rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    non sort: The
    title: association between institutional ownership and trading volume reaction to annual earnings announcements
  name:
    name part: Utama, Siddharta.
    role:
      role term: creator
  type of resource: text
  genre: bibliography
  origin info:
    place:
      place term: xx
    date issued: 1996
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: print
    extent: x, 110 leaves : illustrations ; 28 cm.
  abstract: The study empirically investigates the relationship between
  abstract: ownership structure, as revealed by the percentage of
  abstract: outstanding shares held by institutional investors, and
  abstract: trading volume responses to annual earnings announcements.
  abstract: Kim and Verrecchia (1991a) theoretically propose that trading
  abstract: volume reaction in response to public announcements is an
  abstract: increasing function of the degree of differential precision
  abstract: of private predisclosure information across investors. This
  abstract: study builds on theirs by proposing that the relation between
  abstract: trading volume reaction to earnings announcements and
  abstract: institutional ownership is influenced by the difference in
  abstract: the precision of private predisclosure information between
  abstract: institutions and individuals. Prior studies suggest that
  abstract: institutional investors are better informed and have more
  abstract: precise private information than individual investors. It
  abstract: follows that the extent of institutional ownership determines
  abstract: the degree of differential precision across investors and
  abstract: therefore influences trading volume. The study develops a
  abstract: model that introduces two investor classes (individual and
  abstract: institutional investors) who differ, on average, in terms of
  abstract: the precision of their private predisclosure information.
  abstract: The model allows precision to vary within each investor class
  abstract: and it investigates how ownership structure influences the
  abstract: overall variation in the precision of private predisclosure
  abstract: information. The model shows that the relationship between
  abstract: ownership structure is expected to be quadratic with the
  abstract: quadratic curve having an inverted U-shape. The regression
  abstract: results show a strong quadratic relation between
  abstract: institutional ownership and trading volume response. The
  abstract: results are robust with respect to alternative forms of the
  abstract: empirical modells specification. The findings are consistent
  abstract: with Kim and Verrecchia's theoretical proposition that
  abstract: trading volume reaction to public announcements is an
  abstract: increasing function of the differential precision across
  abstract: investors' private predisclosure information. Further, the
  abstract: study finds that the difference in the precision of private
  abstract: predisclosure information between institutions and
  abstract: individuals is more pronounced in firms with a restricted
  abstract: analyst following.
  note: by Siddharta Utama.
  note: Vita.
  note: "Major Subject: Accounting".
  note: Issued also on microfiche from University Microfilms Inc.
  note: Includes bibliographical references.
  note: Ph. D. Texas A&M University 1996.
  subject:
    topic: Major accounting
  identifier: 96-34854 UMI
  identifier: http://proxy.library.tamu.edu/login
  related item:
    location:
      url: http://proxy.library.tamu.edu/login
  record info:
    record content source: TXA
    record creation date: 970326
    record change date: 20190325093249.0
    record identifier: in00001344362