Investor Sophistication And Market Earnings Expectations

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Investor Sophistication and Market Earnings Expectations

Author : Beverly R. Walther
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Investor Sophistication and Market Earnings Expectations by : Beverly R. Walther

Download or read book Investor Sophistication and Market Earnings Expectations written by Beverly R. Walther and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether sophisticated investors rely more on analyst forecasts than on time-series model forecasts in forming expected earnings. Specifically, I investigate if earnings-announcement-related returns are more closely associated with analyst (SRW) forecasts for firms for which the marginal investor is more (less) likely to be sophisticated. My proxies for investor sophistication are institutional ownership, analyst following, and firm size (Atiase [1985], Hand [1990]). I predict that market participants place more weight on the analyst forecast for firms with high institutional ownership, firms with high analyst following, and large firms.For a sample of 89,246 firm-quarter observations over 1980-1995, I find that the weight placed on the analyst (SRW) forecast is increasing (decreasing) in institutional ownership, analyst following, and firm size. Forecast availability (as captured by publication in The Wall Street Journal) or forecast accuracy cannot account for these findings. Overall, my results suggest that market earnings expectations do not consistently resemble either analyst or SRW forecasts. Rather, the cross-sectional variation in the relative weights placed on these two forecasts is related to proxies for the sophistication of the marginal investor.

The Sophisticated Investor

Author : Burton Crane
Publisher :
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.:/5 (32 download)

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Book Synopsis The Sophisticated Investor by : Burton Crane

Download or read book The Sophisticated Investor written by Burton Crane and published by . This book was released on 1959 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Stock Investing for Everyone

Author : Arshad Khan
Publisher : John Wiley & Sons
ISBN 13 : 9780471357315
Total Pages : 426 pages
Book Rating : 4.3/5 (573 download)

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Book Synopsis Stock Investing for Everyone by : Arshad Khan

Download or read book Stock Investing for Everyone written by Arshad Khan and published by John Wiley & Sons. This book was released on 1999-10-07 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Stock Investing for Everyone' richtet sich an die wachsende Zahl von Leuten, die ihre Geldanlage selbst in die Hand nehmen: Seriöse Anleger, die zwar die Technik des Aktienkaufs beherrschen, aber fortgeschrittene Analysemethoden erlernen möchten, damit sie mit möglichst geringem Zeitaufwand Aktienwerte analysieren können. Anders als die meisten anderen Autoren konzentriert sich Khan ausschließlich auf den Aktienmarkt. Er behandelt das Kursverhalten einzelner Aktien und den Gesamtmarkt anhand von schrittweisen Anleitungen, wie man mit Hilfe verschiedener Anlagestrategien Kurse überwacht, Werte bonitätsmäßig einstuft und schließlich bestimmte Aktien auswählt. Ursprünglich als zweibändiges Set herausgegeben, erscheint diese Neuauflage aktualisiert und komprimiert jetzt in einem einzigen handlichen Band. (10/99)

Trading on Corporate Earnings News

Author : John Shon
Publisher : FT Press
ISBN 13 : 0132615851
Total Pages : 225 pages
Book Rating : 4.1/5 (326 download)

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Book Synopsis Trading on Corporate Earnings News by : John Shon

Download or read book Trading on Corporate Earnings News written by John Shon and published by FT Press. This book was released on 2011-03-09 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Profit from earnings announcements, by taking targeted, short-term option positions explicitly timed to exploit them! Based on rigorous research and huge data sets, this book identifies the specific earnings-announcement trades most likely to yield profits, and teaches how to make these trades—in plain English, with real examples! Trading on Corporate Earnings News is the first practical, hands-on guide to profiting from earnings announcements. Writing for investors and traders at all experience levels, the authors show how to take targeted, short-term option positions that are explicitly timed to exploit the information in companies’ quarterly earnings announcements. They first present powerful findings of cutting-edge studies that have examined market reactions to quarterly earnings announcements, regularities of earnings surprises, and option trading around corporate events. Drawing on enormous data sets, they identify the types of earnings-announcement trades most likely to yield profits, based on the predictable impacts of variables such as firm size, visibility, past performance, analyst coverage, forecast dispersion, volatility, and the impact of restructurings and acquisitions. Next, they provide real examples of individual stocks–and, in some cases, conduct large sample tests–to guide investors in taking advantage of these documented regularities. Finally, they discuss crucial nuances and pitfalls that can powerfully impact performance.

