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Stephanie A Sikes - One of the best experts on this subject based on the ideXlab platform.
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measuring tax sensitive Institutional Investor ownership
The Accounting Review, 2017Co-Authors: Jennifer L Blouin, Brian J Bushee, Stephanie A SikesAbstract:ABSTRACT: We classify all Institutional Investors that file Form 13-F over the period 1995–2013 as either “tax-sensitive” or “tax-insensitive” based on their trading behavior and portfolio characteristics. We examine tests of the effects of Investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive Institutional Investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive Investors dominates other measures in the portfolio rebalancing and price pressure tests. In the fund performance test, our measure of tax-sensitivity is the only one that finds that tax-sensitive Investors have significantly lower returns on their portfolio stocks, which is a new result in the literature. JEL Classifications: G11; G20; H24.
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measuring tax sensitive Institutional Investor ownership
2016Co-Authors: Jennifer L Blouin, Brian J Bushee, Stephanie A SikesAbstract:We classify all Institutional Investors that file Form 13F over the period 1995-2013 as either “tax-sensitive” or “tax-insensitive” based on their trading behavior and portfolio characteristics. We examine tests of the effects of Investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive Institutional Investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive Investors dominates other measures in the portfolio rebalancing and price pressure tests. In the fund performance test, our measure of tax-sensitivity is the only one that finds that tax-sensitive Investors have significantly lower returns on their portfolio stocks, which is a new result in the literature.
Brian J Bushee - One of the best experts on this subject based on the ideXlab platform.
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measuring tax sensitive Institutional Investor ownership
The Accounting Review, 2017Co-Authors: Jennifer L Blouin, Brian J Bushee, Stephanie A SikesAbstract:ABSTRACT: We classify all Institutional Investors that file Form 13-F over the period 1995–2013 as either “tax-sensitive” or “tax-insensitive” based on their trading behavior and portfolio characteristics. We examine tests of the effects of Investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive Institutional Investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive Investors dominates other measures in the portfolio rebalancing and price pressure tests. In the fund performance test, our measure of tax-sensitivity is the only one that finds that tax-sensitive Investors have significantly lower returns on their portfolio stocks, which is a new result in the literature. JEL Classifications: G11; G20; H24.
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measuring tax sensitive Institutional Investor ownership
2016Co-Authors: Jennifer L Blouin, Brian J Bushee, Stephanie A SikesAbstract:We classify all Institutional Investors that file Form 13F over the period 1995-2013 as either “tax-sensitive” or “tax-insensitive” based on their trading behavior and portfolio characteristics. We examine tests of the effects of Investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive Institutional Investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive Investors dominates other measures in the portfolio rebalancing and price pressure tests. In the fund performance test, our measure of tax-sensitivity is the only one that finds that tax-sensitive Investors have significantly lower returns on their portfolio stocks, which is a new result in the literature.
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Institutional Investor Preferences for Corporate Governance Mechanisms
Journal of Management Accounting Research, 2013Co-Authors: Brian J Bushee, Mary Ellen Carter, Joseph J. GerakosAbstract:ABSTRACT: We examine Institutional Investors' preferences for corporate governance mechanisms. We find little evidence of an association between total Institutional ownership and governance mechanisms. However, using revealed preferences, we identify a small group of “governance-sensitive” institutions that exhibit persistent associations between their ownership levels and firms' governance mechanisms. We also find that firms with a high level of ownership by institutions sensitive to shareholder rights have significant future improvements in shareholder rights, consistent with shareholder activism. Further, we find that factors describing the characteristics of institutions' portfolios are correlated with governance preferences. Large institutions, those holding a large number of portfolio stocks, and those with preferences for growth firms are more likely to be sensitive to corporate governance mechanisms, suggesting those mechanisms may be a means for decreasing monitoring costs and may be more essenti...
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Institutional Investor Preferences for Corporate Governance Mechanisms
SSRN Electronic Journal, 2009Co-Authors: Brian J Bushee, Mary Ellen Carter, Joseph J. GerakosAbstract:We examine Institutional Investors’ preferences for corporate governance mechanisms. We find little evidence of an association between total Institutional ownership and governance mechanisms. However, using revealed preferences, we identify a small group of “governance-sensitive” institutions that exhibit persistent associations between their ownership levels and firms’ governance mechanisms. We also find that firms with a high level of ownership by institutions sensitive to shareholder rights have significant future improvements in shareholder rights, consistent with shareholder activism. Further, we find that factors describing the characteristics of institutions’ portfolios are correlated with governance preferences. Large institutions, those holding a large number of portfolio stocks, and those with preferences for growth firms are more likely to be sensitive to corporate governance mechanisms, suggesting those mechanisms may be a means for decreasing monitoring costs and may be more essential for firms with a high level of growth opportunities. Finally, our results suggest that common proxies for governance sensitivity by Investors (e.g., legal type, blockholding) do not cleanly measure governance preferences.
