EconStor >
Europa-Universität Viadrina Frankfurt (Oder) >
Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa", Europa-Universität Viadrina >
Working Paper Series, Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa", Europa-Universität Viadrina >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/22100
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorTavakkol, Amiren_US
dc.contributor.authorKorczak, Piotren_US
dc.date.accessioned2009-01-29T14:26:07Z-
dc.date.available2009-01-29T14:26:07Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/22100-
dc.description.abstractThis 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.en_US
dc.language.isogeren_US
dc.publisheren_US
dc.relation.ispartofseriesThe Postgraduate Research Programme working paper series / Europa-Universität Viadrina Frankfurt (Oder), Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa" 2005,3en_US
dc.subject.jelM41en_US
dc.subject.jelG14en_US
dc.subject.jelG23en_US
dc.subject.ddc330en_US
dc.subject.keywordpublic disclosureen_US
dc.subject.keywordinformation advantageen_US
dc.subject.keywordinstitutional investorsen_US
dc.subject.stwInstitutioneller Anlegeren_US
dc.subject.stwPublizitätspflichten_US
dc.subject.stwGewinnen_US
dc.subject.stwInformationswerten_US
dc.subject.stwBörsenkursen_US
dc.subject.stwInsiderhandelen_US
dc.subject.stwPolenen_US
dc.titleInstitutional Investors and the Information Content of Earnings Announcements: The Case of Polanden_US
dc.typeWorking Paperen_US
dc.identifier.ppn497901919en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:euvgra:20053-
Appears in Collections:Working Paper Series, Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa", Europa-Universität Viadrina

Files in This Item:
File Description SizeFormat
p32005.pdf155.15 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.