Information asymmetry and the information content of insider trades: Evidence from the Indian stock market

被引：9

作者：

Chauhan, Yogesh ^{[1
]}

Kumar, K. Kiran ^{[2
]}

Chaturvedula, Chakrapani ^{[3
]}

机构：

[1] IFHE Univ, IBS Hyderabad, Hyderabad, India

[2] IIM, Indore, Madhya Pradesh, India

[3] IMT, Hyderabad, Andhra Pradesh, India

来源：

JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2016年 / 34卷

关键词：

Insider trading; Information asymmetry; Emerging market; Information content; Controlling ownership; Business group; Market efficiency; CORPORATE GOVERNANCE; EMERGING MARKETS; RETURNS; PRICE; EARNINGS; SIZE; DETERMINANTS; PROTECTION; BOARDS;

D O I：

10.1016/j.mulfin.2015.12.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates a proprietary dataset of insider trades for Indian listed firms, where controlling ownership and business groups dominate. We show that the information content of insider trading is an inverted U-shaped function of controlling ownership. Further, we find that the information content of insider trading is lower when firms are affiliated with a business group. We also show that information production depends on the degree of information asymmetry between insiders and outsiders. Finally, we find that insider trades that occur prior to an earnings announcement have a larger impact on stock prices. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：65 / 79

页数：15

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