Investors' Trade Size and Trading Responses around Earnings Announcements: An Empirical Investigation

By Nilabhra Bhattacharya. 2001

248 citations recorded by the source corpus.

Subfields: Accounting, Finance, Management Science and Operations Research

View Paper: https://www.semanticscholar.org/paper/cc8b3deda22e93a32f3ef7de0ea74ca4753f2c93

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

In Accounting

1. John E. Core
2. Tarun Ramadorai
3. W. Guay
4. A. Lawrence
5. Charles M. C. Lee
6. Theodore E. Christensen
7. John Y. Campbell
8. A. Schwartz

In Finance

1. Tarun Ramadorai
2. John E. Core
3. W. Guay
4. A. Lawrence
5. Charles M. C. Lee
6. W. H. Beaver
7. Theodore E. Christensen
8. Beverly R. Walther

In Management Science and Operations Research

1. Tarun Ramadorai
2. John Y. Campbell
3. A. Schwartz
4. Ervin L. Black
5. Theodore E. Christensen
6. W. H. Beaver
7. A. Lawrence
8. Brian J. Bushee

Citations in the corpus

• Trading Volume Around Earnings Announcements and Other Financial Reports: Theory, Research Design, Empirical Evidence, and Directions for Future Research (2010, unknown): “Bhattacharya, Black, Christensen, and Mergenthaler (2007) investigate how different investor groups respond to pro forma earnings announcements.”
• Individual investors and financial disclosure (2013, background): “…how individuals respond to financial reporting information use small trades as a proxy for individual investors' trades (e.g., Lee 1992; Bhattacharya 2001; Bushee, Matsumoto, and Miller 2003, 2004; Bhattacharya, Black, Christensen, and Mergenthaler 2007; De Franco, Lu, and Vasvari…”
• When Security Analysts Talk, Who Listens? (2007, background): “Bhattacharya (2001), Bhattacharya, Black, Christensen, and Mergenthaler (2004), and Battalio and Mendenhall (2005) similarly document differences in the reliance on earningsrelated information between large and small traders.”
• Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia (2008, background): “Information on large firms usually is more publicly available and could be obtained with lower costs than information on small firms (Bhattacharya, 2001).”
• Caught on tape: Institutional trading, stock returns, and earnings announcements (2009, methodology): “Lee (1992), Bhattacharya (2001), and Shanthikumar (2004) all use variants of the Lee and Radhakrishna method to study higher frequency institutional trading around earnings announcements.”
• The Role of the Business Press as an Information Intermediary (2010, methodology): “8 Bhattacharya (2001) uses $5,000 as the cut-off for small trades and $50,000 as the cut-off for large trades in his sample of NYSE and AMEX firms.”
• Cross-country determinants of bank income smoothing by managing loan loss provisions (2008, background): “4 Evidence in Bhattacharya (2001) suggests that at least one segment of the public market (small trades in small publicly held firms) relies on a simple earnings-based benchmark and Fan and Wong (2002) showed that ownership concentration in East Asia is associated with low earnings informativeness.”
• Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs (2018, unknown): “This assumption and research design have extensive precedent (e.g., Woodruff and Senchack 1988; Bhattacharya 2001; Battalio & Mendenhall 2005; Cready & Hurtt 2002; Bhattacharya et al. 2007; Hirshleifer et al. 2008), but we acknowledge that they are imperfect.”
• Assessing the Relative Informativeness and Permanence of Pro Forma Earnings and GAAP Operating Earnings (2003, methodology): “We use Vuong’s (1989) likelihood ratio test (e.g., Dechow, 1994; Ayers, 1998; Bhattacharya, 2001) and a test developed by Biddle et al.”