Institutional Investors And Equity Returns

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Independent Institutional Investors And Equity Returns

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Author : Yawen Jiao
language : en
Publisher:
Release Date : 2011

Independent Institutional Investors And Equity Returns written by Yawen Jiao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

This paper finds that the well-documented positive relation between institutional ownership and future equity returns (e.g., Gompers and Metrick, 2001) comes almost entirely from independent institutions. Independent institutional trading predicts future stock returns with no long-run price reversal, and is positively related to future earnings surprises (relative to analyst expectations) and earnings announcement abnormal returns. In contrast, grey institutions (institutional investors that have existing or potential business relationships with firms in which they invest) have no such predictive power. Independent institutions' predictive power comes from their advantage in information production instead of their willingness to monitor: (1) the predictive power of independent institutional trading exists only among firms with high information production costs, but not among firms with low information production costs; (2) independent institutional trading is not associated with subsequent industry-adjusted operating performance.

Institutional Investors And Equity Returns

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Author : Xuemin (Sterling) Yan
language : en
Publisher:
Release Date : 2013

Institutional Investors And Equity Returns written by Xuemin (Sterling) Yan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

We show that the positive relation between institutional ownership and future stock returns documented in Gompers and Metrick () is driven by short-term institutions. Furthermore, short-term institutions' trading forecasts future stock returns. This predictability does not reverse in the long run and is stronger for small and growth stocks. Short-term institutions' trading is also positively related to future earnings surprises. By contrast, long-term institutions' trading does not forecast future returns, nor is it related to future earnings news. Our results are consistent with the view that short-term institutions are better informed and they trade actively to exploit their informational advantage.

Foreign Institutional Investors Information Advantage And Equity Returns

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Author : Bo Zhang
language : en
Publisher:
Release Date : 2015

Foreign Institutional Investors Information Advantage And Equity Returns written by Bo Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Investments, Foreign categories.

Local Institutional Investors Information Asymmetries And Equity Returns

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Author : Bok Baik
language : en
Publisher:
Release Date : 2014

Local Institutional Investors Information Asymmetries And Equity Returns written by Bok Baik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

Using geographically proximate institutions as a close approximation to informed investors, this paper examines the informational role of institutional investors in stock markets. We find that both the level of and change in local institutional ownership predict future stock returns; in contrast, such predictive abilities are relatively weak for nonlocal institutional ownership. Moreover, the positive relation between local institutional holdings and stock performance is pronounced in firms with high information asymmetry. The positive relation is also more evident for holdings by institutions that are more likely to possess and exploit local information, such as local investment advisors, high local ownership institutions, and high local turnover institutions. Finally, we find that the stocks that local institutional investors hold (trade) earn higher excess returns around future earnings announcements than those that nonlocal institutional investors hold (trade). These findings suggest that geography proxies for the availability of information and allows local institutional investors to execute profitable trades based on their superior information.

Institutional Investors In Global Capital Markets

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Author : Narjess Boubakri
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-09-27

Institutional Investors In Global Capital Markets written by Narjess Boubakri and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-27 with Business & Economics categories.

Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.

Institutional Investor Activism

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Author : William Bratton
language : en
Publisher: OUP Oxford
Release Date : 2015-08-20

Institutional Investor Activism written by William Bratton and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-20 with Law categories.

The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.

Equity Style Returns And Institutional Investor Flows

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Author : Kenneth Froot
language : en
Publisher:
Release Date : 2009

Equity Style Returns And Institutional Investor Flows written by Kenneth Froot and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

This paper explores institutional investor trades in stocks grouped by style and the relationship of these trades with equity market returns. It aggregates transactions drawn from a large universe of approximately $6 trillion of institutional funds. To analyze style behavior, we assign equities to deciles in each of five style dimensions: size, value/growth, cyclical/defensive, sector, and country. We find, first, strong evidence that investors organize and trade stocks across style-driven lines. This appears true for groupings both strongly and weakly related to fundamentals (e.g., industry or country groupings versus size or value/growth deciles). Second, the positive linkage between flows and returns emerges at daily frequencies, yet becomes even more important at lower frequencies. We show that quarterly decile flows and returns are even more strongly positively correlated than are daily flows and returns. However, as the horizon increases beyond a year, we find that the flow/return correlation declines. Third, style flows and returns are important components of individual stock expected returns. We find that nearby style inflows and returns positively forecast future returns while distant style inflows and returns forecast negatively. Fourth, we find strong correlations between style flows and temporary components of return. This suggests that behavioral theories may play a role in explaining the popularity and price impact of flow-related trading.

Institutional Investors And Asset Pricing In Emerging Markets

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Author : Ms.Elaine Karen Buckberg
language : en
Publisher: International Monetary Fund
Release Date : 1996-01-01

Institutional Investors And Asset Pricing In Emerging Markets written by Ms.Elaine Karen Buckberg and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-01-01 with Business & Economics categories.

This paper presents a new theory of asset pricing intended to address why other developing country equity markets responded so strongly to the Mexican devaluation, while the world’s major stock markets were unmoved. This phenomenon can be explained if investors follow a two-step portfolio allocation process, first determining what share of their portfolio to invest in developing countries, then allocating those funds across the emerging markets. For 12 of 13 markets studied, the one-factor CAPM is rejected in favor of a two-factor asset pricing model, including both a broad emerging markets portfolio and the global market portfolio.

Institutional Investors In Global Markets

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Author : Gordon L. Clark
language : en
Publisher: Oxford University Press
Release Date : 2017

Institutional Investors In Global Markets written by Gordon L. Clark and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Biography & Autobiography categories.

This book is about what institutional investors do, how they do it, and when and where they do it; it is about the production of investment returns in the global economy. Being a book about the production process, it also tackles some of the key issues found in the academic literature on the theory of the firm.

Institutional Investors In The New Financial Landscape

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 1998-10-07

Institutional Investors In The New Financial Landscape written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-10-07 with categories.

This publication gives a comprehensive overview of the major driving forces behind recent trends, future prospects, financial market implications as well as regulatory and supervisory challenges related to the rise in institutional assets.