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Full-Text Articles in Finance and Financial Management
The Archway Investment Fund Semi Annual Report, Spring 2015, Bryant University, Archway Investment Fund
The Archway Investment Fund Semi Annual Report, Spring 2015, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
What Do Institutional Investors Know And Act On Before Almost Everyone Else: Evidence From Corporate Bankruptcies, Elena Precourt, Henry Oppenheimer
What Do Institutional Investors Know And Act On Before Almost Everyone Else: Evidence From Corporate Bankruptcies, Elena Precourt, Henry Oppenheimer
Accounting Department Faculty Journal Articles
We analyze investment behavior of institutional managers who hold and trade shares of firms that file for bankruptcy. We find that during the five-year period preceding a bankruptcy filing, institutional investors (except those managing investment companies) are net buyers with a positive abnormal net number of shares traded during the period. Institutional managers start to sell shares of bankrupt firms sooner in some firms than in others; these earlier sales are of smaller firms with weaker operating performance, and lower equity risk. We do not find evidence that institutional stockholders trade strategically and avoid material price declines before they occur.