Legal risk and information spillover through private lender reports
نویسندگان
چکیده
We investigate the effect of legal risk on private information spillover from syndicated loan borrowers to equity markets. find evidence that is consistent with leakage provided institutional investors in monthly reports. expect insiders avoid adverse consequences noise trading by timing trades closely before public announcements. Consistent this expectation, during a period low risk, we observe abnormal stock returns just earnings releases. When increases, decreases. also reputational mitigates insider after
منابع مشابه
Growth and Risk-Sharing with Private Information
We examine the impact of incomplete risk-sharing on growth and welfare. The source of market incompleteness in our economy is private information: a household’s idiosyncratic productivity shock is not observable by others. Risk-sharing between households occurs through long-term contracts with intermediaries. We ...nd that incomplete risk-sharing tends to reduce the rate of growth relative to t...
متن کاملPrivate Information, Limited Commitment, and Risk Sharing∗
We consider an exchange economy with a continuum of agents, each of whom is subject to idiosyncratic endowment shocks. We study efficient allocations subject to two constraints: limited enforcement of financial contracts, and private information about the predictable component of the future endowment process. In our economy the immiseration result, common in this literature, does not hold, and ...
متن کاملSEPIA: Security through Private Information Aggregation
This paper investigates the practical usefulness of secure multiparty computation (MPC) techniques in multi-domain network management. We design and implement privacy-preserving protocols for event correlation and aggregation of network traffic statistics, such as addition of volume metrics, computation of feature entropy, and distinct item count. To improve the performance of our protocols, we...
متن کاملDoes private information affect the insurance risk ?
This paper empirically investigates the effect of policyholders’ private information about risky traffic behavior on automobile insurance coverage and ex post risk. It combines insurance company information with the policyholders’ private information on risky traffic behavior (traffic violations) that is not accessible to the insurance company. It is demonstrated that being unable to reject the...
متن کاملPrivate Legal Systems: What Cyberspace Might Teach Legal Theorists
One of the most pervasive and recurrent issues that legal theory has had to deal with is the very concept of law. And one of the most puzzling questions that cyberspace lawyers have been jacing is where and in which form law is to be found on the Internet. This essay seeks to build a bridge between these two issues. The main argument is that, on the Internet and more specifically in the context...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Markets
سال: 2022
ISSN: ['1386-4181', '1878-576X']
DOI: https://doi.org/10.1016/j.finmar.2022.100706