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Institutional Investor preferences and price pressure the case of corporate spin offs
The Journal of Business, 2003Co-Authors: Jeffery S. Abarbanell, Brian J Bushee, Jana Smith RaedyAbstract: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 find strong evidence that investment strategy and fiduciary restrictions affect Institutional Investor demand for stocks after spin‐offs. However, contrary to prior research conjecturing that trading related to Investor preferences creates short‐term price pressure in entities emerging from spin‐off transactions, we find that, in general, this trading is not associated with abnormal price movements for parents or subsidiaries around the spin‐off.
Jennifer L Blouin - One of the best experts on this subject based on the ideXlab platform.
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measuring tax sensitive Institutional Investor ownership
The Accounting Review, 2017Co-Authors: Jennifer L Blouin, Brian J Bushee, Stephanie A SikesAbstract:ABSTRACT: We classify all Institutional Investors that file Form 13-F over the period 1995–2013 as either “tax-sensitive” or “tax-insensitive” based on their trading behavior and portfolio characteristics. We examine tests of the effects of Investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive Institutional Investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive Investors dominates other measures in the portfolio rebalancing and price pressure tests. In the fund performance test, our measure of tax-sensitivity is the only one that finds that tax-sensitive Investors have significantly lower returns on their portfolio stocks, which is a new result in the literature. JEL Classifications: G11; G20; H24.
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measuring tax sensitive Institutional Investor ownership
2016Co-Authors: Jennifer L Blouin, Brian J Bushee, Stephanie A SikesAbstract:We classify all Institutional Investors that file Form 13F over the period 1995-2013 as either “tax-sensitive” or “tax-insensitive” based on their trading behavior and portfolio characteristics. We examine tests of the effects of Investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive Institutional Investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive Investors dominates other measures in the portfolio rebalancing and price pressure tests. In the fund performance test, our measure of tax-sensitivity is the only one that finds that tax-sensitive Investors have significantly lower returns on their portfolio stocks, which is a new result in the literature.
Siew Hong Teoh - One of the best experts on this subject based on the ideXlab platform.
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cater to thy client analyst responsiveness to Institutional Investor attention
Management Science, 2021Co-Authors: Pengchia Chiu, Ben Lourie, Alexander Nekrasov, Siew Hong TeohAbstract:We study how Institutional Investor attention to a firm affects the timeliness of analysts’ forecasts for that firm. We measure abnormal Institutional attention (AIA) using Bloomberg news search ac...
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cater to thy client analyst responsiveness to Institutional Investor attention
2020Co-Authors: Pengchia Chiu, Ben Lourie, Alexander Nekrasov, Siew Hong TeohAbstract:We study how Institutional Investor attention to a firm affects the timeliness of analysts’ forecasts for that firm. We measure abnormal Institutional attention (AIA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely forecasts when AIA is high on the earnings announcement day. Analyst responsiveness to AIA is stronger when analysts have more resources and experience and weaker when the AIA of other covered firms is high. Analysts who respond more to AIA are more likely to be named all-star analysts and less likely to be demoted to a smaller brokerage. We address endogeneity concerns using a measure of expected AIA that is unaffected by concurrent information. Our findings suggest that responsiveness to Institutional attention influences the production of analyst research and analysts’ career outcomes.
Tomas Sorensson - One of the best experts on this subject based on the ideXlab platform.
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Do Stars Shine? Comparing the Performance Persistence of Star Sell-Side Analysts Listed by Institutional Investor, the Wall Street Journal, and StarMine
Journal of Financial Services Research, 2016Co-Authors: Yury O. Kucheev, Felipe Ruiz, Tomas SorenssonAbstract:We investigate the profitability persistence of the investment recommendations from analysts listed in four different star rankings, Institutional Investor magazine, StarMine’s “Top Earnings Estimators” and “Top Stock Pickers”, and The Wall Street Journal, and show the predictive power of each evaluation methodology. We found that only Buy and Strong Buy recommendations from the entire group of Star analysts outperform those of the Non-Stars in the year after election, while Sell and Strong Sell recommendations performed as those of the Non-Stars. We document that the highest average monthly abnormal return of holding a long-short portfolio, 0.97 %, is obtained by following the recommendations of the group of star sell-side analysts rated by StarMine’s “Top Earnings Estimators” during the period from 2003 to 2014. Since earnings are one of the main drivers of stock prices, the results obtained are in line with the notion that focusing on superior earnings forecasts is one of the top requirements for successful stock picks.
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Star sell-side analysts listed by Institutional Investor, The Wall Street Journal and StarMine. Whose recommendations are most profitable?
2015Co-Authors: Yury O. Kucheev, Felipe Ruiz, Tomas SorenssonAbstract:In this study, we compare the profitability of the investment recommendations of analysts listed in four different star rankings: Institutional Investor magazine, StarMine’s “Top Earnings Estimators” and “Top Stock Pickers” and The Wall Street Journal. We document that the highest average monthly abnormal return of holding a long-short portfolio, 1.58 percent, is obtained by following the recommendations of the group of star sell-side analysts rated by The Wall Street Journal during the period from 2003-2013. The results indicate that the choice of analyst ranking is economically important in making investment decisions.
