Earnings Announcements: Good News for Institutional Investors and Short Sellers
研究了机构投资者和卖空者在盈利公告前后的交易行为，发现两者都能提前预判盈利消息，并在公告后积极交易，其中卖空者对公司坏消息反应更快。
Abstract In this paper, we consider the trading behavior of institutional investors and short sellers around earnings announcements. The results suggest that institutional investors, and to a lesser extent short sellers, successfully anticipate earnings news. In the period immediately after the earnings announcement, both types of traders are active in the market and trade in response to the earnings announcement. In particular, short sellers are quick to increase their short positions when a company releases bad news. Institutional traders also trade in response to the news; however, they take longer to react.