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Short-Term Investors, Public Disclosures, and the Informativeness of Prices for Future Fundamentals.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Short-Term Investors, Public Disclosures, and the Informativeness of Prices for Future Fundamentals./
Author:	Holzman, Eric Richard.
Description:	1 online resource (81 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
Contained By:	Dissertation Abstracts International79-02A(E).
Subject:	Accounting. -
Online resource:	click for full text (PQDT)
ISBN:	9780355456509

Short-Term Investors, Public Disclosures, and the Informativeness of Prices for Future Fundamentals.
Holzman, Eric Richard.

Short-Term Investors, Public Disclosures, and the Informativeness of Prices for Future Fundamentals. - 1 online resource (81 pages)

Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

Conventional theory suggests that the market reaction to a public disclosure reveals investors' revised evaluations about the future fundamentals of the firm. However, emerging theory motivated by Keynes' beauty contest metaphor predicts that investors with short investment horizons are likely to be more concerned with predicting near-term price changes than with trading on expectations about future fundamentals around public disclosures. I find that the informativeness of stock returns for future earnings around corporate earnings disclosures is materially attenuated when a high proportion of firm shares are held by short-term institutional investors. Moreover, beauty contest theory predicts that this type of behavior leads short-term investors to place disproportionately high weights on public information in forecasting interim asset prices. Consistent with this notion, I document an initial overreaction to current earnings news for firms with a high degree of short-term institutional investors. Lastly, I find this informational inefficiency is strongest when the current earnings disclosure is more precise. Overall, the findings suggest that prices around public disclosures more slowly anticipate future fundamentals when a firm's investor base includes a significant portion of short-term investors.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355456509Subjects--Topical Terms:

561166
Accounting.
Index Terms--Genre/Form:

554714
Electronic books.

Short-Term Investors, Public Disclosures, and the Informativeness of Prices for Future Fundamentals.
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500 $a Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
500 $a Adviser: Teri L. Yohn.
502 $a Thesis (Ph.D.) $c Indiana University $d 2017.
504 $a Includes bibliographical references
520 $a Conventional theory suggests that the market reaction to a public disclosure reveals investors' revised evaluations about the future fundamentals of the firm. However, emerging theory motivated by Keynes' beauty contest metaphor predicts that investors with short investment horizons are likely to be more concerned with predicting near-term price changes than with trading on expectations about future fundamentals around public disclosures. I find that the informativeness of stock returns for future earnings around corporate earnings disclosures is materially attenuated when a high proportion of firm shares are held by short-term institutional investors. Moreover, beauty contest theory predicts that this type of behavior leads short-term investors to place disproportionately high weights on public information in forecasting interim asset prices. Consistent with this notion, I document an initial overreaction to current earnings news for firms with a high degree of short-term institutional investors. Lastly, I find this informational inefficiency is strongest when the current earnings disclosure is more precise. Overall, the findings suggest that prices around public disclosures more slowly anticipate future fundamentals when a firm's investor base includes a significant portion of short-term investors.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Accounting. $3 561166
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
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