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The Informativeness And Opportunistic Use Of Insider Trading
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Book Synopsis The Informativeness and Opportunistic Use of Insider Trading by : Jin Jiang
Download or read book The Informativeness and Opportunistic Use of Insider Trading written by Jin Jiang and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation aims to understand how insiders in Asian markets (i.e., China, Hong Kong, Malaysia, Singapore, and South Korea) trade in response to various financial information that are either released by their firms or by third-party, in the framework of agency and signaling theory. This dissertation builds upon three stand-alone papers that explore three different types of accounting settings where financial information is important: (1) auditor opinions, (2) earnings management, and (3) goodwill impairment. The first chapter investigates how insiders trade prior to the issuance of first-time modified audit opinions in an Asian context. I use agency and signaling theoretical frameworks to test the link between insider trading activities and the issuance of different types of modified audit opinions. The second chapter examines whether insiders at politically-connected firms are more likely to manage earnings if they plan to trade stocks after an earnings announcement, compared to insiders at non-connected firms. I use anti-corruption cases involving the ouster of high-level Chinese government officials as a natural experiment setting and adopt difference-in-differences model. The third chapter of my dissertation uses agency and signaling theoretical frameworks to compare insider trading that is informed by impending news of accounting goodwill impairment at firms with positive expectations and at firms with negative expectations regarding prospects in an Asian context.
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.
Book Synopsis Dissecting the Relation Between Insider and Institutional Trading by : He Wang
Download or read book Dissecting the Relation Between Insider and Institutional Trading written by He Wang and published by . This book was released on 2017 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays. In the first essay, we examined the relation between insider trades and institution demand. The literature documents a strong inverse relation between insider trading and institutional demand, suggesting that institutions provide liquidity for insider trading. Motivated by empirical evidence that there is considerable variation of informativeness among institutions and insiders, this paper further examines the relation between insider trading and institutional trading by classifying insiders as opportunistic vs. routine traders and institutions as short-term vs. long-term investors. We find that the inverse relation between insider trading and institutional demand is mainly driven by long-term institutions. In fact, short-term institutions tend to trade in the same direction as opportunistic insiders whose trades are more informative of future stock price changes. The results are stronger for trades on small cap stocks. Further separating officers and directors vs. other insiders, we show that our findings are driven primarily by trades from opportunistic officers and directors.
Book Synopsis The Insider's Dossier by : Andrew Packer
Download or read book The Insider's Dossier written by Andrew Packer and published by Humanix Books. This book was released on 2014-04-22 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Insider's Dossier will seamlessly guide you through investing alongside those most in-the-know professionals, debunking the widespread myth that insider trading is illegal. Not only is it legal when following proper protocol, but author Andrew Packer helps you to decode the Wall Street lingo, so that even the novice could easily follow corporate insiders for returns that significantly outperform the market year over year. In easy-to-understand terms, Packer describes: The difference between legal and illegal insider trading How to evaluate insider activity in order to optimize your investment advantage The key to swiftly decoding SEC filing forms for the latest insider activity Understanding and utilizing web-based technical analysis tool How to separate key insiders from the average corporate investor Investing beyond simple trades, clearly and concisely explaining the ins and outs of options trading, and much more. . .
Book Synopsis Investment Intelligence from Insider Trading by : H. Nejat Seyhun
Download or read book Investment Intelligence from Insider Trading written by H. Nejat Seyhun and published by MIT Press. This book was released on 2000-02-28 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.
Book Synopsis Research Handbook on Insider Trading by : Stephen M. Bainbridge
Download or read book Research Handbook on Insider Trading written by Stephen M. Bainbridge and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.
