...Thomas Bourveau; Francois Brochet; Fabrizio Ferri; Chengzhu Sun ABSTRACT We examine whether mandatory adoption of say on pay increases executives’ incentives to engage in insider trading to compensate for the negative impact of say on pay on the value of their explicit compensation packages. Our...

...Hangsoo Kyung; Jonathan Sangwook Nam ABSTRACT This study examines the informational value of local news outlets and how they affect insider trading. We hypothesize that local news coverage is a critical channel through which outsiders acquire local information, which restricts insiders’ ability...

... 09 2020 21 09 2022 03 10 2022 2023 investor conferences voluntary disclosure private information insider trading opportunism Investor conferences are an important component of a firm’s investor relations efforts. Conferences feature presentations by multiple firms...

... immaterial. Because these joint criteria are inherently contradictory, we examine whether legally immaterial redacted information is economically material to investors. We find that firms’ stock price discovery process is significantly slower and insider trading is significantly greater after companies file...

.... 1 10 2019 1 6 2021 2022 dual-holders insider trading syndicated loans voluntary disclosure information symmetry We thank Joseph P. Weber (editor), two anonymous reviewers, Brian Akins, Alan Crane, Kevin Crotty, Ole-Kristian Hope, Jung Koo Kang, Urooj Khan (discussant...

...Robert H. Davidson; Christo Pirinsky ABSTRACT We analyze whether exposure to an SEC insider trading enforcement action affects how insiders trade. We find that following an insider trading enforcement action at one firm, exposed insiders earn significantly lower abnormal profits from their trades...

... selling insider trading disciplining hypothesis crowding-out hypothesis To address the possibility that short selling is an endogenous variable, we exploit an exogenous variation in shorting requirements caused by the Rule 202T pilot program of Regulation SHO (hereafter, Reg SHO) conducted...

...Mihir N. Mehta; David M. Reeb; Wanli Zhao ABSTRACT We investigate whether corporate insiders attempt to circumvent insider trading restrictions by using their private information to facilitate trading in economically linked firms, a phenomenon we call “shadow trading.” Using measures of informed...

...Patricia M. Dechow; Alastair Lawrence; James P. Ryans ABSTRACT We document that insider trading is significantly higher than normal levels prior to the public disclosure of SEC comment letters relating to revenue recognition. Furthermore, insider trading is triple its normal level for firms...

...Stephen G. Ryan; Jennifer Wu Tucker; Ying Zhou ABSTRACT Securitizations are complex and opaque transactions. We hypothesize that bank insiders trade on private information about banks': (1) securitization-related recourse risks, (2) not-yet-reported current-quarter securitization income, and (3...

... and abnormal stock returns than high TI/BI. We find that short sellers and insiders arbitrage BTD mispricing, but the arbitrage is imperfect because of constraints on short selling and insider trading. Under SFAS No. 109 the predictability is stronger for TEMP/BI...

... Management University and National Natural Science Foundation in China (Approval No. 71102006, 71132004 and 71222204). Editor's note: Accepted by Beverly R. Walther July 2011 April 2013 2013 management forecast managerial incentives insider trading...

... that increases the precision of their information about future cash flows. An important signal that potentially provides such information is managers' decision to trade their firm's equity on personal account. These “insider” trades are visible to investors through public disclosure on the SEC's Electronic Data...

... then examine the combined effect of optimistic language and insider trading. A successful securities complaint requires plaintiffs to not only document a material misstatement, but also provide evidence that the manager acted with the requisite intent to deceive when s/he made that statement (i.e., scienter...

... with insider trading and corporate equity transactions, and hold after controlling for other determinants of the market reaction to restatements. Taken together, these findings suggest that investors use informed trading activities to help interpret and price accounting restatements. JEL Classifications...