Chichernea, Doina
[Verfasser:in]
;
Gilstrap, Collin
[Sonstige Person, Familie und Körperschaft];
Huang, Kershen
[Sonstige Person, Familie und Körperschaft];
Petkevich, Alex
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
In: Quarterly Journal of Finance, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 23, 2018 erstellt
Beschreibung:
We show that the positive relation between firm-level cash-flow news and institutional ownership documented by Cohen (2002) is mostly driven by short-horizon investors. Short-term institutions trade to incorporate cash-flow related information into prices and potentially reduce under-reaction to cash-flow news. In contrast, long-term institutions are more sensitive to discount-rate news, consistent with the idea that their strategy is to realize the long-term expected returns and that they care more about changes in their opportunity set. Our results support the premise that short and long-horizon institutions are potentially trading with each other based on their opposing preferences for news