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Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings

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Cited by:

  1. Riaz, Zahid & Ray, Pradeep & Ray, Sangeeta, 2022. "The impact of digitalisation on corporate governance in Australia," Journal of Business Research, Elsevier, vol. 152(C), pages 410-424.
  2. Steven J. Huddart & Bin Ke, 2007. "Information Asymmetry and Cross†sectional Variation in Insider Trading," Contemporary Accounting Research, John Wiley & Sons, vol. 24(1), pages 195-232, March.
  3. Ryan Lafond & Sugata Roychowdhury, 2008. "Managerial Ownership and Accounting Conservatism," Journal of Accounting Research, Wiley Blackwell, vol. 46(1), pages 101-135, March.
  4. Santanu Mitra & Mahmud Hossain & Donald Deis, 2007. "The empirical relationship between ownership characteristics and audit fees," Review of Quantitative Finance and Accounting, Springer, vol. 28(3), pages 257-285, April.
  5. Ali, Ashiq & Klasa, Sandy & Zhen Li, Oliver, 2008. "Institutional stakeholdings and better-informed traders at earnings announcements," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 47-61, September.
  6. Shujun Ding & Chunxin Jia & Zhenyu Wu, 2016. "Mutual Fund Activism and Market Regulation During the Pre-IFRS Period: The Case of Earnings Informativeness in China from an Ethical Perspective," Journal of Business Ethics, Springer, vol. 138(4), pages 765-785, November.
  7. John L. Campbell & Hye Seung “Grace” Lee & Hsin‐Min Lu & Logan B. Steele, 2020. "Express Yourself: Why Managers' Disclosure Tone Varies Across Time and What Investors Learn From It," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 1140-1171, June.
  8. Chen, Ching-Lung & Chen, Chung-Yu & Weng, Pei-Yu, 2020. "Do related party transactions always deteriorate earnings informativeness?," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
  9. Haziza, Mor M. & Kalay, Avner, 2020. "Trust and delegation: A case to consider on broker rebates and investor sophistication," Journal of Financial Markets, Elsevier, vol. 49(C).
  10. Wu, Soushan & Chen, Chin-Mei & Lee, Pei-Ching, 2016. "Independent directors and earnings management: The moderating effects of controlling shareholders and the divergence of cash-flow and control rights," The North American Journal of Economics and Finance, Elsevier, vol. 35(C), pages 153-165.
  11. Jara-Bertin, Mauricio & López-Iturriaga, Félix J., 2008. "Earnings Management and Contest to the Control: An Analysis of European Family Firms," MPRA Paper 9660, University Library of Munich, Germany.
  12. Jiang, Jinglin & Nanda, Vikram & Xiao, Steven Chong, 2021. "Stock-market disruptions and corporate disclosure policies," Journal of Corporate Finance, Elsevier, vol. 66(C).
  13. Oyotode-Adebile, Renee & Hibbert, Ann Marie & Shankar, Siddharth, 2022. "The impact of gender-diverse board and institutional investors on accruals management," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).
  14. Jacqueline L. Birt & Chris M. Bilson & Tom Smith & Robert E. Whaley, 2006. "Ownership, Competition, and Financial Disclosure," Australian Journal of Management, Australian School of Business, vol. 31(2), pages 235-263, December.
  15. Javier Andrés Suárez & Elena Cabal García & Carlos Fernández Méndez & Camino Rodríguez Gutiérrez, 2013. "The effectiveness of the audit committee in Spain: implications of its existence on the auditor’s opinion," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 4(3), pages 333-352, August.
  16. Bok Baik & Wooseok Choi, 2010. "Managing Earnings Surprises in Japan: Perspectives from Main Bank Relationships and Institutional Ownership," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(5‐6), pages 495-517, June.
  17. Chen, Shuping & Matsumoto, Dawn & Rajgopal, Shiva, 2011. "Is silence golden? An empirical analysis of firms that stop giving quarterly earnings guidance," Journal of Accounting and Economics, Elsevier, vol. 51(1-2), pages 134-150, February.
