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Does Investor Recog...
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Bodnaruk, AndriyStockholm School of Economics,Handelshögskolan i Stockholm
(författare)
Does Investor Recognition Predict Excess Returns?
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Nummerbeteckningar
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LIBRIS-ID:oai:hhs.se:1155030380006056
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https://research.hhs.se/esploro/outputs/other/Does-Investor-Recognition-Predict-Excess-Returns/991001480484206056URI
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https://doi.org/10.2139/ssrn.686380DOI
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Språk:engelska
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Sammanfattning på:engelska
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Ämneskategori:ovr swepub-publicationtype
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Ämneskategori:vet swepub-contenttype
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Included in the thesis: 1. Essays in empirical corporate finance and portfolio choice
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We test Merton's (1987) hypothesis using individual level stockholdings of Swedish investors. Controlling for size and other factors, we find that lower levels of investor recognition lead to greater future excess returns. Positive (negative) changes in investor recognition are followed by lower (higher) excess returns. The effect of investor recognition is more pronounced for young firms. We demonstrate that investor recognition is conditionally priced.
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Östberg, PerStockholm School of Economics,Handelshögskolan i Stockholm
(författare)
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Handelshögskolan i StockholmStockholm School of Economics
(creator_code:org_t)
Sammanhörande titlar
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Ingår i:SSRN Electronic Journal: Elsevier BV1556-5068
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