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Individual, Institutional, And Specialist Trade Patterns Before And After Disclosure

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  • Michael Welker
  • H. Charles Sparks

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  • Michael Welker & H. Charles Sparks, 2001. "Individual, Institutional, And Specialist Trade Patterns Before And After Disclosure," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(2), pages 261-287, June.
    • Handle: RePEc:bla:jfnres:v:24:y:2001:i:2:p:261-287
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    File URL: http://hdl.handle.net/10.1111/j.1475-6803.2001.tb00768.x
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    References listed on IDEAS

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    1. M. J. Brennan, 1995. "The Individual Investor," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 18(1), pages 59-74, March.
    2. Kenneth A. Kavajecz, 1999. "A Specialist's Quoted Depth and the Limit Order Book," Journal of Finance, American Finance Association, vol. 54(2), pages 747-771, April.
    3. Kim, O & Verrecchia, Re, 1991. "Trading Volume And Price Reactions To Public Announcements," Journal of Accounting Research, Wiley Blackwell, vol. 29(2), pages 302-321.
    4. Sias, Richard W & Starks, Laura T, 1997. "Institutions and Individuals at the Turn-of-the-Year," Journal of Finance, American Finance Association, vol. 52(4), pages 1543-1562, September.
    5. Keown, Arthur J & Pinkerton, John M, 1981. "Merger Announcements and Insider Trading Activity: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 36(4), pages 855-869, September.
    6. Cornell, Bradford & Sirri, Erik R, 1992. "The Reaction of Investors and Stock Prices to Insider Trading," Journal of Finance, American Finance Association, vol. 47(3), pages 1031-1059, July.
    7. Givoly, Dan & Palmon, Dan, 1985. "Insider Trading and the Exploitation of Inside Information: Some Empirical Evidence," The Journal of Business, University of Chicago Press, vol. 58(1), pages 69-87, January.
    8. Thompson, Rb & Olsen, C & Dietrich, Jr, 1987. "Attributes Of News About Firms - An Analysis Of Firm-Specific News Reported In The Wall Street Journal Index," Journal of Accounting Research, Wiley Blackwell, vol. 25(2), pages 245-274.
    9. Lee, Charles M. C., 1992. "Earnings news and small traders : An intraday analysis," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 265-302, August.
    10. Francis, J & Pagach, D & Stephan, J, 1992. "The Stock-Market Response To Earnings Announcements Released During Trading Versus Nontrading Periods," Journal of Accounting Research, Wiley Blackwell, vol. 30(2), pages 165-184.
    11. Daley, La & Hughes, Js & Rayburn, Jd, 1995. "The Impact Of Earnings Announcements On The Permanent Price Effects Of Block Trades," Journal of Accounting Research, Wiley Blackwell, vol. 33(2), pages 317-334.
    12. Hirshleifer, David & Subrahmanyam, Avanidhar & Titman, Sheridan, 1994. "Security Analysis and Trading Patterns When Some Investors Receive Information before Others," Journal of Finance, American Finance Association, vol. 49(5), pages 1665-1698, December.
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    Cited by:

    1. Blankespoor, Elizabeth & deHaan, Ed & Marinovic, Iván, 2020. "Disclosure processing costs, investors’ information choice, and equity market outcomes: A review," Journal of Accounting and Economics, Elsevier, vol. 70(2).
    2. Chung, Chune Young & Wang, Kainan, 2016. "The impact of individual investor trading on information asymmetry in the Korean stock market," The North American Journal of Economics and Finance, Elsevier, vol. 37(C), pages 472-484.
    3. Shih-Chuan Tsai, 2014. "Individuals’ Trading Prior to Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1124-1156, November.
    4. Waël Louhichi, 2010. "Which trades move stock prices on Euronext Paris?," Journal of Asset Management, Palgrave Macmillan, vol. 10(6), pages 382-391, February.
    5. N. Huyghebaert & C. Van Hulle, 2004. "The Role of Institutional Investors in Corporate Finance," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(4), pages 689-726.
    6. Zhijuan Chen & William T. Lin & Changfeng Ma & Kent Wang, 2020. "Are individual investors liquidity providers around earnings announcements? Evidence from an emerging market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3447-3475, December.
    7. Tian, Xiao & Do, Binh & Duong, Huu Nhan & Kalev, Petko S., 2015. "Liquidity provision and informed trading by individual investors," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 143-162.
    8. Ron Kaniel & Shuming Liu & Gideon Saar & Sheridan Titman, 2012. "Individual Investor Trading and Return Patterns around Earnings Announcements," Journal of Finance, American Finance Association, vol. 67(2), pages 639-680, April.
    9. Seok, Sang Ik & Cho, Hoon & Ryu, Doojin, 2019. "Firm-specific investor sentiment and the stock market response to earnings news," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 221-240.
    10. Chen, Zhijuan & Lin, William T. & Ma, Changfeng & Tsai, Shih-Chuan, 2014. "Liquidity provisions by individual investor trading prior to dividend announcements: Evidence from Taiwan," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 358-374.

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