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

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2023-01-26 DOI:10.1111/jfir.12320

Dallin M. Alldredge

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引用次数: 0

摘要

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

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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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.