Earticle

초록

영어

Using 13F filings from 1996 to 2011, we examine the association between hedge fund ownership and a firm’s voluntary disclosure. We find that hedge fund holdings are negatively associated with the subsequent frequency of voluntary disclosure. This is opposite to the positive association documented in earlier studies for overall institutional ownership as well as for non-hedge fund ownership in our sample. The negative association is more pronounced in firms held mainly by hedge funds with short-term investment horizons. We also find that the stocks that decrease their voluntary disclosure subsequent to increases in hedge fund holdings earn positive abnormal returns. Overall, our findings suggest that hedge fund influence on firm voluntary disclosure policy differs from that of other institutional investors and potentially contributes to hedge fund profitability.

목차

Abstract
 1. Introduction
 2. Hypothesis Development: Effect of Hedge Fund Ownership on Voluntary Disclosure
 3. Data and Research Design
  3.1. Data
  3.2. Research Design
  3.3. Descriptive Statistics
 4. Results
  4.1. Management Earnings Forecasts and Hedge Fund Ownership
  4.2. Management Earnings Forecasts and Hedge Fund Ownership by Turnover Type
  4.3. Changes Specification
  4.4. Information Opacity and Hedge Fund Performance
 5. Additional Tests
  5.1. Other Measures of Firm Information Environment
  5.2. Reverse Causality
  5.3. Robustness Tests
 6. Conclusion
 Appendix
 References
 Table

키워드

저자

• Bok Baik [ Seoul National University ]
• Jin-Mo Kim [ Rutgers University ]
• Kyonghee Kim [ University of Missouri at Columbia ]
• Sukesh Patro [ Northern Illinois University ]

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