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Instrumental Variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal …
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Purpose – This paper assesses the incidence of political institutions on stock market performance dynamics in Africa ….Design/Methodology/Approach – The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Channels of democracy … demonstrate that democracy improves investigated stock market performance dynamics.Practical Implications – As a policy …
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Prior studies indicate that institutional investors are informed, in the sense that their trades predict price changes. In this study we show that return predictive ability of institutions arises (after controlling for size, book-to-market, and momentum) mainly from institutional sales of...
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We examine how trading by institutional traders affects those by insiders. Using data at the trade level, we find insiders complete their trades faster when institutions trade on the same side in the stock. The effect of institutional activity on insider trading is more pronounced when insiders...
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