منابع مشابه
Incentives for Public Disclosure by Corporate Insiders†
It is well understood that when corporate insiders trade shares in their firms stock for the sole purpose of maximizing trading profits, they benefit from asymmetric information, and consequently, favor minimal corporate financial disclosure requirements. We demonstrate that when insiders are risk-averse and have other motives for trade, such as liquidity needs, they can actually be harmed by a...
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The stealth trading hypothesis (STH) states that informed traders concentrate their trades on medium sizes to conceal their information. Supporting empirical evidence for the NYSE case is considerable. In this paper, we question several methodological aspects of previous studies to provide new insights. We show that the STH cannot be rejected under alternative definitions of the trade-size cuto...
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We study the effect of competition among insiders in an extension of the static Kyle (1985) model of insider trading introduced by Jain-Mirman (JMC) (2002). In the JMC model competition in the real sector is introduced. In this paper we introduce competition in the stock sector in the JMC model by assuming that there is a manager who is responsible for making the real decisions of the firm as w...
متن کاملInsiders’ Informative Trading: Evidence from Multi-company Directors
This paper examines the “relative” information contained in insider director transactions. We find that insider transactions of multi-company directors reflect superior information about future relative returns; that is, directors are more likely to buy (sell) stocks of firms they direct that have better (worse) future returns. Examining related issues, we find weak support that December tax lo...
متن کاملPersonal carbon trading: a potential "stealth intervention" for obesity reduction?
The obesity epidemic and global warming are linked through energy use. A personal carbon trading scheme aimed at reducing fossil fuel usage could act as a "stealth intervention" for reducing obesity by increasing personal energy use. Such a scheme would complement a corporate "cap and trade" system for carbon emissions, which should increase the relative price of processed, energy-dense foods. ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1509607