...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Accounting Review >Financial Reporting Quality, Investment Horizon, and Institutional Investor Trading Strategies
【24h】

Financial Reporting Quality, Investment Horizon, and Institutional Investor Trading Strategies

机译：财务报告质量，投资范围和机构投资者交易策略

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper provides evidence that financial reporting quality (FRQ) influences the holding costs of trading strategies. While prior research has focused on the benefits of investment strategies based on poor FRQ (i. e., larger returns due to a greater amount of private information), we examine whether poor FRQ imposes greater holding costs on certain trading strategies. We show that poor FRQ motivates sophisticated investors with short-term horizons to tilt their portfolios away from value stocks, whose returns are contingent on investors revising their beliefs about firm fundamental value, and toward past winner stocks, whose future returns are realized more quickly. Poor FRQ also increases the length of time that institutions maintain large positions in value stocks. Our results imply that mis-valuations can be persistent when arbitrageurs perceive high holding costs from poor financial quality, even when they can see through the opaque financial disclosures.
机译：本文提供的证据表明财务报告质量（FRQ）影响交易策略的持有成本。虽然先前的研究集中在基于不良FRQ的投资策略的收益（即由于大量私人信息导致的更高收益），但我们研究了不良FRQ是否对某些交易策略施加了更高的持有成本。我们发现不良的FRQ激励有远见的成熟投资者将其投资组合从价值型股票上转移，价值型股票的回报取决于投资者修改其对公司基本价值的信念，并转向过去的赢家股票，后者的未来回报实现得更快。糟糕的FRQ也增加了机构维持价值股票大量头寸的时间。我们的结果表明，当套利者认为不良的财务质量导致高持有成本时，即使他们可以看透不透明的财务披露，也可能会持续存在错误的估值。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号