The Impact of Regulation FD on Institutional Investor Informativeness
研究发现公平披露条例显著削弱了机构投资者在增发新股时识别错误定价股票的能力，这种信息优势的丧失源于投资者无法直接获取私有信息，转而依赖更多公开信息变量，导致投资决策更注重价格动量而忽视谨慎性和流动性因素。
Although there is conflicting evidence and resulting skepticism regarding the value provided by professional investment management, Gibson, Safieddine, and Sonti (2004) document institutional investor informativeness relative to seasoned equity offering (SEO) purchases. We find that Regulation Fair Disclosure's significantly reduces institutional investors’ ability to identify mispriced SEO firms. Informativeness is diminished not by investors following analysts who have experienced a reduction in forecasting accuracy, but limiting investors’ direct access to private information. This information loss is replaced by reliance on a greater number of public information variables resulting in less consideration for prudence proxies and a liquidity motive and more for higher price momentum.