Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/13694
DC FieldValueLanguage
dc.contributorSchool of Accounting and Finance-
dc.creatorTong, WHS-
dc.creatorZhang, S-
dc.creatorZhu, Y-
dc.date.accessioned2015-07-14T01:28:53Z-
dc.date.available2015-07-14T01:28:53Z-
dc.identifier.issn0378-4266-
dc.identifier.urihttp://hdl.handle.net/10397/13694-
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.subjectRegulation of insider trading in Chinaen_US
dc.subjectShare-structure reformen_US
dc.subjectStealth tradingen_US
dc.titleTrading on inside information : evidence from the share-structure reform in Chinaen_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage1422-
dc.identifier.epage1436-
dc.identifier.volume37-
dc.identifier.issue5-
dc.identifier.doi10.1016/j.jbankfin.2012.09.024-
dcterms.abstractWe examine stock trading activities in days before Chinese listed firms made public announcement to start share-structure reform. There is significant evidence that, relative to a benchmark period, institutional investors bought more event firms' shares in the last two trading days prior to announcement. Randomization tests show significant differences in institutional trading activities between event firms and matched control firms, which suggests that some institutions had inside information. Moreover, large trades account for a significant proportion of daily stock price changes in the last 2. days. The evidence is consistent with the prediction by Holden and Subrahmanyam (1992) that, when multiple informed investors acquire the same piece of information, they will trade aggressively. We also find that over the reform period, the median share value change of event firms is 6% higher than that of control firms. Our findings have important implications for enforcement of insider trading regulations in China.-
dcterms.bibliographicCitationJournal of banking and finance, 2013, v. 37, no. 5, p. 1422-1436-
dcterms.isPartOfJournal of banking and finance-
dcterms.issued2013-
dc.identifier.isiWOS:000317167600010-
dc.identifier.scopus2-s2.0-84875081530-
dc.identifier.eissn1872-6372-
dc.identifier.rosgroupidr64269-
dc.description.ros2012-2013 > Academic research: refereed > Publication in refereed journal-
Appears in Collections:Journal/Magazine Article
Access
View full-text via PolyU eLinks SFX Query
Show simple item record

SCOPUSTM   
Citations

14
Last Week
1
Last month
0
Citations as of Jul 9, 2020

WEB OF SCIENCETM
Citations

13
Last Week
0
Last month
0
Citations as of Jul 9, 2020

Page view(s)

149
Last Week
2
Last month
Citations as of Jul 12, 2020

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.