TY - GEN
T1 - Institutional ownership and earnings announcement timing of manager
AU - Rong, Xin
AU - Liu, Shan Cun
PY - 2013
Y1 - 2013
N2 - This paper empirically examines the impact of institutional ownership on the earnings announcement timing of manager based on the investors' limited attention in financial market using the quarterly earnings announcements data of A shares from January, 2007 to December, 2011. The results reveal that the influence trajectory is an inverted U-shaped curve, and the critical value is 39.19%. Increasing the proportion of institutional holding within the limit of 39.19% will improve the earnings announcement timing of manager. However any increase above this threshold will aggravate the earnings announcement timing of manager. The proportion of institutional holding is under 39.19% for most Chinese listed firms, and the policy implications for Chinese capital market is that optimizing the investor structure by increasing the proportion of institutional ownership can improve the earnings announcement timing of manager efficiently.
AB - This paper empirically examines the impact of institutional ownership on the earnings announcement timing of manager based on the investors' limited attention in financial market using the quarterly earnings announcements data of A shares from January, 2007 to December, 2011. The results reveal that the influence trajectory is an inverted U-shaped curve, and the critical value is 39.19%. Increasing the proportion of institutional holding within the limit of 39.19% will improve the earnings announcement timing of manager. However any increase above this threshold will aggravate the earnings announcement timing of manager. The proportion of institutional holding is under 39.19% for most Chinese listed firms, and the policy implications for Chinese capital market is that optimizing the investor structure by increasing the proportion of institutional ownership can improve the earnings announcement timing of manager efficiently.
KW - earnings announcement timing
KW - information interpretation
KW - institutional ownership
KW - investors' limited attention
UR - https://www.scopus.com/pages/publications/84884339340
U2 - 10.1109/ICMSE.2013.6586478
DO - 10.1109/ICMSE.2013.6586478
M3 - 会议稿件
AN - SCOPUS:84884339340
SN - 9781479904716
T3 - International Conference on Management Science and Engineering - Annual Conference Proceedings
SP - 1572
EP - 1578
BT - 2013 International Conference on Management Science and Engineering, ICMSE 2013 - 20th Annual Conference Proceedings
T2 - 2013 20th International Conference on Management Science and Engineering, ICMSE 2013
Y2 - 17 July 2013 through 19 July 2013
ER -