SSE/EFI Working Paper Series in Business Administration,
Stockholm School of Economics

Abstract: This paper describes the results of an empirical study of information use in eight institutional investor organizations during their equity investment decision processes. The study differs from prior studies in that it is based on real-world investment decisions and uses an inductive analysis approach. The paper reports empirical results concerning institutional investors’ information collection behaviour and their forming of expectations. The paper also reports empirical results regarding the impact of different types of information (financial reports, public management information, press releases, macro-economic and industry-specific information, information about competitors, customers and suppliers) on institutional investor expectations.

Keywords: financial information; financial reports; institutional investors; investment analysis; equities; non-public information

35 pages, December 13, 2002

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