Abstract

http://ssrn.com/abstract=1946605
 
 

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Institutional Investors and Information Content of Earnings Announcements Over Time


G. Mujtaba Mian


Hong Kong Polytechnic University

Suresh Radhakrishnan


University of Texas at Dallas - School of Management

Lixin (Nancy) Su


Hong Kong Polytechnic University - School of Accounting and Finance

October 19, 2011


Abstract:     
The investor composition in the US stock market has been undergoing a dramatic shift towards greater institutional ownership. In this paper, we show that the increase in the stock ownership by institutions over time, especially those with focus on short-term performance, is positively related to the increase over time in stock market response to earnings announcements. Our findings offer an additional explanation to the increase over time in the information content of earnings announcements, and provide a rationale for the frequently expressed view by corporate managers that they are increasingly pressured to meet short-term earnings targets due to the fixation of their investors on near-term corporate performance.

Number of Pages in PDF File: 35

Keywords: Information Content of Earnings Announcements, Institutional Investors, Concurrent Disclosure

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Date posted: October 21, 2011  

Suggested Citation

Mian, G. Mujtaba and Radhakrishnan , Suresh and Su, Lixin (Nancy), Institutional Investors and Information Content of Earnings Announcements Over Time (October 19, 2011). Available at SSRN: http://ssrn.com/abstract=1946605 or http://dx.doi.org/10.2139/ssrn.1946605

Contact Information

G. Mujtaba Mian
Hong Kong Polytechnic University ( email )
Suresh Radhakrishnan (Contact Author)
University of Texas at Dallas - School of Management ( email )
2601 North Floyd Road
Richardson, TX 75083-0688
United States
972-883-4438 (Phone)
972-883-6811 (Fax)
Lixin (Nancy) Su
Hong Kong Polytechnic University - School of Accounting and Finance ( email )
Hung Hom, Kowloon
Hong Kong
852-2766-7033 (Phone)
852-2330-9845 (Fax)
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