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CEO Incentives and Institutional Trader Monitoring are Substitutes : Theory and Evidence
Chen, Brandon - 2012
The traditional view on CEO pay suggests that the use of equity-based incentives (e.g., stocks and options) should … relative sense, when comparing with CEOs' non-equity-based incentives (e.g., bonus). We confirm our model's prediction to show … that the use of equity-based incentives actually falls when institutional traders impound more information in stock prices …
Persistent link: https://www.econbiz.de/10013116442
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The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence
Brozynski, Torsten; Menkhoff, Lukas; Schmidt, Ulrich - 2004
Empirical research has shown that inexperienced fund managers yield significantly higher returns than their more experienced colleagues. If the portfolios of inexperienced are not more risky, this result would contradict the hypothesis of market efficiency. Therefore, it is an important question...
Persistent link: https://www.econbiz.de/10010261673
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Managerial ownership changes and mutual fund performance
Martin, Thorsten; Sonnenburg, Florian - 2015 - This draft: August 2015
We study the dynamics of fund manager ownership for a sample of U.S. equity mutual funds from 2005 to 2011. We find that ownership changes positively predict changes in future risk-adjusted fund performance. A one-standarddeviation increase in ownership predicts a 1.6 percent increase in alpha...
Persistent link: https://www.econbiz.de/10011526141
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Market power in the portfolio : product market competition and mutual fund performance
Jaspersen, Stefan - 2016 - This draft: September 2016
I provide evidence that fund managers who overweight firms with the most differentiated products ('monopolies') exhibit a superior risk-adjusted performance. This is consistent with information advantages due to a better understanding of qualitative information on a firm's competitive...
Persistent link: https://www.econbiz.de/10011539240
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Who trades on momentum?
Baltzer, Markus; Jank, Stephan; Smajlbegovic, Esad - 2015
Using a unique data set that contains the complete ownership structure of the German stock market, we study the momentum and contrarian trading of different investor groups. Foreign investors and financial institutions, and especially mutual funds, are momentum traders, whereas private...
Persistent link: https://www.econbiz.de/10010467770
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Who trades on momentum?
Baltzer, Markus; Jank, Stephan; Smajlbegovic, Esad - 2014
Using a unique data set that contains the complete ownership structure of the German stock market, we study the momentum and contrarian trading of different investor groups. Foreign investors and financial institutions, and especially mutual funds, are momentum traders, whereas private...
Persistent link: https://www.econbiz.de/10010471006
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Returns to Active Management : The Case of Hedge Funds
Kazemi, Maziar - 2018
Do more active hedge fund managing strategies generate higher returns than the less active ones? We develop a novel approach to measuring activeness for hedge funds by estimating the dynamics of risk exposure of a large sample of live and dead equity long-short funds. We find that higher...
Persistent link: https://www.econbiz.de/10012926426
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Private Information behind Insider Trades : Evidence from Cross Section and Time Series
Chi, Yeguang - 2020
We examine the private information associated with insider trades using a Chinese data set. Insider buys positively forecast individual stock returns and insider sales negatively forecast individual stock returns. Classifying insiders as corporate managers and institutional investors, we find...
Persistent link: https://www.econbiz.de/10012834521
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Implied Cost of Capital and Mutual Fund Performance
Hendriock, Mario - 2020
Which trading strategies differentiate skilled mutual fund managers from their unsuccessful peers? This study provides evidence for a positive association between holdings' implied cost of capital (ICC) and future fund performance. Consistent with large transaction costs of ICC-based investments...
Persistent link: https://www.econbiz.de/10012840019
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Good News, Bad News, No News : The Media and the Cross Section of Stock Returns
Naumer, Hans-Jörg - 2020
We examine the relationship between the tonality of news flow and the cross section of expected stock returns. We use a comprehensive definition of media coverage that includes both financial newspapers and mass media, represented by TV broadcasts. Using the total news flow with positive and...
Persistent link: https://www.econbiz.de/10012841196