Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/76088
DC Field | Value | Language |
---|---|---|
dc.contributor | School of Accounting and Finance | en_US |
dc.creator | Chen, ZH | en_US |
dc.creator | Huang, Y | en_US |
dc.creator | Kusnadi, Y | en_US |
dc.creator | Wei, KCJ | en_US |
dc.date.accessioned | 2018-05-10T02:55:19Z | - |
dc.date.available | 2018-05-10T02:55:19Z | - |
dc.identifier.issn | 0929-1199 | en_US |
dc.identifier.issn | 0929-1199 | - |
dc.identifier.uri | http://hdl.handle.net/10397/76088 | - |
dc.language.iso | en | en_US |
dc.publisher | Elsevier | en_US |
dc.rights | © 2017 Elsevier B.V. All rights reserved. | en_US |
dc.rights | © 2017. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ | en_US |
dc.subject | Enforcement | en_US |
dc.subject | Insider trading laws | en_US |
dc.subject | Capital allocation | en_US |
dc.subject | Investment | en_US |
dc.subject | Managerial learning | en_US |
dc.subject | Market frictions | en_US |
dc.subject | Real effect | en_US |
dc.title | The real effect of the initial enforcement of insider trading laws | en_US |
dc.type | Journal/Magazine Article | en_US |
dc.identifier.spage | 687 | en_US |
dc.identifier.epage | 709 | en_US |
dc.identifier.volume | 45 | en_US |
dc.identifier.doi | 10.1016/j.jcorpfin.2017.06.006 | en_US |
dcterms.abstract | Based on a difference-in-differences approach, we find strong evidence that the initial enforcement of insider trading laws improves capital allocation efficiency. The effect is concentrated in developed markets and manifests shortly after the enforcement year. Further analysis shows that the improvement is positively associated with the increase in liquidity around the enforcement year and the opaqueness of the information environment before the enforcement year. The improvement is more pronounced for firms operating in more competitive markets, being more financially constrained, and with more severe agency problems. Finally, we find increased accounting performance after the enforcement and the increase is positively associated with the improvement in capital allocation efficiency. Overall, our evidence suggests that the initial enforcement of insider trading laws improves capital allocation efficiency by providing more information to guide managerial decisions and by reducing market frictions arising from information asymmetry and agency problems. | en_US |
dcterms.accessRights | open access | en_US |
dcterms.bibliographicCitation | Journal of corporate finance, Aug. 2017, v. 45, p. 687-709 | en_US |
dcterms.isPartOf | Journal of corporate finance | en_US |
dcterms.issued | 2017-08 | - |
dc.identifier.isi | WOS:000407655500034 | - |
dc.identifier.scopus | 2-s2.0-85021287851 | - |
dc.source.type | Article | - |
dc.identifier.eissn | 1872-6313 | en_US |
dc.identifier.eissn | 1872-6313 | - |
dc.identifier.rosgroupid | 2017006861 | - |
dc.description.ros | 2017-2018 > Academic research: refereed > Publication in refereed journal | en_US |
dc.description.validate | 201805 bcrc | en_US |
dc.description.oa | Accepted Manuscript | en_US |
dc.identifier.FolderNumber | a0801-n20 | - |
dc.description.fundingSource | RGC | en_US |
dc.description.fundingText | RGC: 16502114 | en_US |
dc.description.pubStatus | Published | en_US |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
a0801-n20_JCF_Insider_PolyU.pdf | Pre-Published version | 1.55 MB | Adobe PDF | View/Open |
Page views
153
Last Week
0
0
Last month
Citations as of Apr 21, 2024
Downloads
193
Citations as of Apr 21, 2024
SCOPUSTM
Citations
23
Last Week
0
0
Last month
Citations as of Apr 26, 2024
WEB OF SCIENCETM
Citations
20
Last Week
0
0
Last month
Citations as of Apr 25, 2024
Google ScholarTM
Check
Altmetric
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.