Institutional Ownership and the Liquidity of Common Stock Offerings
This paper investigates the extent to which institutional ownership of equity affects the market's response to announcements of new issues of common stock. The authors find that the absolute magnitude of the share price reaction is negatively related to the level of institutional ownership in the announcing firm. These results are consistent with the argument that the information acquisition activities of institutional investors reduce preannouncement information asymmetries between managers and the capital market. Copyright 1992 by MIT Press.
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Volume (Year): 27 (1992)
Issue (Month): 2 (May)
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