The Impact of Earnings Quality on Investors' and Analysts' Reactions to Restatement Announcements

Author : Robin Nicole Romanus
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (166 download)

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Book Synopsis The Impact of Earnings Quality on Investors' and Analysts' Reactions to Restatement Announcements by : Robin Nicole Romanus

Download or read book The Impact of Earnings Quality on Investors' and Analysts' Reactions to Restatement Announcements written by Robin Nicole Romanus and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite countless efforts to elucidate market participants' understanding of the implications of earnings quality, empirical accounting research has rendered two distinct perspectives. The first perspective considers market participants naïve users of accounting information who fail to grasp the implications of earnings quality resulting in temporary security mispricing. The second perspective suggests that market participants scrutinize earnings reports carefully and subsequently discern and price the quality of earnings. The purpose of my research is to help clarify the ambiguity surrounding market participants' pricing of earnings quality using one clearly observable indicator of low-quality earnings, accounting restatements. This study examines the effect pre-restatement earnings quality has on short-window returns and analyst forecast revisions and dispersion following restatement announcements using a cross-section of 719 publicly traded firms that announced restatements between 1997 and 2004. Accrual and book-tax difference metrics are used to proxy for earnings quality. The metrics are examined separately and collectively to ascertain their individual and incremental effects in modeling the market reaction. Further analyses investigate the effects that various levels of investor sophistication have on the market reaction. Results indicate that the market reaction to restatement announcements is significantly influenced by pre-restatement earnings quality. Specifically, both the accrual and book-tax difference measures of earnings quality are significantly and negatively related to the market reaction. Further analysis indicates the predictive power of the model is improved by including both the accrual and book-tax difference proxies. This finding suggests the information in book-tax differences may provide market participants with signals from which to assess earnings quality that are distinct from those contained in accruals. Basic results for analyst forecast dispersion and revisions are not conclusive. Results of the interactions between each earnings quality proxy and level of investor sophistication are significant only for the accrual based measure of earnings quality. This suggests that sophisticated investors are more attuned to the implication of accrual based measures of earnings quality than book-tax difference measures.

The Value Connection

Author : Marc H. Gerstein
Publisher : John Wiley & Sons
ISBN 13 : 0471464910
Total Pages : 354 pages
Book Rating : 4.4/5 (714 download)

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Book Synopsis The Value Connection by : Marc H. Gerstein

Download or read book The Value Connection written by Marc H. Gerstein and published by John Wiley & Sons. This book was released on 2003-10-07 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: A market beating method for finding success in trading stocks Value is a concept that frequently eludes investors -- especially when it comes to stocks. In many cases, successfully identifying value can make the difference between picking a winner and getting burned. The Value Connection offers a systematic and doable method investors can use to take advantage of value in the stock market. Based on author Marc Gerstein's "Value Connection" method, this book will show investors how to find potentially attractive value connections, analyze specific situations to see if the value connection is sound, buy the best value connected opportunities, and sell stocks for which the value connection has weakened. The proven four-step method outlined -- which allows investors to understand the relationship between a company and its stock -- will help any investor screen the stock market for the best values out there. Real world examples make understanding this revolutionary investing method easy. Marc H. Gerstein (New York, NY) is the Director of Investment Research at Multex. Prior to that, he was in the research and editorial department at Value Line. Over the course of two decades he analyzed stocks across a wide variety of industries and sectors, including household products, specialty retail, restaurants, mining, energy, hotel/gaming, homebuilding, airlines, railroads, and media. Gerstein appears periodically on CNNfn, Bloomberg TV, and is often quoted in USA Today, CBS MarketWatch, The Wall Street Journal, The New York Daily News, and Money Online. He is also the author of Screening the Market (0-471-21559-7).

