Discussion of Which Institutional Investors Trade Based on Private Information about Earnings and Returns
Discussion of Which Institutional Investors Trade Based on Private Information about Earnings and Returns
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DOI：
10.1111/j.1475-679x.2007.00235.x
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发表时间：
2007-05
影响因子：
4.4
通讯作者：
Qi Chen
中科院分区：
文献类型：
--
作者：
Qi Chen
机构投资者作为上市公司的所有者和交易者在美国股票市场上的大量存在和日益增长的存在对公司的决策和股票价格行为都有重要影响。为了理解这些影响，在会计和金融方面进行了许多学术研究。文献中讨论的主要问题通常分为四类。(1)机构所有权是否以及如何影响公司行为。这包括分析机构所有权与投资、融资、公司治理和财务报告选择等各种公司决策之间关系的研究。(2)机构投资者是否获得了足够高的回报，以证明其成本是合理的。这包括评估机构业绩的研究，如积极管理的共同基金和对冲基金，其主要目标是最大化（扣除费用）回报。(3)机构投资者的交易是否以及如何影响股票价格行为，如股票价格波动性和股票市场流动性。(4)机构投资者是否以及如何提高股票价格效率。Bushee和Goodman（以下简称BG）提出的研究问题是：“哪些机构投资者根据私人信息进行交易？“是
The large and increasing presence of institutional investors both as owners of public companies and as traders in the U.S. stock markets has important implications for both firms' decisions and stock price behavior. Much academic research in accounting and finance has been conducted to understand these implications. The main questions addressed in the literature typically fall into one of four categories. (1) Whether and how institutional ownership affects firms' behaviors. This includes research analyzing the relation between institutional ownership and a variety of firms' decisions such as investment, financing, corporate governance and financial reporting choices. (2) Whether institutional investors achieve high enough returns to justify their costs. This includes research evaluating the performance of institutions such as actively managed mutual funds and hedge funds whose primary goal is to maximize (net-of-fee) returns. (3) Whether and how institutional investors' trading affects stock price behavior, such as stock price volatility and stock market liquidity. (4) Whether and how institutional investors improve stock price efficiency. The research question entertained in Bushee and Goodman (hereafter, BG): "Which institutional investors trade based on private information?" is