منابع مشابه
Insider trading and the voluntary disclosure of information by ®rms
We examine the voluntary disclosure policy of a ®rm where the manager has private information and opportunities to trade on it. The equilibrium disclosure policy ranges from full disclosure to partial disclosure to nondisclosure depending on whether the manager's pay±performance sensitivity is high, medium or low, respectively. In the partial disclosure equilibrium, good news is more likely to ...
متن کاملInsider Trading and Innovation
This paper assesses whether the enforcement of insider trading laws increases or decreases patent-based measures of technological innovation. Based on about 75,000 industry-countryyear observations across 94 economies from 1976 to 2006, we find evidence consistent with the view that enforcing insider trading laws spurs innovation—as measured by patent intensity, scope, impact, generality, and o...
متن کاملVoluntary Disclosures and Corporate Control
We examine the valuation and capital allocation roles of voluntary disclosure when managers have private information regarding the firm’s investment opportunities, but an efficient market for corporate control influences their investment decisions. For managers with long-term stakes in the firm, the equilibrium disclosure region is two-tailed: only extreme good news and extreme bad news is disc...
متن کاملThe informational content of insider trading disclosures: empirical results for the Polish stock market
In this paper we try to answer the question as to whether insider trading disclosures convey valuable information to market participants, valuable in the sense of the profitability of an investment strategy that faithfully mirrors insider behaviour. Our interest in this subject is limited to the case of announcements concerning insider transactions issued over a six-year period on the Warsaw St...
متن کاملOpportunistic insider trading☆
Article history: Received 22 June 2011 Accepted 23 July 2012 Available online 31 July 2012 This study proposes a simple framework to disentangle insiders' opportunistic trade from liquidity trade. An opportunistic trade occurswhen the probability of informed trading and the speed of convergence to market efficiency increase in a month of an insider transaction. Using Thailand Securities Exchang...
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ژورنال
عنوان ژورنال: Journal of Accounting Research
سال: 2006
ISSN: 0021-8456,1475-679X
DOI: 10.1111/j.1475-679x.2006.00222.x