Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/22100
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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 surprisesand institutional concentration in the firm?s shareholders base. We use data from the Polish stockmarket where pension funds form a homogenous and highly competitive investor class with anincreasing share in the market capitalisation and trading volume. We find evidence that higherpension funds holdings in a company tend to reduce the magnitude of market reaction aroundpublic disclosures. We interpret these findings as an information advantage that funds have overindividual investors, which may result from scale economies in gathering and processing publicinformation, as well as from access to privileged information in the interim period. We also findthat company mangers are selective as to the type of information they provide to the market priorto their scheduled disclosures.en_US
dc.language.isogeren_US
dc.publisheren_US
dc.relation.ispartofseries|aThe Postgraduate Research Programme working paper series / Europa-Universität Viadrina Frankfurt (Oder), Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa" |x2005,3en_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-

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