Insider Trading And Corporate Governance Structure

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Insider Trading and Corporate Governance Structure

Author : Mingyi Hung
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Insider Trading and Corporate Governance Structure by : Mingyi Hung

Download or read book Insider Trading and Corporate Governance Structure written by Mingyi Hung and published by . This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: By examining the flow of the value-relevant information in annual earnings into stock price, we provide evidence that is consistent with the proposition that insiders of Southeast Asian companies controlled by the richest families are particularly aggressive in trading on their proprietary knowledge concerning this information. We find further support for this insider trading proposition based on tests that assume the presence of a strong incentive for insider trading (i) when there is a large change in earnings and (ii) before the first legal case in a country is brought against insider trading. We do not find similar evidence in the relatively well regulated market of Hong Kong or for family-controlled companies overall. Our test results are robust to controls for company-specific size, growth, and risk, as well as to alternative measures of the flow of information into stock price. These findings expand our understanding of how corporate governance structure affects the flow of information into stock price. In addition, these findings are consistent with the notion that insider trading leads to the incorporation of private information into stock price and improves the accuracy of stock price, which suggests that a company's stock price is more informative for companies in which insiders have relatively more opportunities and incentives to trade on their private information.

Law and Economics of Corporate Governance and Insider Trading

Author : Georgios I. Zekos
Publisher : Nova Science Publishers
ISBN 13 : 9781634852821
Total Pages : 0 pages
Book Rating : 4.8/5 (528 download)

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Book Synopsis Law and Economics of Corporate Governance and Insider Trading by : Georgios I. Zekos

Download or read book Law and Economics of Corporate Governance and Insider Trading written by Georgios I. Zekos and published by Nova Science Publishers. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The regulation of insider trading prohibits insiders from using inside information in securities transactions, and the central goal of the regulator is to preclude non-public information from circulating in the stock markets. The goal of legislation against insider trading is the same as that of legislation against market manipulation, making certain the integrity of EU financial markets and so boosting investor confidence in those markets. Market manipulation and insider trading are interrelated and based on circulation of information, and so cyberspace & e-logistics of information could be the key to neutralising people from taking advantage of their privilege to govern information within a company. Insider trading moves prices because outsiders decode information from the trade itself. Insider trading increases capital costs for the reason that insider trading raises the cost to market-makers in a companys securities relative to other companies, decreasing the anticipated return to uninformed shareholders. Corporate insiders are clearly informed about their own firms. The insiders outperformance derives from either their analytical skill or the handling of superior information about their companies when trading. Insiders benefit from unexpected losses on top of gains and so have a perverse incentive to trigger the company to under-perform if insider trading is permitted. Securities are vital, not only as investment vehicles, but also as devices for corporate control. A peaceful European Revolution should bring forward European nations and the USE/European Federation, which can deal with insider trading, criminal law, and other political/economical components in a harmonious way while avoiding any conflict among the various jurisdictions taking place in the present EU.

Insider Trading and Corporate Governance

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (934 download)

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Book Synopsis Insider Trading and Corporate Governance by :

Download or read book Insider Trading and Corporate Governance written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Insider Trading

Author : Trish Harrison
Publisher :
ISBN 13 : 9780662242420
Total Pages : 63 pages
Book Rating : 4.2/5 (424 download)

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Book Synopsis Insider Trading by : Trish Harrison

Download or read book Insider Trading written by Trish Harrison and published by . This book was released on 1996 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays in Ownership Structure and Corporate Governance

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (929 download)

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Book Synopsis Essays in Ownership Structure and Corporate Governance by :

Download or read book Essays in Ownership Structure and Corporate Governance written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: These results indicate that insiders are using insider trading as a substitute to cash compensation, and keeping the total direct compensation level less volatile than previous research relied on. This effect is robust to exogenous shock to insider trading return, such as Sarbanes-Oxley Act of 2002. The result suggests the importance to take into account of insider trading profit in context of executive compensation.

