Strategic trading and trade reporting by corporate insiders
- Regulations in the pre-Sarbanes–Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements were frequently violated and that the strategic timing of trades and reports was common. Event study abnormal re-turns are larger after reports of strategic insider trades than after reports of otherwise similar nonstrategic trades. Our results also imply that delayed reporting is detrimental to market efficiency and lend strong support to the more stringent trade reporting requirements established by the Sarbanes–Oxley Act. JEL Classification: G14, G30, G32 Keywords: Insider Trading , Directors' Dealings , Corporate Governance , Market Efficiency
| Verfasserangaben: | André Betzer, Jasmin Gider, Daniel Metzger, Erik TheissenORCiDGND |
|---|---|
| URN: | urn:nbn:de:hebis:30-91473 |
| Titel des übergeordneten Werkes (Deutsch): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,04 |
| Schriftenreihe (Bandnummer): | CFS working paper series (2011, 04) |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2011 |
| Jahr der Erstveröffentlichung: | 2011 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 14.02.2011 |
| Freies Schlagwort / Tag: | Corporate Governance; Directors' Dealings; Insider Trading; Market Efficiency |
| GND-Schlagwort: | USA; Insidergeschäft; Insiderregeln; Publizität; Publizitätspflicht; Börsenkurs; Markteffizienz; Kapitalmarkteffizienz; Internes Kontrollsystem |
| Ausgabe / Heft: | Version November 2010 |
| Seitenzahl: | 55 |
| HeBIS-PPN: | 233053107 |
| Institute: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
