Valuation uncertainty, market sentiment and the informativeness of institutional trades
Prior studies indicate that institutional investors are informed, in the sense that their trades predict price changes. In this study we show that return predictive ability of institutions arises (after controlling for size, book-to-market, and momentum) mainly from institutional sales of hard-to-va...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2016
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/5088 https://ink.library.smu.edu.sg/context/lkcsb_research/article/6087/viewcontent/ValuationUncertaintyMarketSentiment_2016.pdf |
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| Institution: | Singapore Management University |
| Language: | English |