Disagreement between hedge funds and other institutional investors and the cross‐section of expected stock returns

Autor:	Gokhan Sonaer, Umut Celiker, Mustafa Caglayan
Rok vydání:	2022
Předmět:	History Public information Economics and Econometrics Polymers and Plastics Earnings business.industry Institutional investor Monetary economics Industrial and Manufacturing Engineering Hedge fund Common stock Business Business and International Management Stock (geology) Finance
Zdroj:	Financial Review. 57:663-689
ISSN:	1540-6288 0732-8516
Popis:	We find that strong disagreements between hedge funds and other institutions in their common stock trades are twice as likely as agreements. The overall success of hedge funds’ trades is confined to disagreement stocks. While hedge funds are on average positive feedback traders, albeit weaker than other institutions, they are neither positive nor negative feedback traders for stocks heavily sold by other institutions. Hedge funds also depend less on earnings news. Our findings highlight the importance of disagreement in studying the performance of institutional investors’ trades and are consistent with the notion that skilled investors rely less on public information.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::2ba92181f1053a9c9a3ef9149f8ed418 https://doi.org/10.1111/fire.12308 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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