کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9726200 | 1478099 | 2005 | 17 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The Information Content of Registered Insider Trading Under Lax Law Enforcement
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
With the use of event study methodology, this paper examines abnormal returns following insider trading on the Warsaw Stock Exchange (WSE). The profits to informed investors appear to be substantially higher than estimates reported for mature markets. It is our contention that these profits are a manifestation of insufficient enforcement of insider trading regulations. To explore the origins of informational asymmetries we relate insider gains to firm and trade characteristics. As changes in shareholdings have to be disclosed promptly and the informational content of the insiders' trades is not instantly discounted in stock prices, outsiders who mimic the insiders' behavior are able to beat a benchmark portfolio.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Law and Economics - Volume 25, Issue 2, June 2005, Pages 169-185
Journal: International Review of Law and Economics - Volume 25, Issue 2, June 2005, Pages 169-185
نویسندگان
Tomasz P. Wisniewski, Martin T. Bohl,