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Cambridge Finance Workshop - Susan Christoffersen

Cambridge Finance Workshop Series are usually held on Thursdays during term time. The workshops are an opportunity for those working in finance to present their latest results or papers.
When Nov 26, 2015
from 01:00 PM to 02:00 PM
Where Room W2.02, Cambridge Judge Business School
Contact Name
Contact Phone 01223768129
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Susan Christoffersen is an Associate Professor of Finance. Her research focuses on mutual funds and the role of financial institutions in capital markets.


Susan Christoffersen


Why Do Institutions Delay Reporting Their
Shareholdings? Evidence from Form 13F

Institutional investors are allowed to delay their disclosures of quarter-end holdings via form 13F for up to 45 days. This forbearance may help protect the institutions from potentially damaging behavior by other traders, in particular from free-riding copycatters and from front-runners. It also may help the institutions hide their voting power, and this has prompted public corporations to request a much shorter maximum reporting lag. We look at 14 years of 13F filings to gauge the role of these three motives in the decision to delay disclosure, and the results indicate that front-running and voting, but not copycatting, motivate delays.

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