Wei Huang

Wei Huang
University of Minnesota Duluth | UMD · Department of Accounting and Finance

Doctor of Philosophy

About

10
Publications
1,545
Reads
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45
Citations
Citations since 2017
8 Research Items
44 Citations
2017201820192020202120222023024681012
2017201820192020202120222023024681012
2017201820192020202120222023024681012
2017201820192020202120222023024681012

Publications

Publications (10)
Article
Using monthly holdings data, we show that in contrast to findings in existing literature, mutual fund trades in aggregate do not have predictive power for future earnings information. We identify active trades by mutual funds, that is, trades not passively driven by fund flows, and show that only large active trades by mutual funds contain informat...
Article
Full-text available
Holding earnings surprises constant, investors react negatively to delayed earnings announcements. One standard deviation of delay (5 days) corresponds to about 21 bps negative abnormal returns over a two-day announcement window. We show that the results are robust after further controlling for various firm characteristics, earnings characteristics...
Article
The literature documentsthat institutional investors in aggregate trade in the “wrong” direction of stock return anomalies. This paper explains the puzzle by isolating active institutions with a shorter‐term investment horizon (“short‐term institutions”). Based on 10 well‐known stock return anomalies, we find that these short‐term institutions inde...
Article
There has been a steady increase in institutional ownership of penny stocks over the past decades. Nevertheless, we show that penny stocks bought by institutional investors significantly underperform other penny stocks in subsequent four quarters. This poor performance is mainly driven by quasi-indexers, i.e., institutions with passive and widely d...
Article
We examine the role of institutional investors underlying post–earnings-announcement drift (PEAD). Our results show that while institutional investors generally herd on earnings news, such correlated trading among institutions does not eliminate or reduce market underreaction to earnings surprises. Instead, PEAD is significant only in the subsample...
Article
Full-text available
This paper examines the relationship between institutional holdings and dividend policy by jointly considering investment style and firms’ growth opportunities. It helps to resolve the apparent low-dividend-preference puzzle in which institutional investors have higher holdings in dividend-paying firms, but among dividend payers, prefer firms that...
Article
Full-text available
We investigate the determinants of actual downsizing following corporate press announcements of downsizing and find that some announcements are followed by lower growth rates in assets and employees and some are not. Our analysis indicates that the downsizing announcement sometimes implies net downsizing and sometimes implies strategic realignment...

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Projects

Projects (2)
Project
Corporate Governance, Mergers & asset restructuring
Project
Determinants of dividend and financing policies