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You searched for +publisher:"Penn State University" +contributor:("Russell Wade Cooper, Outside Member"). One record found.

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Penn State University

1. Jiang, Xin. Fund Managers' Disclosures.

Degree: 2018, Penn State University

It is unclear why some privately-informed fund managers publicly reveal private information before they have �finished accumulating their position in a stock that they believe to be mis-valued. In this dissertation, I model a fund manager as an informed trader and propose a rational explanation for this phenomenon based on the differing importance to fund managers of short-term paper pro�ts and long-term trading pro�ts. I study an informed trader's voluntary disclosure using a variant of a two-period Kyle (1985) model. The fi�ndings of this dissertation demonstrate that an informed trader's public disclosure depends on the relative weight she places on short-term paper pro�ts, i.e., her degree of short-termism. Above a threshold weight, she prefers to disclose. Further, the precision of the informed trader's disclosure increases with her degree of short-termism. Short-termism on the part of the informed investor leads to (i) lower liquidity before disclosure, and (ii) higher price informativeness both before and after disclosure. I also examine the informed trader's trading strategies when she is mandated to disclose her portfolio holdings immediately after her trades. In this case, it is optimal for the informed trader to inject a random component into her trade before disclosure in order to preserve some of her information advantage.Additionally, the extent to which the informed trader randomizes decreases with her degree of short-termism. Advisors/Committee Members: Steven J Huddart, Dissertation Advisor/Co-Advisor, Steven J Huddart, Committee Chair/Co-Chair, Dan Givoly, Committee Member, Kai Du, Committee Member, Russell Wade Cooper, Outside Member.

Subjects/Keywords: Fund managers; Disclosure; Short-termism

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Jiang, X. (2018). Fund Managers' Disclosures. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/15575xuj106

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Jiang, Xin. “Fund Managers' Disclosures.” 2018. Thesis, Penn State University. Accessed April 16, 2021. https://submit-etda.libraries.psu.edu/catalog/15575xuj106.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Jiang, Xin. “Fund Managers' Disclosures.” 2018. Web. 16 Apr 2021.

Vancouver:

Jiang X. Fund Managers' Disclosures. [Internet] [Thesis]. Penn State University; 2018. [cited 2021 Apr 16]. Available from: https://submit-etda.libraries.psu.edu/catalog/15575xuj106.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Jiang X. Fund Managers' Disclosures. [Thesis]. Penn State University; 2018. Available from: https://submit-etda.libraries.psu.edu/catalog/15575xuj106

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

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