长期机构所有者能否在解析复杂法律纠纷时提高市场效率？

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-11-01 DOI:10.1016/j.iref.2024.103690

Paul Borochin , Xiaoqiong Wang , Siqi Wei

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引用次数: 0

摘要

长线机构投资者有助于缓解围绕证券集体诉讼（SCA）的信息不对称问题。我们发现，SCA 投诉文件的机器可读性可以预测集体诉讼的结果和持续时间。长期机构投资者所有权会导致证券集体诉讼公告后的价格反应更加积极，并提高价格的波动率，以此衡量价格的信息性。此外，长期机构投资者所有权和 SCA 复杂性对价格信息性有明显的交互影响，这与影响投资组合公司的复杂公司事件的卓越信息处理能力相一致。

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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Can long-term institutional owners improve market efficiency in parsing complex legal disputes?

Long-horizon institutional investors can help mitigate information asymmetries around securities class action (SCA) lawsuits. We find that the machine readability of SCA complaint filings can predict the outcome and duration of class actions. Long-term institutional investor ownership leads to a more positive post-SCA announcement price reaction and increases the volatility ratio of prices as a measure of price informativeness. Furthermore, there is a significant interaction effect between long-term institutional ownership and SCA complexity on price informativeness consistent with a superior information processing ability about complex corporate events affecting portfolio firms.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.