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Director Independence and Insider Trading
Beneish, Messod D.; Marshall, Cassandra D.; Yang, Jun - 2016
We provide evidence that outside directors’ trading and ratification decisions are incrementally useful in assessing their independence. Because crises test the independence of boards, we first investigate the CEO replacement decision in firms caught intentionally misreporting earnings. We...
Persistent link: https://www.econbiz.de/10014175547
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Opportunism as a Firm and Managerial Trait : Predicting Insider Trading Profits and Misconduct (Presentation Slides)
Ali, Usman - 2018
These slides summarize a paper on opportunism by corporate insiders. We show that opportunistic insiders can be identified through the profitability of their trades prior to quarterly earnings announcements (QEAs), and that opportunistic trading is associated with various kinds of...
Persistent link: https://www.econbiz.de/10012919269
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Overpayments in Acquisitions, Preannouncement Insider Trading, and Executive Compensation
Akbulut, Mehmet - 2015
Casual observations suggest that bidder managers sometimes pay more than the economic value of target in mergers and … that bidder managers exploit their information advantage about the pricing implications of overpaid acquisitions by … acquisitions. Second, we document that bidder managers pay more than the economic value of targets not due to managerial hubris or …
Persistent link: https://www.econbiz.de/10013034272
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Does Social Capital Mitigate Managerial Self-Dealing? Evidence from Insider Trading
Chung, Sung Gon; Lee, Jimmy; Park, Sang Hyun - 2023
In this study, we examine whether the social capital surrounding the firm’s corporate headquarters mitigates managerial self-dealing in the form of opportunistic insider trading. We find strong evidence that the level of social capital in the region surrounding the firm’s headquarters is...
Persistent link: https://www.econbiz.de/10014254218
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Insider Trading Based on Overconfidence of CEO and CFO
Demirkan, Sebahattin; Felix, Robert; Muslu, Volkan - 2022
Through close interactions with their CEO and CFO, independent directors as well as subordinate executives can assess the overconfidence of their CEO and CFO. We show that independent directors and subordinate executives trade on this assessment, albeit differently. Independent directors of a...
Persistent link: https://www.econbiz.de/10013403355
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Identifying Opportunistic Managers Using Non-GAAP Disclosure and Insider Trading
Black, Dirk E.; Gao, Bo - 2022
by high-ability managers; and, 3) Disclose non-GAAP earnings more aggressively. Importantly, we also find that these … insider sales enable managers to avoid statistically significant negative abnormal returns. Our research demonstrates the …
Persistent link: https://www.econbiz.de/10014244933
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Insider Trading in Globalisation and Cyberspace
Zekos, Georgios - 2013
Insider trading involves persons in positions of power who use non-public information and permit this information to be promptly incorporated into stock prices. Cyberspace is characterised as ‘a-territorial' and can be used in practice as a tool for hegemonic exercise of control by challenging...
Persistent link: https://www.econbiz.de/10013088607
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Trades by Insiders and the Informativeness of Earnings Announcements
Crego, Julio A. - 2020
Do insiders trade on private information about earnings? We address this question exploiting the discontinuity in the term structure of option prices around the announcement date, to obtain a daily and forward-looking measure of the informativeness of the next earnings announcement. This measure...
Persistent link: https://www.econbiz.de/10012838687
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All in All, Just Another Brick in the Wall : The Use of Chinese Walls as a Defence to Insider Trading
Overland, Juliette - 2012
Insider trading is acknowledged globally as a significant threat to market integrity. Unfortunately, the laws which govern insider trading are, in many respects, convoluted, ague and unclear. This problem is further exacerbated by the comparatively small number of cases available to interpret...
Persistent link: https://www.econbiz.de/10013112324
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The Impact of CEO Career Concerns on Accruals Based and Real Earnings Management
Wang, Chong - 2010
, absent explicit compensation contracts, managers do not engage in income-increasing earnings management early in their …
Persistent link: https://www.econbiz.de/10013135640