Shares trading in the Bolsa mexicana de Valores do not seem to react to company news. Using a sample of Mexican corporate news announcements from the period July 1994 through June 1996, this paper finds that there is nothing unusual about returns, volatility of returns, volume of trade or...

Merger and Acquisition (M&A) activities are not well-anticipated corporate events in the equity market. Do institutional investors possess material non-public information before M&A announcements? Using a novel methodology that infers high frequency institutional trading, this paper investigates...

Using institutional equity trading data, we find that a set of small institutional investors consistently follow credit ratings issued by an investor-paid rating agency in their trading decisions. Although rating information is credit related, we find that these followers often respond more...