Accruals quality, information risk, and institutional investors' trading behavior: Evidence from the Korean stock market

被引：4

作者：

Kim, Kyung Soon ^{[1
]}

Chung, Chune Young ^{[2
]}

Lee, Jin Hwon ^{[3
]}

Cho, Sangjun ^{[4
]}

机构：

[1] Chosun Univ, Coll Business, Div Business Adm, 309 Pilmun Daero, Gwangju 501759, South Korea

[2] Chung Ang Univ, Coll Business & Econ, Sch Business Adm, 84 Heukseok Ro, Seoul 06974, South Korea

[3] Osan Univ, Dept Business Management, 45 Cheonghak Ro, Osan Si 18119, Gyeonggi Do, South Korea

[4] Univ Oklahoma, Price Coll Business, 307 West Brooks, Norman, OK 73019 USA

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2020年 / 51卷

关键词：

Accruals quality; Institutional investors' trading behavior; Institution type; Macroeconomic condition; Business diversification; INTERNAL CAPITAL-MARKETS; DIVERSIFIED BUSINESS GROUPS; GROUP AFFILIATION; EARNINGS QUALITY; OWNERSHIP STRUCTURE; CASH FLOW; COST; EQUITY; RETURNS; INVESTMENT;

D O I：

10.1016/j.najef.2019.101081

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study analyzes the effect of firm-specific information risk, measured by accruals quality, on the cost of capital using institutional investors' trading behavior. Institutional investors in firms with lower accruals quality increase their net selling in later years. Furthermore, these investors' net selling is relevant to the innate and discretionary factors of accruals quality. This relationship is stronger for foreign institutions than for domestic institutions, and it is mostly observed under favorable macroeconomic conditions. We do not observe this relationship for large business groups connected by shares.

引用

页数：22

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