Selective Disclosure Associated with Institutional Investors: Evidence Based on Chinese Stock Market

Ting Luo () and Zhiguo Xiao ()
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Ting Luo: School of Economics and Management, Tsinghua University

Annals of Economics and Finance, 2015, vol. 16, issue 2, 515-542

Abstract: This paper investigates the phenomenon of selective disclosure associated with institutional investors in Chinese stock market. Based on a unique database that reveals the daily trading and the identities of institutions, we show that institutions on average possess private information regarding public firms’ impending non-earnings significant news. More importantly, we show that the information advantage of institutions is associated with their abil- ity to obtain private information from firm management. The findings shed light on the issue of developing fair information disclosure among all market participants.

Keywords: Information environment; Stock market; Selective information disclosure; Institutional investors (search for similar items in EconPapers)
JEL-codes: G10 G14 G20 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:cuf:journl:y:2015:v:16:i:2:luo

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