This study documents an association between change in institutional ownership during a calendar quarter and abnormal returns at the time of the subsequent announcement of quarterly earnings. The result is driven by the portfolio returns of the extreme deciles of changes in institutional...

This study documents an association between changes in institutional ownership during a calendar quarter and abnormal returns at the time of subsequent announcements of quarterly earnings. The result is driven by the portfolio returns of the extreme deciles of changes in institutional ownership,...

This study documents an association between change in institutional ownership during a calendar quarter and abnormal returns at the time of the subsequent announcement of quarterly earnings. The result is driven by the portfolio returns of the extreme deciles of changes in institutional...

This study documents that change in institutional ownership of a company during a calendar quarter is associated with abnormal returns at the time of subsequent announcements of quarterly earnings. This result suggests informed trading by institutions based on superior information about...