We find that short-horizon institutions possess private information on long-term earnings that will be reflected in near term stock prices but do not have private information on long-term earnings that will be reflected in stock prices beyond the near term. In contrast, we find no evidence that long-horizon institutions have private information on long-term earnings, regardless of whether the private information will be reflected in near term stock prices or not. Our results question the notion that long-horizon institutions have a stronger incentive than short-horizon institutions to acquire private information on long-term firm value.
展开
下载论文 
复制链接
新浪微博
微信扫一扫