The Strategic Timing of Analyst Forecasts

Author : Kerry Xiao
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Strategic Timing of Analyst Forecasts by : Kerry Xiao

Download or read book The Strategic Timing of Analyst Forecasts written by Kerry Xiao and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings expectation aggregates all available information. However, investors with limited attention are unlikely to behave in such rational fashions. For example, salient information is overweighed in the expectation. This bias could be exploited by sophisticated market participants like analysts. In this study, I document that the market reacts more strongly to forecasts revised during trading hours when investors pay more attention, indicating that the benchmark of the earnings game is primarily determined by salient forecasts. I also find that analyst forecasts are revised more downward during trading hours, especially when earnings announcement day is approaching, showing that analysts strategically timing their forecasts. Collectively, my evidence suggests that analysts make the market expectation be more easily met or beaten by taking advantage of investor's behavioral bias.

Capital Choices

Author : Michael E. Porter
Publisher :
ISBN 13 : 9780071034272
Total Pages : pages
Book Rating : 4.0/5 (342 download)

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Book Synopsis Capital Choices by : Michael E. Porter

Download or read book Capital Choices written by Michael E. Porter and published by . This book was released on 1994-12-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Extreme Future Stock Returns Following I/B/E/S Earnings Surprises

Author : Jeffrey T. Doyle
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Extreme Future Stock Returns Following I/B/E/S Earnings Surprises by : Jeffrey T. Doyle

Download or read book The Extreme Future Stock Returns Following I/B/E/S Earnings Surprises written by Jeffrey T. Doyle and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the stock returns subsequent to quarterly earnings surprises, where the benchmark for an earnings surprise is the consensus analyst forecast. By defining the surprise relative to an analyst forecast rather than a time-series model of expected earnings, we document returns subsequent to earnings announcements that are much larger, persist for much longer, and are more heavily concentrated in the long portion of the hedge portfolio than shown in previous studies. We show that our results hold after controlling for risk and previously documented anomalies, and are positive for every quarter between 1988 and 2000. Finally, we explore the financial results and information environment of firms with extreme earnings surprises and find that they tend to be 'neglected' stocks with relatively high book-to-market ratios, low analyst coverage, and high analyst forecast dispersion. In the three subsequent years, firms with extreme positive earnings surprises tend to have persistent earnings surprises in the same direction, strong growth in cash flows and earnings, and large increases in analyst coverage, relative to firms with extreme negative earnings surprises. We also show that the returns to the earnings surprise strategy are highest in the quartile of firms where transaction costs are highest and institutional investor interest is lowest, consistent with the idea that market inefficiencies are more prevalent when frictions make it difficult for large, sophisticated investors to exploit the inefficiencies.

The Handbook of Equity Market Anomalies

Author : Leonard Zacks
Publisher : John Wiley & Sons
ISBN 13 : 1118127765
Total Pages : 352 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis The Handbook of Equity Market Anomalies by : Leonard Zacks

Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.

Outperform with Expectations-Based Management

Author : Tom Copeland
Publisher : Wiley
ISBN 13 : 0471753645
Total Pages : 448 pages
Book Rating : 4.4/5 (717 download)

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Book Synopsis Outperform with Expectations-Based Management by : Tom Copeland

Download or read book Outperform with Expectations-Based Management written by Tom Copeland and published by Wiley. This book was released on 2005-10-03 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: CEOs and managers live and die by delivering superior performance to shareholders. This is why expectations-based management has been developed. Outperform with Expectations-Based Management (EBM) introduces a revolutionary new performance metric that links performance standards, performance measurement, and the achievement of performance. It's easy to say that if a CEO can get performance measurement right, then performance improvement will follow. But what is the "right" measure of performance, and how do you use it to improve performance? Authors Tom Copeland and Aaron Dolgoff answer these questions and many more, as they show you how to find the measure of performance that has the strongest link to the creation of wealth for the owners of both public and private companies. They answer the puzzle of why growth in earnings is not correlated with shareholder returns and explain the under- and over-investment traps. And they explain how clear communications to investors and managers alike improve value. The bottom line is that share prices go up when companies exceed expectations -- short-term and long-term -- of income statement and balance sheet performance and daily operating value drivers. Gain a complete understanding of EBM and discover how to do this, and much more, while staying competitive in an unforgiving business environment.

