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Information asymmetry and insider tr...

Wu, Wei.

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Information asymmetry and insider trading.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Information asymmetry and insider trading./
Author:	Wu, Wei.
Description:	115 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
Contained By:	Dissertation Abstracts International76-12A(E).
Subject:	Finance. -
Online resource:	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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100 1 $a Wu, Wei. $3 1261640
245 1 0 $a Information asymmetry and insider trading.
300 $a 115 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
500 $a Advisers: Eugene Fama; Tobias Moskowitz.
502 $a Thesis (Ph.D.)--The University of Chicago, 2015.
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.
590 $a School code: 0330.
650 4 $a Finance. $3 542899
650 4 $a Economics. $3 517137
690 $a 0508
690 $a 0501
710 2 $a The University of Chicago. $b Business. $3 1671506
773 0 $t Dissertation Abstracts International $g 76-12A(E).
790 $a 0330
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3714038