Insider sales vs. short selling: Negative information trading in Australia
نویسندگان
چکیده
منابع مشابه
Information Sales and Insider Trading with Long-lived Information
Fundamental information resembles in many respects a durable good. Hence, the effects of its incorporation into stock prices depend on who is the agent controlling its flow. Like a durable goods monopolist, a monopolistic analyst selling information intertemporally competes against herself. This forces her to partially relinquish control over the information flow to traders. Conversely, an insi...
متن کاملInformation transfers and learning in financial markets: Evidence from short selling around insider sales
We document significant increases in short positions on days when company insiders sell their firms’ shares. Short selling increases before insider sales are publicly reported and often before insiders finish selling. Furthermore, the magnitude of short selling activity is consistent with short sellers’ knowledge of the insider’s rank (e.g., CEO, CFO, or a lower-ranked manager) and with knowled...
متن کاملCompetitive Threats, Information Asymmetry, and Insider Trading
This paper provides evidence that intensified product market competition increases information asymmetry between corporate insiders and investors. I use volume and gains from insider trading as proxies for information asymmetry. I show that when a firm faces competitive threats insiders purchase and sell more stocks and their trading better predicts future stock returns and long-term profitabil...
متن کاملTime-Varying Liquidity Trading, Private Information and Insider Trading
This paper investigates the insider trading before scheduled versus unscheduled corporate announcements to explore how corporate insiders utilise their private information in response to the time-varying liquidity trading. Using a comprehensive insider trading database, we show that: (1) the insider’s propensity to trade increases in the amount of liquidity trading before both the scheduled and...
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 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: Pacific-Basin Finance Journal
سال: 2018
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2017.12.009