Information leakage in family firms: Evidence from short selling around insider sales
نویسندگان
چکیده
منابع مشابه
Information transfers and learning in financial markets: Evidence from short selling around insider sales
We document significant increases in short positions on days when company insiders sell their firms’ shares. Short selling increases before insider sales are publicly reported and often before insiders finish selling. Furthermore, the magnitude of short selling activity is consistent with short sellers’ knowledge of the insider’s rank (e.g., CEO, CFO, or a lower-ranked manager) and with knowled...
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Internal agency conflicts distort firms’ choices and reduce social welfare. To limit these distortions, principals dealing with privately informed agents often acquire information from specialized intermediaries, such as auditing and certification companies, that are able to ascertain, and credibly disclose, agents’private information. We study how the structures of both the information provisi...
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ژورنال
عنوان ژورنال: Journal of Corporate Finance
سال: 2017
ISSN: 0929-1199
DOI: 10.1016/j.jcorpfin.2017.09.005