Strategic Trading and Trade Reporting by Corporate Insiders
نویسندگان
چکیده
منابع مشابه
Discussion of To Trade or Not To Trade: The Strategic Trading of Insiders around News Announcements
Korczak, Korczak and Lasfer (2010) (hereafter KKL) examine the likelihood and amount of corporate insider (company director) trading before a news announcement about a corporate event. The novel feature of the paper is that it examines insider trading after distinguishing between good and bad subsequent news announcements. The authors construct a unique dataset of 119,179 news announcements and...
متن کاملSEC Rule 10b5-1 and Insiders' Strategic Trade
The SEC enacted Rule 10b5-1 to deter insiders from trading with private information, yet also protect insiders’ preplanned, non-information-based trades from litigation. Despite its requirement that insiders plan trades when not privately informed, the Rule appears to enable strategic trade. Participating insiders’ sales systematically follow positive and precede negative firm performance, gene...
متن کاملIncentives 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...
متن کاملTrade Disclosure and Imperfect Competition among Insiders
We analyze how public disclosure of insiders' trades a ects competition among informed insiders in a dynamic Kyle model. Under disclosure requirement, an insider's order ow consists of two components: an information-based component for a pro t and a random component for hiding information. We show that insiders trade more aggressively on their private information and the random components from ...
متن کاملCournot Duopoly and Insider Trading with Two Insiders
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 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: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.1537072