Does high-quality corporate communication reduce insider trading profitability?

被引：3
|
作者：
Van Geyt, Debby [1 ]
Van Cauwenberge, Philippe [1 ]
Vander Bauwhede, Heidi [1 ]
机构：
[1] Univ Ghent, Dept Accountancy & Corp Finance, B-9000 Ghent, Belgium
来源：
INTERNATIONAL REVIEW OF LAW AND ECONOMICS | 2014年 / 37卷
关键词：
Corporate governance; Disclosure; Insider trading; Information asymmetry; Event study; Belgium; FIRMS INFORMATION ENVIRONMENT; DISCLOSURE QUALITY; ACCOUNTING INFORMATION; FINANCIAL DISCLOSURE; CAPITAL-MARKETS; CROSS-LISTINGS; GOVERNANCE; ANALYSTS; STOCK; ASYMMETRY;
D O I：
10.1016/j.irle.2013.04.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Exploring a unique database on insider trading in Belgium, we investigate whether high-quality corporate communication contributes to reducing insider trading profitability and information asymmetry. Using disclosure scores of professional financial analysts as a proxy for communication quality, we find a significant negative association between corporate communication quality and insider trading profitability. Closer inspection of different communication channels shows that the quality of annual reports, press releases and investor relation activities is more relevant in explaining insiders' abnormal returns than the quality of corporate websites. (c) 2013 Elsevier Inc. All rights reserved.
引用
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页码：1 / 14
页数：14
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