation between synchronicily and institutional Irading when the sample is partitioned by insti”
• The Effect of Shareholder‐Level Dividend Taxes on Stock Prices: Evidence from the Revenue Reconciliation Act of 1993 (2002, background): “Possible nontax explanations of the positive effect of INST on abnormal returns are that institutional investors are better able to pick stocks that outperform the market due to informational advantages (Ali et al. 2002), or that management oversight by institutional investors enables firms to outpe”
• 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.g. Dennis and Weston, 2001; Agarwal, 2007; Rubin,…”
• Financial Reporting Opacity and Informed Trading by International Institutional Investors (2012, methodology): “…trading using the beta coefficient from a regression of future returns on contemporaneous changes in holdings (e.g., Gompers and Metrick, 2001; Ali et al., 2004; Yan and Zhang, 2009).6 This coefficient captures the extent to which future returns vary with institutional investors’ changes in…”