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【9月9日】【会计学院学术论坛】Institutional Trading around Corporate News: Evidence from Textual Analysis

[发表时间]:2016-09-05 [来源]: [浏览次数]: 1192

    讲座人:Alan Huang  Associate Professor

    讲座主题:Institutional Trading around Corporate News: Evidence from Textual Analysis

    摘要:We examine institutional trading surrounding corporate news by combining a comprehensive database of news releases for U.S. firms with a high-frequency database of institutional trades. We find that institutions chiefly trade on news content directly after a given news release. Institutions trade more intensely on news related to firm fundamentals, with a less ambiguous content, and with more intense media coverage. News-driven institutional trades result in abnormal returns during the following two weeks. Our results suggest that institutional investors process the general supply of firm-specific public information in a timely manner, and contribute to the informational efficiency of stock prices.

    讲座时间:2016年09月09日,周五,15:00开始

    讲座地点:学院南路学术会堂702

    讲座人简介:Alan Huang (黄国明) is an associate professor of finance at the University of Waterloo. His research covers aspects of empirical asset pricing related to how information transmits in the financial markets. Currently Alan’s research interests are in the pricing implications of firms’ financial information uncertainty, information implications of corporate news stories, and the impacts of consumers’ time-varying risk attitude on asset returns. Alan’s work has appeared in leading finance and accounting journals, and he has received a number of federal grants for his research work. Prior to his academic career, Alan was an investment banking associate and a proprietary trader for a Chinese investment bank, and he currently consults for venture capital firms and hedge funds. Alan holds a PhD from the University of Colorado at Boulder, and a master’s from Shanghai University of Finance and Economics.

 


[编辑]:张萌