  18. Qin Wang & Hsiao-Fen Yang, 2015. "Earnings announcements, trading volume, and price discovery: evidence from dual class firms," Review of Quantitative Finance and Accounting, Springer, vol. 44(4), pages 669-700, May.
  19. Chiu, Yen-Chen, 2020. "Macroeconomic uncertainty, information competition, and liquidity," Finance Research Letters, Elsevier, vol. 34(C).
  20. Isabel Abinzano & Luis Muga & Rafael Santamaria, 2019. "Hidden Power of Trading Activity: The FLB in Tennis Betting Exchanges," Journal of Sports Economics, , vol. 20(2), pages 261-285, February.
  21. Atawnah, Nader & Balachandran, Balasingham & Duong, Huu Nhan & Podolski, Edward J., 2018. "Does exposure to foreign competition affect stock liquidity? Evidence from industry-level import data," Journal of Financial Markets, Elsevier, vol. 39(C), pages 44-67.
  22. Lawrence Glosten & Suresh Nallareddy & Yuan Zou, 2021. "ETF Activity and Informational Efficiency of Underlying Securities," Management Science, INFORMS, vol. 67(1), pages 22-47, January.
  23. Guang‐Zheng Chen & Edmund C. Keung, 2018. "Corporate diversification, institutional investors and internal control quality," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 751-786, September.
  24. Bin Ke & Kathy Petroni, 2004. "How Informed Are Actively Trading Institutional Investors? Evidence from Their Trading Behavior before a Break in a String of Consecutive Earnings Increases," Journal of Accounting Research, Wiley Blackwell, vol. 42(5), pages 895-927, December.
  25. He, Wen & Shen, Jianfeng, 2014. "Do foreign investors improve informational efficiency of stock prices? Evidence from Japan," Pacific-Basin Finance Journal, Elsevier, vol. 27(C), pages 32-48.
  26. Bhojraj, Sanjeev & Mohanram, Partha & Zhang, Suning, 2020. "ETFs and information transfer across firms," Journal of Accounting and Economics, Elsevier, vol. 70(2).
  27. Stephen Ferris & Kenneth Kim & Takeshi Nishikawa & Emre Unlu, 2011. "Reaching for the stars: the appointment of celebrities to corporate boards," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 58(4), pages 337-358, December.
  28. Chung, Richard & Firth, Michael & Kim, Jeong-Bon, 2005. "Earnings management, surplus free cash flow, and external monitoring," Journal of Business Research, Elsevier, vol. 58(6), pages 766-776, June.
  29. Yves Mard & Sylvain Marsat, 2012. "Earnings management and ownership structure: Evidence from France [Gestion des résultats comptables et structure de l'actionnariat : le cas français]," Post-Print hal-02156592, HAL.
  30. Ting Luo & Zhiguo Xiao, 2015. "Selective Disclosure Associated with Institutional Investors: Evidence Based on Chinese Stock Market," Annals of Economics and Finance, Society for AEF, vol. 16(2), pages 515-542, November.
  31. Ma, Xiaofang & Wang, Wenming & Wu, Jiangang & Zhang, Wenlan, 2020. "Corporate customer concentration and stock price crash risk," Journal of Banking & Finance, Elsevier, vol. 119(C).
  32. John Gallemore, 2023. "Bank financial reporting opacity and regulatory intervention," Review of Accounting Studies, Springer, vol. 28(3), pages 1765-1810, September.
  33. Joey W. Yang & Lewis May & John Gould, 2023. "Exchange‐traded fund ownership and underlying stock mispricing," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 1417-1445, April.
  34. Callen, Jeffrey L. & Gavious, Ilanit & Segal, Dan, 2010. "The complementary relationship between financial and non-financial information in the biotechnology industry and the degree of investor sophistication," Journal of Contemporary Accounting and Economics, Elsevier, vol. 6(2), pages 61-76.
  35. Cheng, Feiyang & Wang, Chunfeng & Chiao, Chaoshin & Yao, Shouyu & Fang, Zhenming, 2021. "Retail attention, retail trades, and stock price crash risk," Emerging Markets Review, Elsevier, vol. 49(C).
