Insider Trading, Informativeness, and Price Efficiency Around the World

被引：9

作者：

Kim, Donghyun ^{[1
]}

Ng, Lilian ^{[2
]}

Wang, Qinghai ^{[3
]}

Wang, Xiaoqiong ^{[4
]}

机构：

[1] Chung Ang Univ, Sch Business Adm, Seoul, South Korea

[2] York Univ, Schulich Sch Business, N York, ON, Canada

[3] Univ Cent Florida, Coll Business Adm, Orlando, FL 32816 USA

[4] Indiana Univ Kokomo, Sch Business, Kokomo, IN 46902 USA

来源：

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2019年 / 48卷 / 06期

关键词：

Insider trading; Market efficiency; Regulation enforcement; Earnings announcements; CORPORATE GOVERNANCE; STOCK; RESTRICTIONS; PERFORMANCE; TRADES; LAW;

D O I：

10.1111/ajfs.12278

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper provides the first direct evidence of the impact of enforcing insider regulations on the informativeness of insider trades and stock price efficiency across 44 countries with varying levels of insider trading regulations. Results suggest that insider purchases earn abnormal profits, especially in countries with active enforcement of insider trading regulations. We further show that while insiders trade less before earnings announcements in countries with active enforcement, their stock prices react more to earnings news than those in countries without active enforcement. Overall, our results support the view that effective insider trading regulation promotes price efficiency.

引用

页码：727 / 776

页数：50

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