Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/94383
DC Field | Value | Language |
---|---|---|
dc.contributor | School of Accounting and Finance | en_US |
dc.creator | Hillegeist, SA | en_US |
dc.creator | Weng, L | en_US |
dc.date.accessioned | 2022-08-15T07:10:53Z | - |
dc.date.available | 2022-08-15T07:10:53Z | - |
dc.identifier.issn | 0823-9150 | en_US |
dc.identifier.uri | http://hdl.handle.net/10397/94383 | - |
dc.language.iso | en | en_US |
dc.publisher | Wiley-Blackwell | en_US |
dc.rights | © CAAA | en_US |
dc.rights | This is the peer reviewed version of the following article: Hillegeist, S. A., & Weng, L. (2021). Quasi‐Indexer Ownership and Insider Trading: Evidence from Russell Index Reconstitutions. Contemporary Accounting Research, 38(3), 2192-2223, which has been published in final form at https://doi.org/10.1111/1911-3846.12683. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited. | en_US |
dc.subject | Blackout policies | en_US |
dc.subject | Causal effect | en_US |
dc.subject | Insider trading | en_US |
dc.subject | Quasi-indexers | en_US |
dc.subject | Regression discontinuity | en_US |
dc.title | Quasi-indexer ownership and insider trading : evidence from Russell index reconstitutions | en_US |
dc.type | Journal/Magazine Article | en_US |
dc.identifier.spage | 2192 | en_US |
dc.identifier.epage | 2223 | en_US |
dc.identifier.volume | 38 | en_US |
dc.identifier.issue | 3 | en_US |
dc.identifier.doi | 10.1111/1911-3846.12683 | en_US |
dcterms.abstract | Understanding the association between quasi-indexer ownership and insider trading is important given the externalities that insider trading can impose on shareholders, the importance of quasi-indexers in the capital markets, and their mixed monitoring incentives. The prior literature has produced an inconsistent set of results regarding this association. These results are difficult to interpret because the association between them is likely endogenous, and prior studies have not employed effective identification strategies to address this issue. In this study, we examine the effects of quasi-indexer institutional ownership on insider trading using the plausibly exogenous discontinuity in quasi-indexer ownership around the Russell 1000/2000 index cutoff. Using both regression discontinuity and instrumental variable research designs, we find higher quasi-indexer ownership leads to less insider trading (both buys and sells) and less profitable sell trades. The effects for sells are concentrated among insider trades that, ex ante, are more likely to be based on private information. Our evidence on the profitability of buys is mixed. In addition, we find firms with higher quasi-indexer ownership are more likely to have and/or more strictly enforce blackout policies. Overall, our results suggest that quasi-indexers can reduce the agency costs associated with insider trading through their direct and indirect monitoring activities. | en_US |
dcterms.accessRights | open access | en_US |
dcterms.bibliographicCitation | Contemporary accounting research, Fall 2021, v. 38, no. 3, p. 2192-2223 | en_US |
dcterms.isPartOf | Contemporary accounting research | en_US |
dcterms.issued | 2021 | - |
dc.identifier.scopus | 2-s2.0-85110387134 | - |
dc.description.validate | 202208 bcfc | en_US |
dc.description.oa | Accepted Manuscript | en_US |
dc.identifier.FolderNumber | AF-0006 | - |
dc.description.fundingSource | Others | en_US |
dc.description.fundingText | Arizona State University; The Hong Kong Polytechnic University | en_US |
dc.description.pubStatus | Published | en_US |
dc.identifier.OPUS | 54836706 | - |
dc.description.oaCategory | Green (AAM) | en_US |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
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Weng_Quasi-Indexer_Ownership_Insider.pdf | Pre-Published version | 846.71 kB | Adobe PDF | View/Open |
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