Earnings Announcements: Good News for Institutional Investors and Short Sellers

被引：31

作者：

Berkman, Henk ^{[1
]}

McKenzie, Michael ^{[2
]}

机构：

[1] Univ Auckland Business Sch, Auckland, New Zealand

[2] Univ Sydney, Sydney, NSW, Australia

来源：

FINANCIAL REVIEW | 2012年 / 47卷 / 01期

关键词：

informed traders; institutional ownership; short selling; earnings announcements; post-earnings announcement drift;

D O I：

10.1111/j.1540-6288.2011.00322.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we consider the trading behavior of institutional investors and short sellers around earnings announcements. The results suggest that institutional investors, and to a lesser extent short sellers, successfully anticipate earnings news. In the period immediately after the earnings announcement, both types of traders are active in the market and trade in response to the earnings announcement. In particular, short sellers are quick to increase their short positions when a company releases bad news. Institutional traders also trade in response to the news; however, they take longer to react.

引用

页码：91 / 113

页数：23

共 43 条

[1]

Ali A., 2004, J ACCOUNTING AUDITIN, V19, P221

[2]

[Anonymous], 2005, WORKING PAPER

[3] The information content of short interest: A natural experiment [J].