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Information asymmetry and insider tr...

Wu, Wei.

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Information asymmetry and insider trading.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Information asymmetry and insider trading./
作者:	Wu, Wei.
面頁冊數:	115 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
Contained By:	Dissertation Abstracts International76-12A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3714038
ISBN:	9781321910643

Information asymmetry and insider trading.
Wu, Wei.

Information asymmetry and insider trading. - 115 p.

Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.

Thesis (Ph.D.)--The University of Chicago, 2015.

I investigate the impact of information asymmetry on insider trading by exploiting a quasi-experimental design: the brokerage closure-related terminations of analyst coverage, which exogenously increase the information asymmetry of the affected firms. Using a difference-in-differences approach, I find that after the terminations of analyst coverage, corporate insiders obtain significantly higher abnormal returns and enjoy larger abnormal profits. The magnitudes of the increase are large economically. For firms with five or fewer analysts, losing one analyst increases insiders' six-month abnormal returns by 16.0% for purchases, and by 10.7% for sales (both in absolute terms). My paper highlights the role of information asymmetry as a critical determinant of insiders' abnormal profits, and calls for regulatory attention to corporate insiders' transactions associated with high levels of information asymmetry.

ISBN: 9781321910643Subjects--Topical Terms:

542899
Finance.

Information asymmetry and insider trading.
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520 $a I investigate the impact of information asymmetry on insider trading by exploiting a quasi-experimental design: the brokerage closure-related terminations of analyst coverage, which exogenously increase the information asymmetry of the affected firms. Using a difference-in-differences approach, I find that after the terminations of analyst coverage, corporate insiders obtain significantly higher abnormal returns and enjoy larger abnormal profits. The magnitudes of the increase are large economically. For firms with five or fewer analysts, losing one analyst increases insiders' six-month abnormal returns by 16.0% for purchases, and by 10.7% for sales (both in absolute terms). My paper highlights the role of information asymmetry as a critical determinant of insiders' abnormal profits, and calls for regulatory attention to corporate insiders' transactions associated with high levels of information asymmetry.
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