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An Empirical Analysis Of Insider Trading In Firms With Violation Of The Generally Accepted Accounting Principles
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Book Synopsis An Empirical Analysis of Insider Trading in Firms with Violation of the Generally Accepted Accounting Principles by : Maya A. Thevenot
Download or read book An Empirical Analysis of Insider Trading in Firms with Violation of the Generally Accepted Accounting Principles written by Maya A. Thevenot and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Empirical Analysis of Insider Transactions of Small and Micro Cap Firms in the U.S by : Matthias Blank
Download or read book Empirical Analysis of Insider Transactions of Small and Micro Cap Firms in the U.S written by Matthias Blank and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the insider trading activities of a sample of Small and Micro Cap firms in the U.S. between July 2007 and March 2011. Thus, the empirical investigation covers both the recent period of financial crisis and the subsequent phase of recovering markets. All in all, the findings indicate that, regarding small capitalized firms in the U.S., the insider trading anomaly continues to exist. In general, it has been observed that insider purchase transactions are able to generate high abnormal returns mainly during a positive market environment, whereas insider sale transactions appear to earn abnormal returns in a situation of economic crisis. Thus, insiders seem to exhibit the particular ability to forecast major price movements of their own firm's share in the direction of the overall market sentiment, while being unable to profitably act against it. Furthermore, the analysis suggests that insider trading information can be used as a valuable investment guide for outsiders. As a result, mimickers are recommended to focus on small dollar volume transactions, dealings by middle-level managers, and multiple insider trading.
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 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.
Book Synopsis An Empirical Analysis of Insider Trading and the Stock Market by : Lisa Katrine Meulbroek
Download or read book An Empirical Analysis of Insider Trading and the Stock Market written by Lisa Katrine Meulbroek and published by . This book was released on 1991 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Analysis of Insider Trading and the Stock Market by : Lisa Katrine Meulbroek
Download or read book An Empirical Analysis of Insider Trading and the Stock Market written by Lisa Katrine Meulbroek and published by . This book was released on 1991 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Analysis of Illegal Insider Trading by : Lisa Katrine Meulbroek
Download or read book An Empirical Analysis of Illegal Insider Trading written by Lisa Katrine Meulbroek and published by . This book was released on 1994 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Analysis of Insider Trade Within Rule 10b5-1 by : Alan D. Jagolinzer
Download or read book An Empirical Analysis of Insider Trade Within Rule 10b5-1 written by Alan D. Jagolinzer and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Insider Trading by : William K. S. Wang
Download or read book Insider Trading written by William K. S. Wang and published by Aspen Publishers. This book was released on 1996 with total page 1288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Here, at last, is a clear, practical guide on what's legal and what isn't in insider trading. It's the only book that gives you everything you need to: Identify every potential source of insider trading liability -- Deter inadvertent violations with an effective compliance program -- Raise powerful defenses to government and private actions, formations, and transactions. With comprehensive, up-to-date coverage and analysis of such significant aspects as government enforcement, which private plaintiffs can sue, and transnational transactions, you'll find more information -- and more readily usable strategy -- than in any other source on the subject. In one convenient volume, Insider Trading shows you all the ways to avoid liability exposure under all applicable law, including: The Supreme Court case, United States v. O'Hagan -- Federal mail and wire fraud statutes -- Section 10(b) and Section 16(b) -- Bilateral treaties and SEC memoranda with 21 foreign jurisdictions -- Transnational transactions -- State law pitfalls.
Book Synopsis Insider Trading in Derivative Securities by : J. Carr Bettis
Download or read book Insider Trading in Derivative Securities written by J. Carr Bettis and published by . This book was released on 1999 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide an examination of the use of zero-cost collars and equity swaps by corporate insiders to hedge the risk associated with their personal holdings in the company's equity. These financial instruments have important implications for insider trading and incentive-based contracts. Our analysis indicates that these transactions generally involve high ranking insiders (CEOs, board members and senior executives) and cover over a third of their equity holdings. We also find that insiders appear to initiate hedging transactions immediately following large price runups, prior to increases in stock price volatility, and prior to poor earnings announcements. In addition, abnormal returns following insider hedging activities are more negative than those associated with ordinary insider sales. Overall, the evidence indicates that executives can use these hedging instruments to significantly alter their effective ownership positions in the firm.
