Accounting conservatism and the profitability of corporate insiders

被引：19

作者：

Khalilov, Akram ^{[1
,2
]}

Osma, Beatriz Garcia ^{[1
]}

机构：

[1] Univ Carlos III Madrid, Dept Business Adm, Madrid 28903, Spain

[2] BI Norwegian Business Sch, Dept Accounting Auditing & Business Analyt, Oslo, Norway

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2020年 / 47卷 / 3-4期

关键词：

conditional conservatism; insider trading sales and purchases; profitability from insider trading; unconditional conservatism; G30; M41; UNCONDITIONAL CONSERVATISM; ASYMMETRIC TIMELINESS; EARNINGS CONSERVATISM; INFORMATION-CONTENT; TO-BOOK; DEBT; COST; LITIGATION; GOVERNANCE; EFFICIENCY;

D O I：

10.1111/jbfa.12438

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We predict that accounting conservatism influences insiders' opportunities to speculate on good and bad news, and thus, insider trading profitability. We find that greater conditional (unconditional) conservatism is associated with lower (higher) insiders' profitability from sales. We find limited evidence that conservatism influences profitability from purchases. These findings are consistent with our hypotheses on the different informational roles of conditional and unconditional conservatism, and on the asymmetric influence of conservatism over the opportunities to speculate on good versus bad news. Our research design takes into consideration the endogenous nature of insiders' trading and conservatism. The results are robust to different measures of conservatism and a number of additional analyses.

引用

页码：333 / 364

页数：32

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