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Keywords: insider trading
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Journal Articles
The Accounting Review 1–28.
Published: 30 November 2023
...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...
Journal Articles
The Accounting Review (2023) 98 (6): 299–325.
Published: 01 October 2023
...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...
Journal Articles
The Accounting Review (2023) 98 (4): 33–54.
Published: 01 July 2023
... to that of prosecuted cases of insider trading ( Perino 2020 ). TABLE 1 Descriptive Statistics Panel A: Firm-Day Sample Variables n-Obs. Mean Std. Dev. p25 Median p75 Forecast 3,744,519 0.014 0.117 0.000 0.000 0.000 PressRelease 3,744,519 0.045 0.207...
Includes: Supplementary data
Journal Articles
The Accounting Review (2023) 98 (4): 405–433.
Published: 01 July 2023
... 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...
Journal Articles
The Accounting Review (2022) 97 (3): 343–371.
Published: 01 May 2022
.... 1 10 2019 1 6 2021 2022 dual-holders insider trading syndicated loans voluntary disclosure information symmetry A large body of literature examines how shareholders influence firms' disclosure policies (e.g., Kim 1993 ; Dye 1985 ; Diamond and Verrecchia 1991...
Journal Articles
The Accounting Review (2022) 97 (3): 227–247.
Published: 01 May 2022
...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...
Includes: Supplementary data
Journal Articles
The Accounting Review (2022) 97 (2): 427–451.
Published: 01 March 2022
... Editorship of Mary E. Barth. 1 4 2018 1 2 2021 2022 regulation SHO short selling insider trading disciplining hypothesis crowding-out hypothesis We investigate how the threat of short selling affects insider sales. Taking an ex ante perspective, Massa, Qian, Xu...
Journal Articles
The Accounting Review (2021) 96 (4): 367–404.
Published: 01 July 2021
...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...
Includes: Supplementary data
Journal Articles
The Accounting Review (2016) 91 (2): 401–439.
Published: 01 March 2016
...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...
Journal Articles
The Accounting Review (2016) 91 (2): 649–675.
Published: 01 March 2016
...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...
Includes: Supplementary data
Journal Articles
The Accounting Review (2014) 89 (2): 511–543.
Published: 01 March 2014
... 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...
Journal Articles
The Accounting Review (2013) 88 (5): 1575–1602.
Published: 01 September 2013
... No. 71102006, 71132004 and 71222204). Editor's note: Accepted by Beverly R. Walther July 2011 April 2013 2013 management forecast managerial incentives insider trading forecast precision Issuing earnings forecasts is an important...
Journal Articles
The Accounting Review (2012) 87 (1): 313–342.
Published: 01 January 2012
... Colloquium, 2009 EAA Annual Meeting, and the 2009 AAA Annual Meeting. Previous drafts of this study were titled “Information Uncertainty and the Relevance of Reported Insider Trades.” Editor's note: Accepted by Paul Zarowin. October 2009 May 2011 2012 insider trading...
Journal Articles
The Accounting Review (2011) 86 (6): 2155–2183.
Published: 01 November 2011
... announcements insider trading This study examines the relation between disclosure tone and shareholder litigation. Our goal is to determine whether managers' use of soft information (i.e., use of qualitative statements to present the firm in a more or less favorable light) contributes...
Journal Articles
The Accounting Review (2011) 86 (5): 1519–1547.
Published: 01 September 2011
... 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...