Corporate spin-offs create new firms with characteristics markedly different from the original firm. Consequently, institutional investors precommitted to certain investment styles or subject to fiduciary restrictions have incentives to rebalance their portfolios at the time of the spin-off. We...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper investigates whether the business press serves as an information intermediary. The press potentially shapes firms' information environments by packaging and disseminating information, as well as by creating new information through journalism activities. We find that greater...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Recent work suggests that institutional investors execute profitable trades based on private information about earnings and returns. We provide new evidence on the prevalence and sources of such informed trading by (1) testing for the creation "and" liquidation of positions based on...