Passive Ownership and Price Informativeness
研究发现被动所有权会降低股价提前反映盈利公告信息的程度，过去30年被动所有权的上升导致盈利公告前价格中的信息含量下降了约四分之一均值。
I show that passive ownership negatively affects the degree to which stock prices anticipate earnings announcements. Estimates across several research designs imply that the rise in passive ownership over the last 30 years has caused the amount of information incorporated into prices ahead of earnings announcements to decline by approximately one-fourth of its whole-sample mean and one-sixth of its whole-sample standard deviation. This paper was accepted by Will Cong, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.00836 .