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Accounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns

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dc.contributor.authorPotter, Gordon S.
dc.date.accessioned2020-09-12T21:03:25Z
dc.date.available2020-09-12T21:03:25Z
dc.date.issued1992-01-01
dc.description.abstract[Excerpt] This study examines the relation between the level of institutional investor ownership and the magnitude of security price variability at quarterly earnings announcement dates. Prior research consistently documents a negative association between firm size and announcement-date return variability. One explanation for this finding is that as more timely, alternative information becomes available on large firms prior to an announcement date, their security prices become informative, thereby reducing the information content of the earnings announcement. Large firms are closely followed by institutional investors. These investors dedicate substantial resources to information search. Therefore, the link between size and information production may be attributable to the influence of institutional investors on the information production process. Because institutional trades can also affect security prices, however, the precise impact of institutional following on the variability of prices at quarterly earnings dates is not evident.
dc.description.legacydownloadsPotter23_Accounting_Earnings_Announcements.pdf: 426 downloads, before Aug. 1, 2020.
dc.identifier.other9341075
dc.identifier.urihttps://hdl.handle.net/1813/71564
dc.language.isoen_US
dc.relation.doihttps://doi.org/10.2307/2491097
dc.rightsRequired Publisher Statement: © Wiley. Final version published as: Potter, G. (1992). Accounting earnings announcements, institutional investor concentration, and common stock returns. Journal of Accounting Research, 30(1), 146-155. Reprinted with permission. All rights reserved.
dc.subjectsecurity price variability
dc.subjectstock prices
dc.subjectinstitutional ownership
dc.titleAccounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns
dc.typearticle
local.authorAffiliationPotter, Gordon S.: gsp6@cornell.edu Cornell University School of Hotel Administration

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