Book Synopsis The Persistence of Opportunistic Insider Trading by : Brandon N. Cline
Download or read book The Persistence of Opportunistic Insider Trading written by Brandon N. Cline and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that corporate insiders' trading behavior exhibits persistence over time. Classifying insiders as “Persistently Profitable (PP)” based on profits generated from historical trades, we find the current transactions of these insiders better predict firm performance. The relative abnormal performance is concentrated in management transactions and in firms with weaker governance and greater information asymmetry. PP insiders also better predict earnings surprises, major corporate news, and analyst revisions. Collectively, these results indicate PP insider transactions provide valid signals regarding future firm performance, and informational advantages over outside investors is a likely explanation for the profitability of PP trades.
Book Synopsis The Adverse Effect of Insider Trading on Price Informativeness and Resource Allocation by : Michael Bradley
Download or read book The Adverse Effect of Insider Trading on Price Informativeness and Resource Allocation written by Michael Bradley and published by . This book was released on 1991 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis When Do Insiders Trade? Opportunistic Versus Strategic Behaviour by : Jonathan A. Batten
Download or read book When Do Insiders Trade? Opportunistic Versus Strategic Behaviour written by Jonathan A. Batten and published by . This book was released on 2016 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Opportunistic inside-traders are known to trade specific financial contracts, such as options, to maximise the economic benefits arising from their private information. However, the recent conviction of inside-traders Kamay and Hill in the foreign exchange markets demonstrates more complex strategic behaviour: only certain information was traded; losses were generated to mask trading activities; and great care was exercised when placing trades to minimise losses that may arise from offsetting price movements due information shocks occurring in other financial markets. These results are therefore consistent with insiders acting strategically to maximise the value of their information, while also trying to minimise the risk of detection. The analysis also did not reveal leakage of inside information to other traders, likely due to the size of the markets in which the inside trading occurred. This suggests limitations to regulatory surveillance in over-the-counter markets and reinforces the importance of measures to prevent or discourage insider-trading prior to trade execution.
Book Synopsis The Law and Finance of Corporate Insider Trading by : Nasser Arshadi
Download or read book The Law and Finance of Corporate Insider Trading written by Nasser Arshadi and published by Springer Science & Business Media. This book was released on 1993 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thorough analysis of insider trading requires the integration of law and finance. This work presents a theoretical and empirical examination of insider trading by incorporating a synthesis of securities law with that of financial theory.
Download or read book Insider Trading written by Jason Rockwell and published by Createspace Independent Publishing Platform. This book was released on 2016-07-27 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider TradingAmerica's Dirty Secrets and History behind Wall StreetInsider trading is when an insider uses company's information not yet public for making trades. This white collar crime has blackened some of the biggest names of the financial world and brought down biggest of institutions, causing huge losses to economies and public savings. This book explains insider trading; its effects and the evolution of laws and regulatory institutions around it. Rockwell provides a unique understanding of insider trading from a trader, an investor and a regulators' perspective. 'Greed in the end fails even the greedy'- Cathryn Louis. The biggest of names have come down because of insider trading, yet more and more cases of insider trading are coming to light. Laws around insider trading have been strengthened, yet people are still encouraged to perform this crime due to the large scale of money and profits involved. The crimes around it have gotten bigger and wider over time. Thus, an understanding of insider trading becomes critical for all traders, financiers, investors and students. Given this, the authors' compilation is a great read. The research is comprehensive and draws a unique and interesting parallel between insider trading cases and the regulation around it. The book also discusses the interesting debate on whether insider trading must be made legal. The book simplifies this complex topic and makes it interesting with examples from real life cases. After reading the book, you would have known about the following:- - What is insider trading? - Effects of insider trading. - US insider trading laws - Form 4 - Rule 10b5 - Rule 10b5-1 - Misappropriation Theory - Rule 14e 3 - Sarbanes Oxley Act 2002 - Landmark cases - Should insider trading be made legal? Enjoy reading, Enjoy Learning!
