Using a hand-collected dataset containing bullish, neutral, and bearish predictions for Bitcoin published by crypto experts, we show that neutral are followed negative abnormal returns whereas bullish not associated with nonzero returns. Based on all outstanding predictions, compute prediction revisions relative to (i) the latest issued (ii) consensus prediction. Downward We conclude experts sk...

Neural networks (NN) can be applied to the predication of stock market trends based on information from legal insider trading. These data are available because officers of companies are required by law to submit to the Securities Exchange Commission a record of the sales and purchases of their companies stock. Because purchases are more useful in this endeavor than are sales, all smallcap, midc...

Recent studies suggest that certain mutual fund managers manifest genuine skill but do not stipulate the particular skills that they possess. We examine in detail the style-timing abilities of 3,181 growth-oriented equity mutual funds over the period from 1993 to 2006. We find that an important contributor to the persistent abnormal returns observed is growth timing, i.e., switching stocks alon...

P quality is probably undervalued by firms because there is little consensus about appropriate measures and methods to research quality. We suggest that published ratings of a product’s quality are a valid source of quality information with important strategic and financial impact. We test this thesis by an event analysis of abnormal returns to stock prices of firms whose new products are evalu...

We examine the relationship between CEO ownership and stock market performance. Firms in which the CEO voluntarily holds a considerable share of outstanding stocks outperform the market by more than 10 percent p.a. after controlling for traditional risk factors. The effect is most pronounced in firms that are characterized by large managerial discretion of the CEO. The abnormal returns we docum...

We examine the impact of firm ownership composition on both the abnormal returns at the announcement of a stock split and liquidity changes following a stock split. We find three results. First, the largest post-split increase in institutional ownership occurs for firms that had low institutional ownership prior to the split. Second, changes in liquidity are negatively related to the level of i...

Using data on security holdings of 10,771 institutional investors from 72 different countries, we test whether concentrated investment strategies result in superior abnormal returns to institutional investors. We examine three measures of portfolio concentration: home country, foreign country, and industry concentration and show that portfolio concentration leads to higher abnormal returns of i...

This study focuses on the intraday relative timing of same day announcements of earnings and dividends. The price effects of three timing patterns are examined: (a) both earnings and dividends announced after the close of trading, (b) dividends announced before and earnings announced after the close of trading, and (c) earnings announced before and dividends announced after the close of trading...