Management Earnings Forecasts, Earnings Announcements, and Institutional Trading in China

doi:10.1080/1540496X.2014.1013858

CORC > 上海财经大学 > 上海财经大学

	Management Earnings Forecasts, Earnings Announcements, and Institutional Trading in China
	Cheung, Yan-Leung 1; Luo, Xuandong 2; Tan, Weiqiang 3; Xiao, Tusheng 4
刊名	EMERGING MARKETS FINANCE AND TRADE
	2014-11-01
卷号	50 页码:184-203
关键词	management earnings forecasts earnings announcement institutional trading China
ISSN号	1540-496X
DOI	10.1080/1540496X.2014.1013858
英文摘要	In this study, we investigate the trading behavior of institutional investors in China according to management earnings forecasts (MEFs) and earnings announcements (EAs). MEFs are mandatory under the stringent regulatory framework in China. We find evidence that both MEFs and EAs have an effect on the market. However, MEFs have a bigger effect on the market than do EAs. According to a sample of semiannual observations of firms from 2003 to 2008, we find that changes in the stock ownership of institutions are positively associated with EAs but not significantly associated with MEFs. When we further examine the relations between institutional characteristics and trading strategies, we find that growth funds exploit the arbitrage opportunity of MEFs.
WOS研究方向	Business & Economics ; International Relations
语种	英语
出版者	ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
WOS记录号	WOS:000352863700013
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1667]
专题	上海财经大学
通讯作者	Tan, Weiqiang
作者单位	1.Hong Kong Inst Educ, Publ Policy, Hong Kong, Hong Kong, Peoples R China; 2.Shanghai Univ Finance & Econ, Sch Finance, Finance, Shanghai, Peoples R China; 3.Hong Kong Baptist Univ, Sch Business, Finance, Hong Kong, Hong Kong, Peoples R China; 4.Cent Univ Finance & Econ, Sch Accountancy, Accounting, Beijing, Peoples R China
推荐引用方式 GB/T 7714	Cheung, Yan-Leung,Luo, Xuandong,Tan, Weiqiang,et al. Management Earnings Forecasts, Earnings Announcements, and Institutional Trading in China[J]. EMERGING MARKETS FINANCE AND TRADE,2014,50:184-203.
APA	Cheung, Yan-Leung,Luo, Xuandong,Tan, Weiqiang,&Xiao, Tusheng.(2014).Management Earnings Forecasts, Earnings Announcements, and Institutional Trading in China.EMERGING MARKETS FINANCE AND TRADE,50,184-203.
MLA	Cheung, Yan-Leung,et al."Management Earnings Forecasts, Earnings Announcements, and Institutional Trading in China".EMERGING MARKETS FINANCE AND TRADE 50(2014):184-203.