Institutional trading and information processing: Evidence from complicated firms and easy-to-analyze firms

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-01-26 DOI:10.1111/jfir.12320

Dallin M. Alldredge

引用次数: 0

Abstract

In this article, I examine institutional trading within two groups of firms with different demands on investor information processing: conglomerate firms and stand-alone firms. On average, institutional trading in conglomerate firm stocks yields significantly lower returns than institutional trading in stand-alone firm stocks. Inferior returns following institutional trading in conglomerate firm stocks persist across small and large firms. Moreover, financial institutions with a low concentration of conglomerate firms in their portfolios are more profitable in their trading. This study provides evidence that skilled institutional investors intentionally focus their information-processing efforts on easy-to-analyze firms.

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机构交易和信息处理：来自复杂企业和易于分析的企业的证据

在本文中，我研究了两组对投资者信息处理有不同需求的公司中的机构交易:综合企业和独立公司。平均而言，企业集团股票的机构交易收益明显低于独立公司股票的机构交易收益。大型和小型企业集团股票的机构交易后的低回报持续存在。此外，投资组合中综合企业集中度较低的金融机构在交易中更有利可图。本研究提供的证据表明，熟练的机构投资者有意将其信息处理工作集中在易于分析的公司上。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.