This paper uses transaction-level fund trading data from the United States to study the information advantage of institutional investors. Our research design follows a two-step procedure. In the first step, we identify funds that sell shares in firms before their unexpected revelation of stock...

This paper uses a unique transaction-level fund trading dataset to evaluate institutional investors' trading performance. Our research design follows a two-step procedure. In the first stage, we identify funds that heavily sold shares in firms before their public revelation of stock option...

Firms have substantial freedom of choice about whether to disclose essential financial statement line items (e.g., total assets) for their business segments. Counting the number of line items that a firm discloses for its segments presents both a simple measure and a new angle for capturing the...