Delayed informed trades and opinion divergence: Evidence from earnings releases

被引：3

作者：

Chen, Tao ^{[1
]}

机构：

[1] Univ Macau, Fac Business Adm, Taipa, Macau, Peoples R China

来源：

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS | 2022年 / 27卷 / 04期

关键词：

delayed informed trades; information complexity; institutional competition; opinion divergence; stock illiquidity; INSTITUTIONAL INVESTORS; INFORMATION; ANNOUNCEMENT; LIQUIDITY; RETURNS; PRICE; COMPLEXITY; VOLUME; SIZE;

D O I：

10.1002/ijfe.2387

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study begins to verify whether delayed informed trades occur surrounding an earnings release. Next, we discover that post-event investor opinions tend to diverge when more informed trades are delayed after the earnings release. As additional empirical evidence indicates, investors are likely compelled to postpone their informed trades due to information complexity, stock illiquidity, and institutional competition. Finally, such a documented association between delayed informed trades and opinion divergence remains robust to the placebo test, endogeneity problem, and large-cap sample bias.

引用

页码：4556 / 4574

页数：19

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