The Performance of Institutional Investor Trades Across the Supply Chain

Institutional trading and Abel Noser data

“…and Ben-Rephael, Da, and Israelsen (2017), which combines Abel Noser data with news searching and news reading activity on Bloomberg terminals. In terms of working papers, some good examples are: Alldredge and Puckett (2017), which combines Abel Noser data with supply-chain data; Bhattacharya, Wei, and Xia (2017), which combines Abel Noser data with credit ratings issued by EJR -an investor-paid rating agency; Choi, Park, Pearson, and Sandy (2017), which combines Abel Noser institutional trading data with public institutional holdings data to identify opening and closing of short trades by hedge funds; and Huang, Tan, and Wermers (2018), which combines Abel Noser data with a comprehensive database of news releases for all U.S. firms during 2000 to 2010.…”

Informed short selling: evidence from economically linked firms

“…Alldredge and Cicero (2015) show that insiders in linked firms make profit by monitoring the performance of the firm's principal customers. Alldredge and Puckett (2016) investigate the significance of supply chain relations for institutional investors. They find that supply chain relations are important in determining institutional ownership and that institutions experience abnormal trading profits in supplier firms.…”

Market Power in the Portfolio: Product Market Competition and Mutual Fund Performance

“…Second, investors try to learn about a company from similar and related firms (e.g., Foucault and Frésard (2016)). For instance, Alldredge and Puckett (2016) show that institutional investors exploit economies of scale in information acquisition and invest in both supplier and customer firms at the same time. The uniqueness of monopolies, however, hinder information spillovers and learning opportunities.…”

“…Kacperczyk, Sialm, and Zheng (2005), Huang and Kale (2013), and Alldredge and Puckett (2016) document that funds outperform if they are more concentrated in particular 7 industries or related industries, while Petajisto (2009) andDoshi, Elkamhi, andSimutin (2015) show that more active managers deliver a superior performance. I add to these studies by differentiating funds by their information-processing skill.…”