  36. Sun, Qian & Cheng, Xiaoke & Gao, Shenghao & Yang, Mingjing, 2020. "Are SEO investors misled by analyst optimism bias? Evidence from investor bids in SEO auctions," International Review of Economics & Finance, Elsevier, vol. 68(C), pages 90-104.
  37. Nair, Rajiv & Muttakin, Mohammad & Khan, Arifur & Subramaniam, Nava & Somanath, V.S., 2019. "Corporate social responsibility disclosure and financial transparency: Evidence from India," Pacific-Basin Finance Journal, Elsevier, vol. 56(C), pages 330-351.
  38. Bradley W. Benson & Wallace N. Davidson III & Hongxia Wang & Dan L. Worrell, 2011. "Deviations from Expected Stakeholder Management, Firm Value, and Corporate Governance," Financial Management, Financial Management Association International, vol. 40(1), pages 39-81, March.
  39. Anwer S. Ahmed & Andrew S. McMartin & Irfan Safdar, 2020. "Earnings volatility, ambiguity, and crisis‐period stock returns," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(3), pages 2939-2963, September.
  40. Junying Chen & Haoyu Zeng & Fei Yang, 2016. "Parameter estimation for employee stock ownerships preference experimental design," Journal of Applied Statistics, Taylor & Francis Journals, vol. 43(8), pages 1525-1540, June.
  41. Hou, Canran & Liu, Huan, 2023. "Institutional cross-ownership and stock price crash risk," Research in International Business and Finance, Elsevier, vol. 65(C).
  42. Yu Zhang & Javier Gimeno, 2016. "Earnings Pressure and Long-Term Corporate Governance: Can Long-Term-Oriented Investors and Managers Reduce the Quarterly Earnings Obsession?," Organization Science, INFORMS, vol. 27(2), pages 354-372, April.
  43. Marquardt, Blair B. & Myers, Brett W. & Niu, Xu, 2018. "Strategic voting and insider ownership," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 50-71.
  44. Nagar, Neerav & Raithatha, Mehul, 2016. "Does good corporate governance constrain cash flow manipulation? Evidence from India," IIMA Working Papers WP2016-03-23, Indian Institute of Management Ahmedabad, Research and Publication Department.
  45. Sun, Hongyan & Yuen, Desmond C.Y. & Zhang, Jiahang & Zhang, Xu, 2020. "Is knowledge powerful? Evidence from financial education and earnings quality," Research in International Business and Finance, Elsevier, vol. 52(C).
  46. Ruqia Shaikh & Guo Fei & Muhammad Shaique & Muhammad Rizwan Nazir, 2019. "Control-Enhancing Mechanisms and Earnings Management: Empirical Evidence from Pakistan," JRFM, MDPI, vol. 12(3), pages 1-23, August.
  47. Ahmed S. Baig & Benjamin M. Blau & R. Jared DeLisle, 2022. "Does mutual fund ownership reduce stock price clustering? Evidence from active and index funds," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 615-647, February.
  48. Trinh, Quoc Dat & Haddad, Christian & Salameh, Elie, 2023. "Financial institutional blockholders and earnings quality: Do blockholders contestability and countries' institutions matter?," International Review of Financial Analysis, Elsevier, vol. 87(C).
  49. Wang, Anxing & Zhou, Jimei & Chen, Tao, 2011. "Which institutions matter to short-term market efficiency in Japan?," Research in Economics, Elsevier, vol. 65(3), pages 164-179, September.
  50. Gompers, Paul & Kovner, Anna & Lerner, Josh & Scharfstein, David, 2008. "Venture capital investment cycles: The impact of public markets," Journal of Financial Economics, Elsevier, vol. 87(1), pages 1-23, January.
  51. Aabo, Tom & Lee, Suin & Pantzalis, Christos & Park, Jung Chul, 2020. "Know thy neighbor: Political uncertainty and the informational advantage of local institutional investors," Journal of Banking & Finance, Elsevier, vol. 113(C).
  52. Alfred Zhu Liu & Angela Xia Liu & Rui Wang & Sean Xin Xu, 2020. "Too Much of a Good Thing? The Boomerang Effect of Firms’ Investments on Corporate Social Responsibility during Product Recalls," Journal of Management Studies, Wiley Blackwell, vol. 57(8), pages 1437-1472, December.
