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Are IPO Investors Rational? Evidence from Closed-End Funds

Gemmill, Gordon - 2016

Why buy a closed-end fund at IPO, when it is likely to trade at a discount in a few months' time? One theory suggests … that buying a new fund is justified by an initial period of investment outperformance. A second theory is that new funds … a third theory asserts that buyers of new issues are not fully rational but are influenced by time-varying sentiment …

Persistent link: https://www.econbiz.de/10013007708

Does the Disposition Effect Matter in Corporate Takeovers? Evidence from Institutional Investors of Target Companies

Ye, Pengfei - 2012

This paper examines whether one of the most important participants in the takeover market, the institutional investors of target companies, suffers from the disposition effect; and if so, how this selling bias influences the takeover outcomes. I report robust evidence that target institutional...

Persistent link: https://www.econbiz.de/10013098940

Investor PSY-chology Surrounding 'Gangnam Style'

Kim, Y. Han (Andy) - 2017

The global success of the song, “Gangnam Style”, by the Korean rapper PSY in 2012, was an exogenous shock to investor enthusiasm for DI Corp., a Korean semiconductor manufacturer. Although DI Corp.'s business is not related to the entertainment industry, its co-CEO is the father of PSY....

Persistent link: https://www.econbiz.de/10012974176

Sell-Side Analysts and Stock Mispricing : Evidence from Mutual Fund Flow-Driven Trading Pressure

Sulaeman, Johan - 2018

Using the setting of extreme mutual fund flow-driven trading pressure, this paper examines sell-side analysts' role in stabilizing capital markets. We find that a select group of analysts persistently issue price-correcting recommendation changes for stocks experiencing mutual fund flow-driven...

Persistent link: https://www.econbiz.de/10012916560

Market Reactions to ESG Announcements : Evidence from a $1 Trillion Fund

Lindset, Snorre - 2020

The world's single largest stockowner, Norway's sovereign wealth fund, makes ESG announcements about the products or conduct of its invested firms. The announcements regard divesting from firms or placing them on a watch-list based on the fund's ethical guidelines. We analyze market reactions to...

Persistent link: https://www.econbiz.de/10012829504

Momentum, Reversals, and Investor Clientele

Chui, Andy C. W.; Subrahmanyam, Avanidhar; Titman, Sheridan - National Bureau of Economic Research - 2021

Different share classes on the same firms provide a natural experiment to explore how investor clienteles affect momentum and short-term reversals. Domestic retail investors have a greater presence in Chinese A shares, and foreign institutions are relatively more prevalent in B shares. These...

Persistent link: https://www.econbiz.de/10012696362