Institutional ownership, differential predisclosure precision and trading volume at announcement dates

被引：86
|
作者：
Utama, S
Cready, WM [1 ]
机构：
[1] Texas A&M Univ, Lowry Mays Coll Business, College Stn, TX 77843 USA
[2] Univ Indonesia, Coll Business, Jakarta, Indonesia
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 1997年 / 24卷 / 02期
关键词：
trading volume; institutional ownership; precision; earnings announcements;
D O I：
10.1016/S0165-4101(98)00003-2
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the relation between ownership structure, as revealed by the percentage of outstanding shares held by institutional investors, and trading volume at earnings announcement dates. We find that volume response as a function of institutional ownership is quadratic with the quadratic curve that reaches a maximum at around 50% institutional ownership. When risk tolerances are identical across investor types such a relation is consistent with Kim and Verrecchia's (1991a) proposition that trading volume response to public announcements increases with the level of cross-investor variation in precision of private predisclosure information. (C) 1997 Elsevier Science B.V. All rights reserved.
引用
收藏
页码：129 / 150
页数：22
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