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SUMMARY:Innovation and informed trading: Evidence from industry ETFs
DTSTART:20190222T103000
DTEND:20190222T120000
DTSTAMP:20260405T222507Z
UID:91a5d4606e1783635591b77a570d33dc85d2661850f8d0d7a759e24d
CATEGORIES:Conferences - Seminars
DESCRIPTION:Maureen O'HARA\, Cornell University\nWe hypothesize that indus
 try exchange traded funds (ETFs) encourage informed trading on underlying 
 firms through facilitating hedging of industry-specific risks. We show tha
 t short interest on industry ETFs\, reflecting part of the “long-the-sto
 ck/short-the-ETF” strategy\, positively predicts returns on these ETFs a
 nd the percentage of positive earnings announcements of underlying stocks.
  We also show that hedge funds’ long-short strategy using industry ETFs 
 and industry ETF membership reduces post-earnings-announcement-drift. Our 
 results suggest that financial innovations such as industry ETFs can be be
 neficial for informational efficiency by helping investors hedge risks.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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