@techreport{Tavakkol2005Institutional,
abstract = {This paper investigates the relationship between market reaction to earnings surprises
and institutional concentration in the firm?s shareholders base. We use data from the Polish stock
market where pension funds form a homogenous and highly competitive investor class with an
increasing share in the market capitalisation and trading volume. We find evidence that higher
pension funds holdings in a company tend to reduce the magnitude of market reaction around
public disclosures. We interpret these findings as an information advantage that funds have over
individual investors, which may result from scale economies in gathering and processing public
information, as well as from access to privileged information in the interim period. We also find
that company mangers are selective as to the type of information they provide to the market prior
to their scheduled disclosures.},
author = {Amir Tavakkol and Piotr Korczak},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {M41; G14; G23; 330; public disclosure; information advantage; institutional investors; Institutioneller Anleger; Publizit\"{a}tspflicht; Gewinn; Informationswert; B\"{o}rsenkurs; Insiderhandel; Polen},
language = {ger},
number = {2005,3},
title = {Institutional Investors and the Information Content of Earnings Announcements: The Case of Poland},
type = {The Postgraduate Research Programme working paper series / Europa-Universit\"{a}t Viadrina Frankfurt (Oder), Graduiertenkolleg "Kapitalm\"{a}rkte und Finanzwirtschaft im erweiterten Europa"},
url = {http://hdl.handle.net/10419/22100},
year = {2005}
}
