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We provide evidence of unreported trading by corporate insiders in their own firm's shares and link this activity to future firm earnings and analyst forecast error. Unreported trading are cases of discrepancies between insider shareholdings from trades reported to the Exchange and their...
Persistent link: https://www.econbiz.de/10013064785
We investigate the performance and its link with information asymmetry, corporate governance and legal enforcement of insider transactions in 36 countries covering 10 Asian countries, 20 European countries and 6 countries in the rest. The results show that abnormal returns after insider trading...
Persistent link: https://www.econbiz.de/10012999965
We examine the effectiveness of corporate governance in monitoring private in-house meetings between management and investors. Consistent with better corporate governance curbing the opportunistic corporate disclosure and insider trading behavior, we find a negative association between...
Persistent link: https://www.econbiz.de/10012843266
This paper studies insider trading quantities and dollar profits to measure the benefits insiders extract from their superior information. We find that several empirical results depend critically on using dollar profits instead of percentage returns. Dollar profits are economically small for a...
Persistent link: https://www.econbiz.de/10012902524
I study the information content of corporate insiders' purchases when their firms experience sharp increases in short interest. Insider purchases mitigate the negative impact of short selling on stock prices, but this effect is temporary and reverts within one year. The cumulative abnormal...
Persistent link: https://www.econbiz.de/10012905026
This paper analyzes stealth trading by corporate insiders in US equity markets. Stealth trading is the practice to break up trades into sequences of smaller trades. We find that stealth trading is pervasive and distinguish two explanations. The first argues that insiders break up trades in order...
Persistent link: https://www.econbiz.de/10012906163
We examine the causal effect of institutional ownership on insider trading using a regression discontinuity design to analyze exogenous differences in institutional ownership around Russell Index reconstitutions. Our findings indicate institutional investors influence insider trading behavior....
Persistent link: https://www.econbiz.de/10012911656
Strong conflicts of interest exist within investment banks: the investment banking division possesses substantial private information and the asset management division seeks such information. This raises the question of whether the asset management division benefits from an information advantage...
Persistent link: https://www.econbiz.de/10012937401
The insider trading policy is an aspect of a firm's internal governance which ensures corporate transparency is maintained and promotes investor confidence. We examine the effect of trading policies on the returns to trades conducted by corporate insiders in a period where the adoption of a...
Persistent link: https://www.econbiz.de/10013005356
This paper investigates whether corporate insiders trade when asymmetric information is high, using data on U.S. corporate insider transactions between 1986 and 2012. The key innovation of this paper is our proxy for asymmetric information relivol which measures deviations of idiosyncratic...
Persistent link: https://www.econbiz.de/10013005703