Local institutional investors, information asymmetries, and equity returns

By Bok Baik, Jun-Koo Kang, Jin-Mo Kim. 2010

453 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/b6a03ae41997f1f01c4eecacd949dbc3ebd31535

How researchers see this paper

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

In Accounting

In Finance

Citations in the corpus

Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments (2013, unknown): “Evanston, IL 60208 and NBER joshua-rauh@kellogg.northwestern.edu 2 ”
Home Away From Home: Geography of Information and Local Investors (2015, methodology): “Indeed, complementing previous studies of local excess ownership around HQ locations (e.g., Coval and Moskowitz (1999), Baik, Kang, and Kim (2010)), we show that even the local HQ bias largely depends on a firm’s local exposure in its HQ state.”
Financial Reporting Opacity and Informed Trading by International Institutional Investors (2012, background): “Baik et al. (2010) shows, in the U.S., informed trading is concentrated primarily among local (in terms of geographic proximity) institutions. Yan and Zhang (2009) argues that the positive relation between institutional ownership and future stock returns documented in Gompers and Metrick (2001) is d”
Local Investors and Corporate Governance (2012, unknown): “…are able to benefit from their superior information about local firms (e.g., Coval and Moskowitz, 1999, 2001; Ivković and Weisbenner, 2005; Baik et al., 2010; Bernile et al., 2010), although this informational advantage has disappeared after Regulation Fair Disclosure (Bernile et al.,…”
Institutional Investment Horizon and Investment-Cash Flow Sensitivity (2012, background): “Institutional heterogeneity As noted earlier, a handful of studies (e.g., Brickley et al., 1988; Duggal and Millar, 1994; Bushee, 2001; Baik et al., 2010; Elyasiani and Jia, 2010) stress the need to examine the role of institutional heterogeneity.”
Does Information Asymmetry Matter to Equity Pricing? Evidence from Firms’ Geographic Location (2010, unknown): “Baik et al. (2010) show that the level as well as changes in local institutional ownership predict future stock returns, although such predictive abilities are weaker for nonlocal institutional ownership.”
Geographic Proximity between Auditor and Client: How Does it Impact Audit Quality? (2012, unknown): “Third, we used state-based differentiation, as in Baik et al. (2010).”