Why Most Investors are Mostly Wrong Most of the Time

Author : William X. Scheinman
Publisher :
ISBN 13 :
Total Pages : 366 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Why Most Investors are Mostly Wrong Most of the Time by : William X. Scheinman

Download or read book Why Most Investors are Mostly Wrong Most of the Time written by William X. Scheinman and published by . This book was released on 1991 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:

TrimTabs Investing

Author : Charles Biderman
Publisher : Wiley
ISBN 13 : 9780471697206
Total Pages : 195 pages
Book Rating : 4.6/5 (972 download)

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Book Synopsis TrimTabs Investing by : Charles Biderman

Download or read book TrimTabs Investing written by Charles Biderman and published by Wiley. This book was released on 2005-05-02 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether you are an investment professional managing billions of dollars or an individual investor with a small nest egg, TrimTabs Investing shows you how to beat the major stock market averages with less risk. This groundbreaking book begins by comparing the stock market to a casino in which the house (public companies and the insiders who run them) buys and sells shares with the players (institutional and individual investors). TrimTabs Investing argues that stock prices are primarily a function of liquidity—the amount of shares available for purchase and the amount of money available to buy them—rather than fundamental value. Finally, it outlines the building blocks of liquidity theory and explains how you can use them to predict the direction of the stock market. “Charles Biderman, a savvy and battle-scarred veteran of the investment wars, has fashioned an intriguing approach to making money in the stock market that adroitly avoids both heavy-breathing speculation and the standard Wall Street practices that enable investors, big and small, to lose money in good markets as well as bad. Aimed at the sophisticated investor (which may or may not be an oxymoron), the book is written in blessedly straightforward prose and is a worthwhile read for anyone with an urge to have a fling at investing.--Alan Abelson Barron’s “Since the days of Joseph and Pharaoh, it has been axiomatic that the size of the grain harvest affects the level of grain prices; but today’s investors have been slow to appreciate the fact that the supply of stock shares significantly determines the level of stock prices. Biderman’s long overdue book outlines the theory and evidence behind ‘Trading Float,’ the actual—and exploitable—power behind major moves in the stock market. --Paul Montgomery CEO and CIO of Montgomery Capital Management “‘Trade as corporate execs do, not as they say.’ Charles Biderman has built an impressive list of hedge fund clients from this essential insight, and this book does a great job explaining exactly how retail investors can incorporate it into their investing.”--Eric Zitzewitz Assistant Professor of Economics, Stanford Graduate School of Business “Charles Biderman is a smart thinker, clear writer—and he offers here some very interesting ideas. This book is for the little guy who enjoys reading about money and economics, even if he doesn’t adopt the strategies offered here; and for the professional or sophisticated investor, who, to a greater or lesser degree, just might.--Andrew Tobias author of The Only Investment Guide You'll Ever Need

Institutional Investors In Global Capital Markets

Author : Narjess Boubakri
Publisher : Emerald Group Publishing
ISBN 13 : 1780522428
Total Pages : 402 pages
Book Rating : 4.7/5 (85 download)

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Book Synopsis Institutional Investors In Global Capital Markets by : Narjess Boubakri

Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.

The Mind of Wall Street

Author : Leon Levy
Publisher : PublicAffairs
ISBN 13 : 0786730153
Total Pages : 237 pages
Book Rating : 4.7/5 (867 download)

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Book Synopsis The Mind of Wall Street by : Leon Levy

Download or read book The Mind of Wall Street written by Leon Levy and published by PublicAffairs. This book was released on 2009-03-25 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: As stock prices and investor confidence have collapsed in the wake of Enron, WorldCom, and the dot-com crash, people want to know how this happened and how to make sense of the uncertain times to come. Into the breach comes one of Wall Street's legendary investors, Leon Levy, to explain why the market so often confounds us, and why those who ought to understand it tend to get chewed up and spat out. Levy, who pioneered many of the innovations and investment instruments that we now take for granted, has prospered in every market for the past fifty years, particularly in today's bear market. In The Mind of Wall Street he recounts stories of his successes and failures to illustrate how investor psychology and willful self-deception so often play critical roles in the process. Like his peers George Soros and Warren Buffett, Levy takes a long and broad view of the rhythms of the markets and the economy. He also offers a provocative analysis of the spectacular Internet bubble, showing that the market has not yet completely recovered from its bout of "irrational exuberance." The Mind of Wall Street is essential reading for all of us, whether we are active traders or simply modest contributors to our 401(k) plans, as volatile and unnerving markets come to define so much of our net worth.

