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Cited by 916

The DOI matches its Crossref record; 37 of the 37 references it cites were found in a registry or an index.

Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed?

Yan, Xuemin (Sterling), Zhang, Zhe·2009·Review of Financial Studies
DOI 10.1093/revfin/hhl046
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Abstract

We show that the positive relation between institutional ownership and future stock returns documented in Gompers and Metrick (2001) is driven by short-term institutions. Furthermore, short-term institutions' trading forecasts future stock returns. This predictability does not reverse in the long run and is stronger for small and growth stocks. Short-term institutions' trading is also positively related to future earnings surprises. By contrast, long-term institutions' trading does not forecast future returns, nor is it related to future earnings news. Our results are consistent with the view that short-term institutions are better informed and they trade actively to exploit their informational advantage.

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Metadata

Authors
Yan, X. (., & Zhang, Z.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2007-01-03
Volume
22
Issue
2
Pages
893-924
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/revfin/hhl046
OpenAlex
W3122389145
Cited by
916
References
37
FWCI
25.39
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed? https://app.cochat.ai/papers/10.1093/revfin/hhl046
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Yan, X. (., & Zhang, Z. (2009). Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed? Review of Financial Studies. https://doi.org/10.1093/revfin/hhl046

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