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Title: | Mutual funds' reporting frequency and firms' responses to undervaluation : The role of share repurchases | Authors: | Bourveau, T Li, X Macciocchi, D Sun, C |
Issue Date: | 2023 | Source: | Contemporary accounting research, Winter 2023, v. 40, no. 4, p. 2616-2642 | Abstract: | We examine a regulatory change that increased the reporting frequency of mutual funds' portfolios. Using a difference-in-differences design, we find that firms with greater ownership by mutual funds increase share repurchases following the regulatory change. We show that these share repurchases are a firm's rational response to undervaluation, which occurs because fund managers become shortsighted following the regulation and sell companies with good long-term prospects. Collectively, our results shed light on an unintended consequence of more frequent reporting in a delegated asset management framework. | Keywords: | mutual funds myopia reporting frequency share repurchases |
Publisher: | Canadian Academic Accounting Association | Journal: | Contemporary accounting research | ISSN: | 0823-9150 | EISSN: | 1911-3846 | DOI: | 10.1111/1911-3846.12887 | Rights: | © 2023 The Authors. Contemporary Accounting Research published by Wiley Periodicals LLC on behalf of Canadian AcademicAccounting Association. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License (https://creativecommons.org/licenses/by-nc-nd/4.0/), which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made. The following publication Bourveau, T., Li, X., Macciocchi, D., & Sun, C. (2023). Mutual funds' reporting frequency and firms' responses to undervaluation: The role of share repurchases. Contemporary Accounting Research, 40(4), 2616–2642 is available at https://doi.org/10.1111/1911-3846.12887. |
Appears in Collections: | Journal/Magazine Article |
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