Fundamentals of Investments

Author : Gordon J. Alexander
Publisher : Pearson Educación
ISBN 13 : 9789702603757
Total Pages : 824 pages
Book Rating : 4.6/5 (37 download)

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Book Synopsis Fundamentals of Investments by : Gordon J. Alexander

Download or read book Fundamentals of Investments written by Gordon J. Alexander and published by Pearson Educación. This book was released on 2001 with total page 824 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introduction provides a clear framework for understanding and analyzing securities, and covers the major institutional features and theories of investing. While the book presents a thorough discussion of investments, the authors keep the material practical, relevant, and easy to understand. The latest developments in investments are brought to life through the use of tables, graphs, and illustrations that incorporate current market information and academic research. An international content deals directly with international securities and securities markets throughout the book--along with currency management and interest rate parity. Up-to-date "Money Matters" articles reflect the latest real-world developments and are provided throughout each chapter to give readers a sense of how practitioners deal with various investment issues and use techniques. Other coverage includes an array of investment tools--presented through discussions on stocks, bonds, and other securities such as options and futures. A guide to reviewing, forecasting, and monitoring--for individuals preparing to make investments or take the CFA exam.

An Analysis of the Effect of Information Activism on Capital Markets

Author : Laura K. Rickett
Publisher :
ISBN 13 :
Total Pages : 129 pages
Book Rating : 4.:/5 (777 download)

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Book Synopsis An Analysis of the Effect of Information Activism on Capital Markets by : Laura K. Rickett

Download or read book An Analysis of the Effect of Information Activism on Capital Markets written by Laura K. Rickett and published by . This book was released on 2011 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent years have brought about tremendous growth in easily accessible investment information sources. The rapid expansion of cable news networks such as CNBC as well as the Internet blogosphere allows investors to receive around-the-clock advice, analysis, and commentary. This research suggests that investment information relayed from these sources may not always be objective analysis for the sole purpose of educating investors, but often investors are urged to act in a particular manner regarding their investment decisions, defined in this study as information activism. Information activism is intentional action stemming from formal and informal sources which provide supplemental communication intended to form and/or sway investor behavior for one or more firms or industries. Anecdotal cases as well as empirical research provide evidence that information activism affects capital markets. This study builds upon and expands empirical evidence, while examining the differential effects of two primary sources of information activism; cable news and financial blogs. In order to understand how information activism affects capital markets, key investor behavior responses, price reaction and trading volume, are examined on the days surrounding the information activism events. The theories of risk aversion (Friedman and Savage 1948) and loss aversion (Kahneman and Tversky 1979) suggest that investors may particularly rely on sources of investment information during unstable economic conditions. The financial crisis of 2008 provides a unique economic environment to examine the effects of information activism on investor behavior during divergent market conditions. Important moderating effects suggested by further relevant theories are also examined regarding investor sophistication, information asymmetry, and earnings quality. In addition to the analysis of immediate short-window responses of information activism on capital markets, a long-window reaction is also examined over divergent market condition periods in order to investigate the intensity and sentiment of information activism. Consistent with expectations investors appear to react to information activism through price and trading volume measures. Some support is offered to suggest that investors react to the sentiment of information activism, as positive information activism is associated with higher prices. In contrast to expectations, there is no indication that investor sophistication moderates the relationship between information activism and investor behavior. However, there is some support to suggest that market condition, information asymmetry, and earnings quality may be important to the relationship between information activism and investor behavior. This research contributes to academic literature in several ways. The construct of information activism is introduced to further understand investor behavior in capital markets. This study provides a cross-sectional examination of two primary sources of information activism as well as important moderating effects not yet examined. Additionally, the intensity and sentiment of information activism is analyzed, while these measures have been overlooked in prior empirical work. This research contributes to the debate regarding the role of the news media on investor behavior as well as ongoing studies related to investor sophistication and information asymmetry. Finally, this dissertation contributes to the literature regarding the increasing demand, necessity, and importance of supplemental information in shaping investor decision-making.