The Law and Finance of Corporate Insider Trading: Theory and Evidence

Author : Hamid Arshadi
Publisher : Springer Science & Business Media
ISBN 13 : 1461532442
Total Pages : 171 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis The Law and Finance of Corporate Insider Trading: Theory and Evidence by : Hamid Arshadi

Download or read book The Law and Finance of Corporate Insider Trading: Theory and Evidence written by Hamid Arshadi and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thorough analysis of insider trading requires the integration of law and finance, and this book presents a theoretical and empirical examination of insider trading by incorporating a synthesis of securities law with that of financial theory. The book begins with a conceptual framework that explores the theoretical roles of markets, firms and publicly held corporations, including a discussion of corporate governance to determine both who may have access to nonpublic information, and their legal rights and responsibilities. The book then examines different aspects of the securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and a critique of the SEC disclosure rules and their ramifications for market efficiency. This is followed by a detailed chronology of insider trading regulations enacted in the U.S. since 1934 and an overview of the existing empirical literature on insider trading. Empirical evidence is presented on insider trading activities and the merit of anti-insider trading laws is evaluated on theoretical arguments and recent empirical developments. The authors conclude by arguing that insider trading laws and enforcement activities have failed and propose the decriminalization of insider trading.

Directors' Accountability & Insider Trading

Author : Mushera Ambaras Khan
Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Directors' Accountability & Insider Trading by : Mushera Ambaras Khan

Download or read book Directors' Accountability & Insider Trading written by Mushera Ambaras Khan and published by . This book was released on 2001 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Investor Protection and Corporate Governance

Author : Alberto Chong
Publisher : World Bank Publications
ISBN 13 : 0821369148
Total Pages : 584 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Investor Protection and Corporate Governance by : Alberto Chong

Download or read book Investor Protection and Corporate Governance written by Alberto Chong and published by World Bank Publications. This book was released on 2007-06-26 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

Corporate Governance Matters

Author : David Larcker
Publisher : Pearson Education
ISBN 13 : 0134031636
Total Pages : 540 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Corporate Governance Matters by : David Larcker

Download or read book Corporate Governance Matters written by David Larcker and published by Pearson Education. This book was released on 2015-07-06 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the most comprehensive and up-to-date reference for implementing and sustaining superior corporate governance. Stanford corporate governance experts David Larcker and Bryan Tayan carefully synthesize current academic and professional research, summarizing what is known and unknown, and where the evidence remains inconclusive. Corporate Governance Matters, Second Edition reviews the field's newest research on issues including compensation, CEO labor markets, board structure, succession, risk, international governance, reporting, audit, institutional and activist investors, governance ratings, and much more. Larcker and Tayan offer models and frameworks demonstrating how the components of governance fit together, with updated examples and scenarios illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to "get the story straight," and to provide useful tools for making better, more informed decisions. This edition presents new or expanded coverage of key issues ranging from risk management and shareholder activism to alternative corporate governance structures. It also adds new examples, scenarios, and classroom elements, making this text even more useful in academic settings. For all directors, business leaders, public policymakers, investors, stakeholders, and MBA faculty and students concerned with effective corporate governance.

OECD Principles of Corporate Governance

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264173706
Total Pages : 42 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis OECD Principles of Corporate Governance by : OECD

Download or read book OECD Principles of Corporate Governance written by OECD and published by OECD Publishing. This book was released on 1999-10-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: These principles of corporate governance, endorsed by the OECD Council at Ministerial level in 1999, provide guidelines and standards to insure inclusion, accountability and abilit to attract capital.

Does Corporate Governance Matter to Insider Trading?

Author : Bill Kiwia
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis Does Corporate Governance Matter to Insider Trading? by : Bill Kiwia

Download or read book Does Corporate Governance Matter to Insider Trading? written by Bill Kiwia and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Insider Trading

Author : Paul U. Ali
Publisher : CRC Press
ISBN 13 : 1420074032
Total Pages : 452 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Insider Trading by : Paul U. Ali

Download or read book Insider Trading written by Paul U. Ali and published by CRC Press. This book was released on 2008-08-22 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider trading has long been considered an endemic feature of the world's financial markets. It is unsurprising that the recent growth in mergers and acquisitions worldwide has been accompanied by a growth in insider trading, on a scale not witnessed since the 1980's takeovers boom. Insider Trading: Global Developments and Analysis brings together the latest law and finance research on insider trading. It provides expert coverage on the established US, European, and Asia-Pacific securities markets, as well as the key emerging markets of Brazil and the greater China region. Providing high interest and up-to-date content, the book features several recent cases, including that of Martha Stewart.

Chinese Corporate Governance

Author : Yong Kang
Publisher : Rand Corporation
ISBN 13 : 083304611X
Total Pages : 62 pages
Book Rating : 4.8/5 (33 download)

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Book Synopsis Chinese Corporate Governance by : Yong Kang

Download or read book Chinese Corporate Governance written by Yong Kang and published by Rand Corporation. This book was released on 2008 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: As China has aligned itself more closely with the international economy, it has also sought to adopt more Western-style corporate governance mechanisms. This report provides an overview of overview of corporate governance mechanisms in China, as well as an examination of continuing challenges and policy implications.