  53. Paul Anglin & Robert Edelstein & Yanmin Gao & Desmond Tsang, 2013. "What is the Relationship Between REIT Governance and Earnings Management?," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 538-563, October.
  54. Isin, Adnan Anil, 2018. "Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 344-378.
  55. Ding, Rong & Hou, Wenxuan & Kuo, Jing-Ming & Lee, Edward, 2013. "Fund ownership and stock price informativeness of Chinese listed firms," Journal of Multinational Financial Management, Elsevier, vol. 23(3), pages 166-185.
  56. Greco, Giulio, 2012. "Ownership structures, corporate governance and earnings management in the European Oil Industry," MPRA Paper 37198, University Library of Munich, Germany.
  57. Gu, Xin & Ying, Shan & Wang, Liangliang & Yu, Zhen & Sharma, Susan Sunila, 2021. "A new estimation of institutional informed trading and firm transparency: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
  58. Brown, Stephen & Hillegeist, Stephen A. & Lo, Kin, 2004. "Conference calls and information asymmetry," Journal of Accounting and Economics, Elsevier, vol. 37(3), pages 343-366, September.
  59. Jesus Sáenz González & Emma García-Meca, 2014. "Does Corporate Governance Influence Earnings Management in Latin American Markets?," Journal of Business Ethics, Springer, vol. 121(3), pages 419-440, May.
  60. Muhammad Shaique & Fei Guo & Ruqia Shaikh & Shahbaz Khan & Muhammad Usman, 2017. "Role of Social Relations of Outside Directors with CEO in Earnings Management," IJFS, MDPI, vol. 5(4), pages 1-14, December.
  61. Francesco Capalbo & Marco Sorrentino & Margherita Smarra, 2018. "Earnings Management and State Ownership: A Literature Review," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(6), pages 117-117, April.
  62. Siregar, Sylvia Veronica & Utama, Sidharta, 2008. "Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia," The International Journal of Accounting, Elsevier, vol. 43(1), pages 1-27, March.
  63. Andreas Charitou & Irene Karamanou, 2020. "Sleeping with the enemy: should investment banks be allowed to engage in prop trading?," Review of Accounting Studies, Springer, vol. 25(2), pages 513-557, June.
  64. Wu, Ruei-Shian & Lo, Huai-Chun, 2022. "A Rose has its Thorn: The role of institutional investors in SEO firms’ reporting behavior," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 530-554.
  65. Yensen Ni & Yulu Liao & Paoyu Huang, 2017. "Foreign Institutional Investors, Shareholding Change, and Corporate Governance," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(4), pages 764-775, April.
  66. Chen, Ching-Lung & Weng, Pei-Yu & Chien, Chu-Yang, 2018. "Qualified foreign institutional investor ownership deregulation and the restatement of financial reports --- empirical findings from Taiwan," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 465-485.
  67. Barber, Russell & Hollie, Dana, 2021. "Does order backlog matter for financial reporting quality? Evidence from revenue restatements," Advances in accounting, Elsevier, vol. 53(C).
  68. Doron Israeli & Charles M. C. Lee & Suhas A. Sridharan, 2017. "Is there a dark side to exchange traded funds? An information perspective," Review of Accounting Studies, Springer, vol. 22(3), pages 1048-1083, September.
  69. Cheng, Feiyang & Chiao, Chaoshin & Wang, Chunfeng & Fang, Zhenming & Yao, Shouyu, 2021. "Does retail investor attention improve stock liquidity? A dynamic perspective," Economic Modelling, Elsevier, vol. 94(C), pages 170-183.
  70. González-Urteaga, Ana & Muga, Luis & Santamaria, Rafael, 2015. "Momentum and default risk. Some results using the jump component," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 185-193.
  71. Chee Lim & David Ding & Charlie Charoenwong, 2013. "Non-audit fees, institutional monitoring, and audit quality," Review of Quantitative Finance and Accounting, Springer, vol. 41(2), pages 343-384, August.
