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.
Keywords: Institutional investors, Hedge fund ownership, Management forecasts, Analyst forecasts
학회 소식
공지사항
[2014년 제 2차] Hedge Fund Ownership and Voluntary Disclosure
작성자 : 관리자
조회수 : 811
게시일 :
2014-06-09