Corporate Governance Matters

Author : David Larcker
Publisher : FT Press
ISBN 13 : 0136659985
Total Pages : 561 pages
Book Rating : 4.1/5 (366 download)

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Book Synopsis Corporate Governance Matters by : David Larcker

Download or read book Corporate Governance Matters written by David Larcker and published by FT Press. This book was released on 2020-10-07 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Definitive Guide to High-Performance Corporate Governance Fully updated for the latest research, trends, and regulations, Corporate Governance Matters, Third Edition, offers comprehensive and objective information for everyone seeking to improve corporate governance—from directors to institutional investors to policymakers and researchers. To help you design highly effective governance, David Larcker and Brian Tayan thoroughly examine current options, reviewing what is and isn't known about their impact on organizational performance. Throughout, they take a strictly empirical and non-ideological approach that reflects rigorous statistical and research analysis and real-life examples. They address issues ranging from board structure, processes, operations, and functional responsibilities to institutional investors, outside stakeholders, and alternative forms of governance. New discussions of: Environmental, Social, and Governance (ESG) activity and ratings Stakeholder interests CEO activism CEO misbehavior Cybersecurity risks Extensively revised coverage of: Executive compensation Leadership and succession planning Director recruitment, evaluation, turnover, and more The authors' balanced approach provides useful tools for making better, more informed decisions on governance.

Handbook on Emerging Issues in Corporate Governance

Author : Alireza Tourani-Rad
Publisher : World Scientific
ISBN 13 : 9814289345
Total Pages : 316 pages
Book Rating : 4.8/5 (142 download)

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Book Synopsis Handbook on Emerging Issues in Corporate Governance by : Alireza Tourani-Rad

Download or read book Handbook on Emerging Issues in Corporate Governance written by Alireza Tourani-Rad and published by World Scientific. This book was released on 2011 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book highlights emerging topics in key areas of corporate governance with special emphasis on traditionally unexplored issues. It also aims to stimulate thinking and debate on vital aspects of practice and approaches to corporate governance. The topics covered in this book deal with timely subjects, written by eminent academics and renowned professionals with outstanding expertise in their respective fields, who bring to fore the latest theories and provide an up-to-date overview of the extant literature on each topic. More importantly, they draw readers attention to implications for future research and developments. The book not only contributes to the academic literature but also improves the decision making of regulators and investors.

Corporate Governance Mechanisms in Europe

Author : André Betzer
Publisher :
ISBN 13 : 9783866241374
Total Pages : 115 pages
Book Rating : 4.2/5 (413 download)

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Book Synopsis Corporate Governance Mechanisms in Europe by : André Betzer

Download or read book Corporate Governance Mechanisms in Europe written by André Betzer and published by . This book was released on 2006 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Governance, Enforcement and Financial Development

Author : Chen Ding
Publisher : Edward Elgar Publishing
ISBN 13 : 1781004811
Total Pages : 259 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Corporate Governance, Enforcement and Financial Development by : Chen Ding

Download or read book Corporate Governance, Enforcement and Financial Development written by Chen Ding and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔDing ChenÕs detailed institutional analysis of the development of the Chinese stock market brings the question of enforcement to centre stage. In doing so, she not only introduces readers to the particularities of the Chinese system; she also sheds new light on conventional debates about the law and economics of corporate governance.Õ Ð Andrew Johnston, University of Sheffield, UK ÔIn this book Dr Ding Chen has made an important theoretical contribution to our understanding of corporate governance in transitional economies and of corporate governance in China especially. Drawing upon the insights of New Institutional Economics theory she examines the interplay between formal and informal enforcement mechanisms relating to corporate governance in China. To support this argument the book breaks new ground by providing a comprehensive examination of enforcement actions in ChinaÕs stock market; her findings are at variance from conclusions found in other research, such as in the law and finance literature. Rather than simply imitating the dominant Anglo-American model of corporate governance, she argues that local conditions will greatly affect the choice of the most appropriate governance models. This has been especially so in China.Õ Ð Roman Tomasic, University of South Australia and Durham Law School, UK This important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional economics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this novel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this ÔChina puzzleÕ by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investorsÕ speculation. Indeed, there is probably nowhere better to look than ChinaÕs stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of economics and law with an interest in corporate governance, Chinese economic development and new institutional economics.