Institutional Trading and Stock Returns

By F. Cai, Lu Zheng. 2004

134 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/e56b97b4e47e07fdb284aa0614173d80d8de7d4d

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Citations in the corpus

Financial Reporting Opacity and Informed Trading by International Institutional Investors (2012, result): “11 The finding that β1 is negative for approximately 42% of my sample is consistent with prior literature (e.g. Bushee and Goodman, 2007; Cai and Zheng, 2004) which finds mixed evidence of informed trading by the average institution.”
Agency costs, ownership structure and corporate governance mechanisms (2003, background): “Empirical results in Yermack (1996) and Eisenberg et al. (1998) support the notion that firm performance is enhanced by smaller boards.”
Shareholder Investment Horizons and the Market for Corporate Control (2005, unknown): “12 This figure is consistent with Cai et al. (2000) .”
Caught on tape: Institutional trading, stock returns, and earnings announcements (2009, background): “Burch and Swaminathan (2002) report a positive correlation, but other authors find this to hold only for institutional purchases and not for sales (Cai and Zheng, 2004), only for new institutional positions in a stock (Badrinath and Wahal, 2002), and only for stocks with high past returns (Grinblatt”
Do institutional investors exploit the post-earnings announcement drift? (2005, unknown): “First, institutional investors as a group own more than half of US publicly traded equities and make more than 50% of all trades in the US stock market (Cai et al., 2002).”
Institutional Investors and Equity Returns: Are Short-Term Institutions Better Informed? (2009, background): “In contrast, Cai and Zheng (2004) find that institutional trading has negative predictive ability for next quarter’s returns. Bennett, Sias, and Starks (2003) show that the evidence of institutions’ ability to forecast returns is sensitive to how institutional trading is measured.”