Book Synopsis Insider Trading, Regulation and an Empirical Analysis of Mimicking Insiders' Trades by : Frances Elizabeth Farquharson
Download or read book Insider Trading, Regulation and an Empirical Analysis of Mimicking Insiders' Trades written by Frances Elizabeth Farquharson and published by . This book was released on 1998 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-05 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Christopher Williams Kitaali Lubwama Publisher :National Library of Canada ISBN 13 :9780315487864 Total Pages :264 pages Book Rating :4.4/5 (878 download)
Book Synopsis Insider Trading as a Response to Changes in Accounting Standards [microform] : an Empirical Study of Statement of Financial Accounting Standard Number 52 by : Christopher Williams Kitaali Lubwama
Download or read book Insider Trading as a Response to Changes in Accounting Standards [microform] : an Empirical Study of Statement of Financial Accounting Standard Number 52 written by Christopher Williams Kitaali Lubwama and published by National Library of Canada. This book was released on 1989 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Analysis of Illegal Insider Trading on the JSE Securities Exchange by : David Coates
Download or read book An Empirical Analysis of Illegal Insider Trading on the JSE Securities Exchange written by David Coates and published by . This book was released on 2002 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Asymmetric Information and Insider Trading Decisions: An Analysis of Transactions, Reporting, and Enforcement by : Caleb Houston
Download or read book Asymmetric Information and Insider Trading Decisions: An Analysis of Transactions, Reporting, and Enforcement written by Caleb Houston and published by . This book was released on 2020 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: I document that a significant number of insiders violate SEC reporting requirements by filing transactions after the legally required deadline. Although these violations are straightforward for the SEC to detect, instances of reporting violations persist. Prior to Sarbanes-Oxley, 29% of open market transactions fell outside the required reporting window. Following the enactment of SOX, 8% of all transactions continue to violate the filing deadline. During the filing delay trades are unknown to outside market participants and earn significant abnormal returns. I show that almost a quarter of filing violations are made by insiders that egregiously violate the reporting requirement. This subgroup realizes significantly greater abnormal returns for purchases and sales leading up to the reporting date. Most filing violations take place during periods of high information asymmetry, and insiders privately earn significant abnormal returns. Collectively, these findings indicate that a subgroup of insiders extract information rent from private knowledge during windows of unreported trading. The SEC reacts to numerous insiders disregard this reporting requirement by charging a small percentage of the total violators for wrongdoing. I employ a unique data set of SEC cases brought against top managers who fail to meet the filing requirements. By comparing the trades in indictments to similar non-indicted transactions, I assess that the SEC pursues insiders that violate the reporting requirement egregiously and are a manager at larger firms. While the coverage of these actions is thin, it significantly deters insiders from filing late after the enforcement. In addition, firm insiders may trade on private information concerning forthcoming innovations. Before high-quality innovations become public knowledge, I find that insiders significantly increase their holdings in the firm. After a patent for a breakthrough innovation is granted, the firm realizes significant abnormal returns. By insider, I find that members of the Corporate Suite increase their holdings around the application date and are the only insiders that earn significant abnormal returns following the grant date. These results suggest that key insiders can identify breakthrough patents ex-ante and utilize this information advantage before the innovation becomes public knowledge. These innovations translate into an increase in firm value.
Book Synopsis Another Welfare Effect of Insider Trading? An Empirical Analysis of Insider Trading Around Seasoned Equity Offering in Japan by : Hatsuru Morita
Download or read book Another Welfare Effect of Insider Trading? An Empirical Analysis of Insider Trading Around Seasoned Equity Offering in Japan written by Hatsuru Morita and published by . This book was released on 2016 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: While it is well known that insider trading transfers wealth from uninformed market participants to informed insiders, it is not obvious whether insider trading bring welfare effect. This paper explores an answer to this issue, employing stock trading data around SEO in Japan. An announcement of SEO usually decreases the stock price of the issuing company, creating an opportunity for insiders to sell short before the announcement and to make benefit. If this short sale before the announcement lowers the final offering price, the insider trading reduced the financing amount of the issuing company and we can say that the insider trading caused a welfare loss. The paper tests whether this prediction holds employing Japanese stock market data. The paper does not find welfare loss caused by insider trading around SEO.
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