Distracted institutions, information asymmetry and stock price stability
研究发现机构投资者分心会加剧股价崩盘风险，且信息不透明的公司受影响更大；分心导致信息环境恶化，信息不对称使投资者过度反应坏消息。
Abstract We study the interplay between stock price stability and the information environment following periods of institutional distraction. Using a large panel dataset over the years 1982–2016, we find that the level of ownership by distracted institutions significantly explains crash risk independent of additional determinants identified in prior research. Distraction has a pronounced effect on crash risk among firms that are subject to greater information opacity. Furthermore, we identify a causal impact of institutional distraction on the quality of the information environment that persists over the year following the distraction period. This heightened information asymmetry impedes investors’ ability to process information, leading investors to overreact to bad news.