Book Synopsis Materials on the Law of Insider Trading by : C. Edward Fletcher
Download or read book Materials on the Law of Insider Trading written by C. Edward Fletcher and published by . This book was released on 1991 with total page 658 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Insider Trading and the Stock Market by : Henry G. Manne
Download or read book Insider Trading and the Stock Market written by Henry G. Manne and published by . This book was released on 1966 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trading with the Insiders by : Jonathan Moreland
Download or read book Trading with the Insiders written by Jonathan Moreland and published by Bloomberg Press. This book was released on 2017-07-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed guide to profitably piggybacking on the trading moves made by corporate insiders Today, "insider data" is readily available for every publicly available stock. And while stories of illegal "insider trading" abound, the fact is that it is completely legal for corporate executives and directors to freely buy and sell shares of their own firm, as long as they report their transactions to the Securities and Exchange Commission (SEC). Given that company insiders presumably have a better handle on company performance and prospects than outside investors, these transactions may provide you with valuable clues about the future of the company's stock price. Now, in Trade with the Insiders, author Jonathan Moreland, an expert in the analysis of insider stock transaction data, reveals how you can use this information to improve your trading performance. This reliable resource will help investors track how "insiders" trade their own companies' shares by following the Form 4s filed at the SEC. Along the way, it will skillfully guide you through both the how's and why's of making the most of this profitable data stream. Describes how to distinguish between different types of insider transactions The author has used insider data as a major component in his stock recommendations, which have outperformed the S&P 500 index by more than fivefold over the last decade Discusses how to zero in on those transactions that are most likely indicative of a company's future prospects In today's dynamic market, actions speak louder than words. So if you want to improve your trading performance, look at the way corporate executives handle the shares of their company and turn those insights into profits for your portfolio.
Book Synopsis Insider Trading Laws and Stock Price Informativeness by : Miguel A. Ferreira
Download or read book Insider Trading Laws and Stock Price Informativeness written by Miguel A. Ferreira and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the relation between a country's first-time enforcement of insider trading laws and stock price informativeness using data from 48 countries over 1980-2003. Enforcement of insider trading laws improves price informativeness, as measured by firm-specific stock return variation, but this increase is concentrated in developed markets. In emerging market countries, price informativeness changes insignificantly after the enforcement, as the important contribution of insiders in impounding information into stock prices largely disappears. The enforcement does not achieve the goal of improving price informativeness in countries with poor legal institutions. It does turn some private information into public information, thereby reducing the cost of equity in emerging markets.
Book Synopsis How Informative Are Insider Trades and Analyst Recommendations? by : Jim Hsieh
Download or read book How Informative Are Insider Trades and Analyst Recommendations? written by Jim Hsieh and published by . This book was released on 2019 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the dynamics between insider trades and analyst recommendations and evaluates the joint and relative informativeness of these two activities. We show that analyst recommendations significantly affect subsequent insider trading, but not vice versa. Surprisingly, insiders in aggregate purchase more shares following analyst downgrades and sell more shares following upgrades. This pattern persists even after controlling for insiders' contrarian trading tendency of buying shares after price declines and selling shares after price rises. Analysts, in contrast, do not materially take into account insider trading when revising their recommendations. Further, the return analysis shows that both insider trading and analyst recommendation revisions continue to provide valuable information about future returns even in the presence of the other group's activity. More importantly, the informativeness of insider trading is independent of analysts' activity whereas analyst recommendations are informative only when insiders exhibit more sales than buys or when they do not trade. Overall, our findings highlight the important dynamics and financial market consequences between the two groups of information providers.
Book Synopsis Profit from Legal Insider Trading by : Jonathan Moreland
Download or read book Profit from Legal Insider Trading written by Jonathan Moreland and published by Dearborn Trade. This book was released on 2000 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider expert Jonathan Moreland tells readers exactly what insider information is, where to find it, and how to use it. In these pages, he covers how to analyze insider purchases and sales; the difference between legal and illegal insider trading; special screens of insider data for use with specific investment approaches; and where to find the cheapest and best insider data.
