This study investigates the impact of satellite data availability on the market timing abilities of institutional investors. By analyzing the introduction of satellite coverage for major retailers, this study finds that access to satellite data significantly enhances the return predictability of daily institutional trading. This improvement is more pronounced for stocks with severe information asymmetry and is driven by non-hedge funds. These results suggest that institutions, especially non-hedge funds, actively adjust their trading positions on a daily basis in response to satellite data.

中文翻译：

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机构交易和卫星数据


本研究调查了卫星数据可用性对机构投资者的市场择时能力的影响。通过分析主要零售商的卫星覆盖，本研究发现，访问卫星数据显着提高了日常机构交易的回报可预测性。这种改善对于信息严重不对称的股票来说更为明显，并且是由非对冲基金推动的。这些结果表明，机构，尤其是非对冲基金，每天都会根据卫星数据主动调整其交易头寸。