  72. Alsuhaibani, Waleed & Houmes, Robert & Wang, Daphne, 2023. "The evolution of financial reporting quality for companies listed on the Tadawul Stock Exchange in Saudi Arabia: New emerging markets' evidence," Emerging Markets Review, Elsevier, vol. 55(C).
  73. Francis, Jennifer & Schipper, Katherine & Vincent, Linda, 2005. "Earnings and dividend informativeness when cash flow rights are separated from voting rights," Journal of Accounting and Economics, Elsevier, vol. 39(2), pages 329-360, June.
  74. Qi Chen, 2007. "Discussion of Which Institutional Investors Trade Based on Private Information about Earnings and Returns?," Journal of Accounting Research, Wiley Blackwell, vol. 45(2), pages 323-331, May.
  75. Petacchi, Reining, 2015. "Information asymmetry and capital structure: Evidence from regulation FD," Journal of Accounting and Economics, Elsevier, vol. 59(2), pages 143-162.
  76. Riaz, Zahid & Ray, Sangeeta & Ray, Pradeep Kanta & Kumar, Vikas, 2015. "Disclosure practices of foreign and domestic firms in Australia," Journal of World Business, Elsevier, vol. 50(4), pages 781-792.
  77. Liu, Huan & Hou, Canran, 2023. "The impact of institutional investors' corporate site visits on corporate social responsibility," Emerging Markets Review, Elsevier, vol. 55(C).
  78. Pavlopoulos, Athanasios & Magnis, Chris & Iatridis, George Emmanuel, 2017. "Integrated reporting: Is it the last piece of the accounting disclosure puzzle?," Journal of Multinational Financial Management, Elsevier, vol. 41(C), pages 23-46.
  79. Hyejeong Shin & Su-In Kim, 2018. "The Effect of Corporate Governance on Earnings Quality and Market Reaction to Low Quality Earnings: Korean Evidence," Sustainability, MDPI, vol. 11(1), pages 1-17, December.
  80. Fang, Yiwei & Francis, Bill & Hasan, Iftekhar & Wang, Haizhi, 2012. "Product market relationships and cost of bank loans: Evidence from strategic alliances," Journal of Empirical Finance, Elsevier, vol. 19(5), pages 653-674.
  81. Amanda W. Beck, 2018. "Opportunistic financial reporting around municipal bond issues," Review of Accounting Studies, Springer, vol. 23(3), pages 785-826, September.
  82. Anand Mohan Goel, 2003. "Why Do Firms Smooth Earnings?," The Journal of Business, University of Chicago Press, vol. 76(1), pages 151-192, January.
  83. Cheong, Chee Seng & Zurbruegg, Ralf, 2016. "Analyst forecasts and stock price informativeness: Some international evidence on the role of audit quality," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(3), pages 257-273.
  84. Lemma, Tesfaye T. & Negash, Minga & Mlilo, Mthokozisi & Lulseged, Ayalew, 2018. "Institutional ownership, product market competition, and earnings management: Some evidence from international data," Journal of Business Research, Elsevier, vol. 90(C), pages 151-163.
  85. Brian J. Bushee & Theodore H. Goodman, 2007. "Which Institutional Investors Trade Based on Private Information About Earnings and Returns?," Journal of Accounting Research, Wiley Blackwell, vol. 45(2), pages 289-321, May.
  86. Velury, Uma & Jenkins, David S., 2006. "Institutional ownership and the quality of earnings," Journal of Business Research, Elsevier, vol. 59(9), pages 1043-1051, September.
  87. Daoping (Steven) He & David C. Yang & Liming Guan, 2010. "Earnings management and the performance of seasoned private equity placements: Evidence from Japanese issuers," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(6), pages 569-590, June.
  88. Chen, Shuping & Matsumoto, Dawn & Rajgopal, Shiva, 2011. "Is silence golden? An empirical analysis of firms that stop giving quarterly earnings guidance," Journal of Accounting and Economics, Elsevier, vol. 51(1), pages 134-150.
  89. Kyoung‐Hun Bae & Peter Dixon, 2018. "Do investors use options and futures to trade on different types of information? Evidence from an aggregate stock index," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(2), pages 175-198, February.
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